Growing Power Sector Coupled with Recovery of Construction Market Would Surge the Demand for Transformers and its Service & Repair Market in Saudi Arabia- 6Wresearch
Government plans to boost the installed power capacity of the Kingdom on account of yearly increase in electricity consumption due to growing population, replacement and reinforcement of existing distribution network infrastructure as well as implementation of smart grid technology are the some of the key factors which would surge the demand for transformers in Saudi Arabia. Further, growing focus towards renewable energy sector to meet future energy demand would also fuel the growth of transformer market in Saudi Arabia.
According to 6Wresearch, Saudi Arabia Power and Distribution Transformer market revenues are projected to grow at a CAGR of 2.4% during 2018-24. The transformer market declined in terms of revenue as well as volume in 2016 and 2017 due to slump in the Kingdom's construction market on account of cut in government expenditure as a result of decline in crude oil prices. However, upcoming projects such as the $500 billion NEOM City, $100 billion King Abdullah Economic City, $27 billion Jazan Economic City, $22.5 billion Riyadh Metro project and $1.4 billion GCC Power Grid Interconnection project would surge the demand for transformers across the country. Additionally, government initiatives such as Saudi Vision 2030 and National Transformation Program 2020 to construct new hospitals and healthcare centers to enhance the quality of healthcare services and encourage private sector to build new houses and hospitality development projects across the Kingdom would drive transformers market over the coming years.
According to Ravi Bhandari, Assistant Manager, 6Wresearch, "315.1 KVA- 5000 KVA and 5.1 MVA - 50 MVA power ratings held major revenue and volume shares in 2017 for distribution transformers and power transformers respectively and are anticipated to maintain their dominance during the forecast period as these are extensively utilized in the power transmission and distribution networks".
"Amongst all the applications, power utilities segment held major revenue share in 2017 and is expected to maintain its dominance during the forecast period on account of government initiatives to strengthen and restructure power sector of the kingdom," Ravi further added.
According to Raman Preet Singh Khera, Research Associate, Research and Consulting, 6Wresearch, "Saudi Arabia Power and Distribution Transformer service and repair market revenues are projected to grow at a CAGR of 5.1% during 2018-24 as repairing a transformer instead of replacing it can substantially reduce investment costs".
"Repair service held the major revenue share in 2017 and is anticipated to maintain its dominance over the next six years; however, intelligence service is expected to witness fastest growth amongst all types of services," Raman Preet concluded.
Some of the key players in Saudi Arabia Power and Distribution Transformer market include- ABB Ltd., GE, Siemens Ltd., Schneider, Alfanar, Wahah Electric Supply Company, United Transformers Electric Company, The Saudi Transformers Company Ltd. and Hyundai Electric and Energy Systems.
"Saudi Arabia Power and Distribution Transformer Market (2018-2024)" provides an in-depth analysis with 87 figures and 12 tables covered in 169 pages. The report estimates and forecast the overall Saudi Arabia transformer market by revenues, service & repair, volume, types, power ratings, cooling system, types of services offered, applications and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas, market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.
Detailed Report Link : http://www.6wresearch.com/market-reports/saudi-arabia-power-and-distribution-transformer-market-2018-2024-forecast-by-types-power-rating-cooling-system-services-offered-applications.html
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