Saudi Arabia Switchgear Market size is anticipated to grow at a CAGR of 4.4% respectively during 2023-2029

On the basis of voltage, the low voltage switchgear accounted for the largest revenue share in Saudi Arabia Switchgear Market – 6Wresearch

By voltage, low voltage switchgear has garnered maximum revenue share in 2022 owing to its wide usage in across the sectors such as residential, commercial, industrial and other infrastructure. The market is mainly driven by the boom in the residential sector with floods of projects. For instance, under Sakani Housing Program, 16 new housing projects has been completed in 2021. Moreover, demand for low voltage switchgear in the forthcoming years is expected to grow with over 555,000 residential units, more than 275,000 hotel keys, in excess of 4.3 million sqm of retail space and over 6.1 million sqm of new office space expected by the end of decade i.e., 2030, as part of the vision 2030 project.

According to 6Wresearch, Saudi Arabia Switchgear Market size is anticipated to grow at a CAGR of 4.4% respectively during 2023-2029. The switchgear market in Saudi Arabia has experienced significant growth due to government infrastructure initiatives, including factory openings, housing projects, and renewable energy programs. The construction of multiple residential and commercial projects, such as Al Fursan, Knowledge Economic City, $43 billion residential project and Qiddiya, is expected to further boost switchgear demand in the hcoming years. Saudi Arabia is actively expanding its renewable energy capacity, with plans to invest over $100 billion to reach 50% renewable power generation by 2030, including the launch of five new renewable projects in 2022. This transition is expected to boost the demand for switchgear in the country and reduce dependency on oil revenues. Growth of construction industry in Saudi Arabia would be supported by investments on ‘Giga projects’ that were launched as part of the Saudi Arabia’s ‘Vision 2030’ economic diversification plan and thus, would fuel the market of switchgear in the forthcoming years.

According to Dhaval, Research Manager, 6Wresearch, power utilities garnered highest revenue share in high voltage switchgear market in 2022 on the back of development of solar and wind projects under National Renewable Energy Program. Furthermore, 2023 budget of the Saudi Arabia includes the development of 10 renewable energy projects with a total output capacity of 7 gigawatts in the coming years.

The Saudi Arabia Switchgear Market (2023-2029) report provides an in-depth analysis with 22 figures and 6 tables, covered in 75 pages. The report comprehensively covers the market by voltage, insulation, and application. The report provides a detailed as well as unbiased analysis of the on-going drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per to the latest and future market dynamics.