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Saudi Arabia Switchgear Market Market Size (2024 - 2029)

The Saudi Arabia switchgear market is poised for significant growth, driven by increasing power demand in the commercial and industrial sectors, which is leading to new power generation, transmission, and distribution projects. Despite potential challenges posed by the environmental impact of SF6 gas used in insulating switchgear, the market is supported by the Saudi government's commitment to reducing reliance on thermal energy sources and enhancing the share of renewables in the power generation mix. This strategic focus on renewable energy presents substantial opportunities for expansion within the switchgear sector.

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Market Size of Saudi Arabia Switchgear Industry

Saudi Arabia Switchgear Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 3.04 Billion
Market Size (2029) USD 4.03 Billion
CAGR (2024 - 2029) 5.80 %
Market Concentration Medium

Major Players

Saudi Arabia Switchgear Market Major Players

*Disclaimer: Major Players sorted in no particular order

Saudi Arabia Switchgear Market Analysis

The Saudi Arabia Switchgear Market size is estimated at USD 3.04 billion in 2024, and is expected to reach USD 4.03 billion by 2029, growing at a CAGR of 5.80% during the forecast period (2024-2029).

  • Over the short term, the switchgear market will likely witness a boom due to the growing power demand in the commercial and industrial sectors, causing new power generation, transmission, and distribution projects to be tabled.
  • However, SF6 gas used in insulating switchgear is a potent greenhouse gas with a global warming potential that may restrain the market.
  • Nevertheless, the government of the Kingdom of Saudi Arabia is putting strenuous efforts into reducing their dependency on thermal energy sources (oil and natural gas) and increasing the renewables share in the power generation mix. They have set a target of 50% renewable power generation by 2030. The new power generation projects place ample opportunities for the switchgear market in the country.

Saudi Arabia Switchgear Industry Segmentation

Switchgear is a piece of equipment that is used to protect circuits from fault currents and control the way power is sent to larger areas. Voltage, insulation, and end-user are the key market segments for switchgear in Saudi Arabia. The Saudi Arabia Switchgear Market is segmented by Voltage (Low-Voltage, Medium-Voltage, High Voltage), Insulation (Gas-Insulated Switchgear, Air-Insulated Switchgear), and End-User Industry (Commercial, Residential, and Industrial). The report offers the market size and forecasts for the switchgear market in terms of revenue (USD) for all the above segments.

Voltage
Low Voltage
Medium Voltage
High Voltage
Insulation
Gas-Insulated Switchgear
Air-Insulated Switchgear
End-User Industry
Residential
Commercial
Industrial
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Saudi Arabia Switchgear Market Size Summary

The Saudi Arabia switchgear market is poised for significant growth over the forecast period, driven by increasing power demand in commercial and industrial sectors. This demand is prompting new power generation, transmission, and distribution projects, which are expected to create ample opportunities for the switchgear market. The government's efforts to reduce dependency on thermal energy sources and increase the share of renewables in the power generation mix are also contributing to this growth. Despite the challenges posed by the use of SF6 gas in insulating switchgear, which is a potent greenhouse gas, the market is expected to benefit from the country's ambitious target of achieving 50% renewable power generation by 2030.

Gas-insulated switchgear (GIS) is anticipated to hold a prominent share of the market due to its environmental benefits, reliability, and flexibility compared to air-insulated switchgear (AIS). The increasing awareness of renewable energy sources and stricter carbon emission regulations are likely to boost the adoption of GIS. The market is further supported by ongoing and planned power transmission and distribution projects, such as those undertaken by Linxon and L&T, which aim to enhance power transmission efficiency and integrate renewable energy into the grid. The collaboration between the Saudi government and private companies to expand the renewables portfolio is expected to drive robust growth in the switchgear market, aligning with the country's clean energy goals.

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Saudi Arabia Switchgear Market Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD, till 2028

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

        1. 1.5.1.1 Growing Power Demand from the Commercial and Industrial Sectors

      2. 1.5.2 Restraints

        1. 1.5.2.1 Stringent Environmental and Safety Regulations

    6. 1.6 Supply Chain Analysis

    7. 1.7 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Voltage

      1. 2.1.1 Low Voltage

      2. 2.1.2 Medium Voltage

      3. 2.1.3 High Voltage

    2. 2.2 Insulation

      1. 2.2.1 Gas-Insulated Switchgear

      2. 2.2.2 Air-Insulated Switchgear

    3. 2.3 End-User Industry

      1. 2.3.1 Residential

      2. 2.3.2 Commercial

      3. 2.3.3 Industrial

Saudi Arabia Switchgear Market Market Size FAQs

The Saudi Arabia Switchgear Market size is expected to reach USD 3.04 billion in 2024 and grow at a CAGR of 5.80% to reach USD 4.03 billion by 2029.

In 2024, the Saudi Arabia Switchgear Market size is expected to reach USD 3.04 billion.

Saudi Arabia Switchgear Market Report Snapshots

Saudi Arabia Switchgear Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)