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The electrical market is inclusive of cables that are used to provide secure connection points as well as low-voltage products, which are used in various applications rated under 1 KV. The rise in construction projects in Saudi Arabia and the increasing consumer spending are two of the primary factors expected to drive the Saudi Arabia electrical market during the period between 2015 and 2023.
Product Innovations to Lead to Growth of Saudi Arabia Electrical Market
The Saudi Arabia electrical market is expected to witness growth in the demand for various electrical applications due to the rising demand for cable management systems. The growth of transmission and distribution infrastructure and rise in energy generation are expected to propel the demand for low-voltage products and cable management systems across Saudi Arabia. The Saudi Arabia electrical market is expected to expand at a 10.40% CAGR for the period from 2015 to 2023, progressing from US$4.5 bn in 2014 to US$10.8 bn by 2023.
New standards and product innovations are expected to trigger the Saudi Arabia electrical market in the years to come. Most of the leading players in the Saudi Arabia electrical market are focusing on replacing old electrical products with new ones. Small and medium-sized companies are constantly participating in acquisitions and mergers with the leading companies to create growth opportunities in the Saudi Arabia electrical market in the near future. Currently, in Saudi Arabia, Chinese and European manufacturers hold the dominance in the electrical market. The focus of Chinese and European manufacturers is on strengthening and expanding their core business.
LED Lighting Market to Expand at 23.60% CAGR from 2015 to 2023
The increasing focus on electrical distribution and smart grid infrastructure in the oil and gas and power industries is predicted to further contribute towards the growth of the electrical market across Saudi Arabia. The Saudi Arabia electrical market is segmented on the basis of application, technology, product, and solution. Based on the solution, the Saudi Arabia electrical market is classified into lighting and electrical solutions. The lighting control systems segment is predicted to expand at a 14.3% CAGR during the period between 2015 and 2023. The LED lighting market is predicted to progress at a 23.60% CAGR during the period from 2015 to 2023.
Further, by product, the Saudi Arabia electrical solutions market is classified into metallic cable management systems, low voltage systems, wiring devices, lighting control systems, and lighting protection systems. In 2014, the Saudi Arabia electrical solutions market was dominated by the low voltage systems segment due to factors such as the increasing demand for low voltage switchgear and other components.
Some of the leading players in the Saudi Arabia electrical market are Legrand S.A., Atkore International Holdings Ltd., Honeywell International, Inc., Siemens AG, Johnson Controls, Emerson Electric Co., Al Fanar, Waha Electric Co., TECON, Lutron, and Al Fozan. By application, the Saudi Arabia lighting solutions market is classified into commercial lighting, street lighting, decorative lighting, flood lighting, pool lighting, hospital lighting, tunnel lighting, and solar lighting. The street lighting segment is expected to be the dominant segment in the Saudi Arabia electrical market in the years to come.
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Product Innovations to Lead to Growth of Saudi Arabia Electrical Market
The Saudi Arabia electrical market is expected to witness growth in the demand for various electrical applications due to the rising demand for cable management systems. The growth of transmission and distribution infrastructure and rise in energy generation are expected to propel the demand for low-voltage products and cable management systems across Saudi Arabia. The Saudi Arabia electrical market is expected to expand at a 10.40% CAGR for the period from 2015 to 2023, progressing from US$4.5 bn in 2014 to US$10.8 bn by 2023.
New standards and product innovations are expected to trigger the Saudi Arabia electrical market in the years to come. Most of the leading players in the Saudi Arabia electrical market are focusing on replacing old electrical products with new ones. Small and medium-sized companies are constantly participating in acquisitions and mergers with the leading companies to create growth opportunities in the Saudi Arabia electrical market in the near future. Currently, in Saudi Arabia, Chinese and European manufacturers hold the dominance in the electrical market. The focus of Chinese and European manufacturers is on strengthening and expanding their core business.
LED Lighting Market to Expand at 23.60% CAGR from 2015 to 2023
The increasing focus on electrical distribution and smart grid infrastructure in the oil and gas and power industries is predicted to further contribute towards the growth of the electrical market across Saudi Arabia. The Saudi Arabia electrical market is segmented on the basis of application, technology, product, and solution. Based on the solution, the Saudi Arabia electrical market is classified into lighting and electrical solutions. The lighting control systems segment is predicted to expand at a 14.3% CAGR during the period between 2015 and 2023. The LED lighting market is predicted to progress at a 23.60% CAGR during the period from 2015 to 2023.
Further, by product, the Saudi Arabia electrical solutions market is classified into metallic cable management systems, low voltage systems, wiring devices, lighting control systems, and lighting protection systems. In 2014, the Saudi Arabia electrical solutions market was dominated by the low voltage systems segment due to factors such as the increasing demand for low voltage switchgear and other components.
Some of the leading players in the Saudi Arabia electrical market are Legrand S.A., Atkore International Holdings Ltd., Honeywell International, Inc., Siemens AG, Johnson Controls, Emerson Electric Co., Al Fanar, Waha Electric Co., TECON, Lutron, and Al Fozan. By application, the Saudi Arabia lighting solutions market is classified into commercial lighting, street lighting, decorative lighting, flood lighting, pool lighting, hospital lighting, tunnel lighting, and solar lighting. The street lighting segment is expected to be the dominant segment in the Saudi Arabia electrical market in the years to come.
Get Free PDF Brochure for more Professional and Technical insights:
http://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=8713
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