Shift towards Travel and Tourism Sector to Aid Growth of Qatar Switchgear Market
Mega
infrastructure projects, rising investment in power sector under Qatar National
Vision 2030 and upcoming FIFA World Cup 2022 to drive Qatar switchgear market
through 2025
According to TechSci Research report, “Qatar
Switchgear Market By Type, By End User, Competition Forecast &
Opportunities, 2013-2025’’, Qatar switchgear market is projected to cross $ 1 billion
by 2025. Qatar is increasing focusing on shifting from an oil dependent economy
to a travel and tourism-based economy as the mega oil reservoirs are likely to
deplete over the next 30-40 years. Thus, as a substitute source of capital,
Qatar is building tourist attractions and strengthening the transportation
sector by constructing more metros and airports. All these factors are
anticipated to steer growth in Qatar switchgear market during the forecast
period. Additionally, FIFA World Cup 2022 is going be held in Qatar, which
would further induce infrastructural development in the country, thereby
driving the demand for switchgears in the coming years.
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Furthermore,
the Qatar National Vision 2030 aims at transforming Qatar into an advanced and self-sustainable economy. With anticipated
growth in infrastructure, the market for switch gears in the country is poised
to grow. On the basis of type, Qatar switchgear market is segmented into low
voltage, medium voltage and high voltage. The low voltage segment accounted for
the highest share on account of increasing demand for consumer products and high
spending on residential and cooling facilities due to the country’s high GDP per
capita. Among end users, utilities accounted for the largest share in Qatar switchgear market
in 2017 due to large-scale utility projects of electricity transmission and
distribution, as well as water management and wastewater drainage projects in
the country.
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In 2017, Al Dawhah
(Doha) region accounted for the largest revenue share in Qatar switchgear
market due to high population in the region which in turn leads to demand for
utility, residential and construction projects in the region. “Focus towards mega construction projects in Qatar
is boosting the demand for switchgears in utilities and construction sectors.
Moreover, on account of growing tourism sector and Qatar National Vision 2030,
the country is taking a sustainable approach towards development of the
economy. Additionally, FIFA World Cup 2020 which is going to be held in Qatar has
resulted in growth of hospitality, transportation, construction sector.
Consequently, switchgear market in Qatar is expected to witness a robust growth
in the coming years.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Qatar Switchgear Market By Type, By End User,
Competition Forecast & Opportunities, 2013-2025”
has evaluated the future growth potential of Qatar switchgear market and
provides statistics and information on market size, structure and future market
growth. The report offers decision makers superior market intelligence, thereby
enabling them conduct thorough investment appraisal. Besides, the report also analyzes the evolving market inclinations along
with indispensable drivers, challenges and opportunities in Qatar switchgear market.
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