The
Saudi Arabia Medium Voltage Substation market is anticipated to grow at a steady
pace in the forcast period 2024-2028 & expected to growing at a high CAGR
in the upcoming period.
The need for
upgrading and expanding the country's electrical transmission network, as well
as the consistent demand from the construction and infrastructure sectors. The
"Saudi Vision 2030" and large-scale projects like Al Widyan, Aseer
Development Project and Jeddah Central Projects, contribute to the market's
significant growth in the years that followed. These projects also increased
demand for medium voltage substations in the Saudi Arabian region, particularly
in the Eastern, Central, Northern, Northwest, Midwest, and Southwest.
An electrical
generating, transmission, and distribution system includes a substation.
Depending on the demand, substations change the voltage from high to low or
from low to high. Electricity may travel at various voltage levels through many
substations between the producing plant and the customer. It is made up of many
pieces of equipment that aid in the transmission and distribution of
electricity, including transformers, switch gear, circuit breakers, power
cables, and protective relays.
Focus on
Modernizing electrification
Some
of the major underlying drivers fueling
the market development are the increased need for electrification, future
substation replacement, and growing demand for secure and stable power
distribution networks. The market is growing as a consequence of increased
demand for circuit protection devices, reduced competition from competitors for
insulating technologies, and greater awareness of the problem.
The
expansion of the market is also being positively influenced by medium voltage
substation. The addition of renewable energy sources to the electrical grid
will call for improving the intensity control system, which is anticipated to
increase Saudi Arabia's need for medium voltage substations. During the
projection period, however, pricing limitations and the availability of raw
materials may limit market expansion. The Saudi Arabian medium voltage
substation sector is predicted to develop at a considerable growth rate
throughout the projection period as a result of the power grid's strengthening
and major investment in transmission and distribution. The usage of medium
voltage substations in the utility and commercial sectors, including new
hotels, hospitals, museums, and public infrastructure, will increase
substantially. Additionally, there is a large scope for market growth since
medium voltage substation is employed more frequently than traditional
substation in the commercial and industrial sectors.
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Uptake of Micro-Grid Network to Spur Return
on Investment (RoI)
Industry experts anticipate that the
growing use of microgrids will boost ROI in both developed and developing
nations. Governments have shown a strong desire to expand the grid, and
cross-border networks are becoming more popular. Additionally, an exponential
increase in power consumption may promote the expansion of the substation
industry throughout the upcoming years. Retrofit and renovation operations
are expected to increase as smart grids become the worldwide standard. To boost
productivity, major corporations are required to remove ageing infrastructure.
Meanwhile, it is projected that business prospects would be hampered by
stringent regulations and a growing reliance on imports.
Infrastructural Development
In Saudi Arabia, the medium voltage
substation market is anticipated to rise as a result of urbanisation and
general infrastructure development. Its expansion is expected to be supported
by the construction of reasonably priced mass housing, a wide range of
infrastructure initiatives in the hospitality, education, and healthcare
industries, as well as the installation of the medium voltage substation is rising
which helps to provide continuous electricity supply across the various sector,
For instance, current government initiatives like Saudi Arabia's Vision 2030
are anticipated to significantly improve the country's in the years to come.
Additionally, it is anticipated that throughout the projection period, demand
for the medium voltage substation would increase due to the region's expanding
urbanisation.
Developments in the Infrastructure
Over the past 10 years, there have been
major changes to the healthcare infrastructure in the Saudi Arabia area due to
the growth of both private and public institutions. As part of Saudi Vision
2030, the Saudi government plans to invest more than USD 65 million in
enhancing the country's healthcare infrastructure system. By 2030, it also
intends to boost private sector involvement from 40% to 65%, with 290 hospitals
and 2,300 primary healthcare institutions being targeted for privatisation and
the demand for electricity is expected to rise in the upcoming years. Therefore
the installation of medium voltage substations is rising in saudi arabia in the
forecast period. Thus, it is anticipated that all of these factors would
improve the Saudi Arabian healthcare infrastructure system. Thus, all of these
variables are ready to advance Saudi Arabia's healthcare infrastructure, and
the country's market for medium-voltage substations is anticipated to grow in
the upcoming years.
Increasing Demand for Electricity
The Saudi Vision 2030 was created to
lessen Saudi Arabia's reliance on oil, diversify the country's economy, and
improve public services including healthcare, infrastructure, education,
entertainment, and tourism. The infrastructure sector is one of the most
significant pillars of Saudi Vision 2030, which seeks to foster economic growth
and sustainability throughout the Kingdom. The goal was to increase
infrastructure from 15% to 25% by the year 2030. Saudi Arabia, planned to invest USD 16.01 billion in
transportation infrastructure, Over
the upcoming 20 years, Saudi Arabia plans to spend 348 billion USD on
infrastructure projects. To provide continouse electricty supply with any
unterruption, government need to install the medium voltage substation across
the country. Therefore, the market of Saudi Arabian Medium Voltage Market is
expected to rise in the upcoming years and maintain a high CAGR.
Market Segmentation
The Saudi Arabia Medium Voltage Market is
divided based on Component, Type, Category and End Use. Based on Component, the
market is divided into Circuit Breaker, Protective Relay, Transformer,
Switchgear, and Others. Based on Type, the market is segmented into Transmission
and Distribution. Based on Category, the market is segmented into New and Refurbished.
Based on End Use, the market is segmented into Residential, Commercial,
Industrial, and Others. Further, the industrial sub-segment is segregated into Metal
& Mining, Oil & Gas, and Manufacturing & Process Industries.
Market Players
Major
market players in the Saudi Arabia Medium Voltage Substation Market
are
ABB Ltd., Hyosung Corporation, Alstom SA, Hitachi Ltd., Siemens AG, CG Power
& Industrial Ltd., General Electric, Mitsubishi Electric Corporation,
Schneider Electric SE, and Toshiba International Corporation.
|
Attribute
|
Details
|
|
Base Year
|
2022
|
|
Historic Data
|
2018–
2021
|
|
Estimated Year
|
2023
|
|
Forecast Period
|
2024
– 2028
|
|
Quantitative Units
|
Revenue in USD Million, and CAGR for 2018-2022 and 2024-2028
|
|
Report Coverage
|
Revenue
forecast, company share, growth factors, and trends
|
|
Segments Covered
|
Component
Type
Category
End Use
|
|
Regional scope
|
Eastern
Region, Western Region, Southern Region, Northern & Central Region.
|
|
Key companies profiled
|
ABB Ltd., Hyosung Corporation, Alstom SA, Hitachi Ltd.,
Siemens AG, CG Power & Industrial Ltd., General Electric, Mitsubishi
Electric Corporation, Schneider Electric SE, and Toshiba International
Corporation.
|
|
Customization scope
|
10%
free report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
|
Pricing and purchase options
|
Avail customized purchase options to meet your exact research
needs. Explore purchase options
|
|
Delivery Format
|
PDF and Excel
through Email (We can also provide the editable version of the report in
PPT/Word format on special request)
|
Report Scope:
In this report, the Saudi Arabia Medium Voltage Substation Market has
been segmented into the following categories, in addition to the industry
trends which have also been detailed below:
·
Saudi Arabia Medium Voltage Substation Market, By Component:
o Circuit Breaker
o Protective Relay
o Transformer
o Switchgear
o Others
·
Saudi Arabia Medium Voltage Substation Market, By Type:
o Transmission
o Distribution
·
Saudi
Arabia Medium Voltage Substation Market, By Category:
o
New
o
Refurbished
·
Saudi
Arabia Medium Voltage Substation Market, By End Use:
o Residential
o Commercial
o Industrial
§ Metal & Mining
§ Oil & Gas
§ Manufacturing & Process
Industries
o Others
·
Saudi Arabia Medium Voltage Substation Market, By Region:
o
Eastern
o
Western
o
Southern
o
Northern &
Central
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in the Saudi
Arabia Medium Voltage Substation Market.
Available Customizations:
Tech Sci Research offers customizations
according to a company's specific needs. The following customization options
are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to
five).
Saudi Arabia Medium Voltage Substation Market is an upcoming report to be released
soon. If you wish an early delivery of this report or want to confirm the date
of release, please contact us at [email protected]