Oman requires an investment of USD8 billion into the power sector by 2020 so as to fulfill the increasing power demand in the country

Oman: According to Arab Petroleum Investment Corporation (APICORP), the rising demand of Power in Oman will require an investment of around USD8 billion by the end of 2020. The country needs to add 4.8GW capacity by 2020 i.e., the power generation capacity in the country needs to grow at a year-on-year growth of 9.6% during 2015-2020 in order to cater the growing need of electricity. The Oman Power and Water Procurement Company (OPWP) had signed an agreement in 2016 to build two independent power plants in Ibri and Sohar which is expected to have a combined capacity of 3,219 MW.

TechSci Research depicts that the GCC countries requires a total investment of USD85 billion into the generation sector and USD71 billion into the transmission and distribution sector during 2016-2020 which would influence the GCC switchgear market in the near future. In addition to this, the increasing focus on building power infrastructure would further spur the growth in switchgear market in GCC countries. The GCC countries are highly dependent on desalination of sea water to meet the requirement of potable water. The desalination of water is energy intensive and it requires regular supply of electricity. The per capita consumption of electricity in GCC countries stands at around 10.29 megawatt hour, which is about three times the global average. The increasing investment in power sector will lead to expansion in switch gear business in the GCC countries.

According to released report of TechSci Research “GCC Switchgear Market Forecast & Opportunities, 2021”, the switchgear market in GCC region is going to expand at a CAGR of above 6% by 2021. The upcoming investments in power and sector in the region will lead to development of electricity infrastructure which will promulgate the market for switchgears in the region. The investments in generation, transmission and distribution sector will drive the market for different types of switchgears i.e. low, medium and high voltage switchgears.