GCC Lightning Arrester Market to Cross $ 1 Billion by 2024
Technological advancements
and rapid industrialization to bolster GCC lightning arrester market growth
through 2024
According to a report published by TechSci
Research on “GCC
Lightning Arrester Market By Type, By Rating, By Application, By End Use,
By Country, Competition, Forecast & Opportunities, 2024”, GCC lightning arrester market is
projected to cross $1 billion by 2024. The growth of the GCC lightning arrester
market is majorly attributable to huge capital expenditure in the electric
network and infrastructure upgrading process across the region. Moreover,
adoption of high-end technologies like LCD and LED televisions as well as smart
washing machines and microwaves is further amplifying the demand for lightning
arresters in the region. Electronic devices are sensitive to high voltage and
thus lightning arresters are required to be installed in the residential areas.
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In terms of application, GCC lightning
arrester market has been categorized into transmission line, substation and
distribution line. Of which, substation category is anticipated to be the
largest segment in the market owing to increasing number of substations in the
region. As the GCC countries are witnessing surging demand for power, they must
maintain high levels of investment in power capacity to meet the demand, which,
in turn, is driving the growth of substation category.
On the basis of country, GCC
lightning arrestor market is segmented into Saudi Arabia, UAE, Oman, Kuwait,
Qatar, Bahrain and Iran. Among these countries, Saudi Arabia accounted for a
significant portion of GCC lightning arrestor market in 2018. The growth of
Saudi Arabia lightning arrestor market is led by increasing industrialization
in the country. Moreover, owing to surging power demand, the country is heavily
investing in its power generation capacity, further contributing to the growth
of lightning arrester market. Additionally, the country is witnessing huge
investments in smart city developments, owing to which lightning arrester
market in Saudi Arabia is growing.
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“GCC lightning arrester market is anticipated
to witness positive growth over the next five years. Increasing demand for lightning
arresters in the region is majorly backed by rapid industrialization and
increasing investments in smart grid projects. Moreover, owing to rising demand
for electrical houseware and appliances, the installation of lightning arresters
in high rise buildings is increasing in order to protect the equipment from
lightning. This factor is fueling growth in GCC lightning arrester market.” said,
Mr. Karan Chechi, Research Director with TechSci Research, a research based GCC
management consulting firm.
“GCC Lightning Arrester Market By Type, By
Rating, By Application, By End Use, By Country, Competition, Forecast &
Opportunities, 2024”
has evaluated the future growth potential of the GCC lightning arrester market and
provides statistics and information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in GCC lightning arrester market.
About
TechSci Research
TechSci Research is a leading GCC market
research firm publishing premium market research reports. Serving 700 GCC
clients with more than 600 premium market research studies, TechSci Research is
serving clients across 11 different industrial verticals. TechSci Research
specializes in research-based consulting assignments in high growth and
emerging markets, leading technologies and niche applications. Our workforce of
more than 100 fulltime Analysts and Consultants employing innovative research
solutions and tracking GCC and country specific high growth markets helps
TechSci clients to lead rather than follow market trends.
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