Saudi Arabia Medium Voltage Substation Market to be Dominated by Commercial Segment
Growing electricity demand across the country and the requirement
for upgradation and expansion of the country’s electricity transmission network
are driving the Saudi Arabia Medium Voltage
Substation Market.
According to TechSci
Research report, “Saudi Arabia Medium Voltage Substation Market
- By Region, Competition, Forecast & Opportunities, 2028”. The market for medium voltage
substations is predicted to have healthy growth in the forecast years due to
the rising demand for electricity, forthcoming infrastructure projects in
various countries, and the increase in construction activities reflects the
rise in the electricity demand in the Saudi Arabia's region. The
Saudi Arabia substation market is estimated to grow steadily throughout the
course of the forecasted decade. The Saudi Arabian substation market is being
driven by the government's expanding attempts to modernize and upgrade the
nation's current T&D infrastructure. The market is anticipated to be driven
by expanding underground electric cable laying trends as well as the nation's
growing energy consumption over the course of the forecast period. Additionally,
the requirement for substations is increasing as a result of the growing
automation in the energy sector. Furthermore, because of revised governmental
policies, the establishment of special economic zones, etc., the country's
requirement for substations would rise. Currently, Saudi Arabia holds a biggest
share of the Middle East's substation market.
The "Saudi Vision 2030" and various
mega projects for instance Al Widyan, Aseer Development Project, Jeddah Central
Project, and many others contributed to the market's significant growth in the upcoming
years and are expected to maintain the high CAGR.
Based on End Use, there are various
sub-segments namely Residential, Commercial, Industrial, and Others. Commercial
is one of the leading segments in the Saudi Arabia Medium Voltage Substation Market
followed by the residential segment which helps to contribute to market growth
during the forecast period. The commercial application helps to increase the
market growth of medium voltage substation across the region namely, Eastern,
Central, Northern, Northwest, Midwest, and Southwest. There are various commercial
megaprojects where the demand of electricity Is expected to rise in the
upcoming years. The mega projects in Saudi Arabia namely, Jeddah economic city,
Jeddah central projects, Jabal Omar, Jeddah metro, king Abdullah financial districts
king Salman park among others fueling the market growth of medium voltage
substation in the upcoming years 2024-2030.
Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the "Saudi Arabia Medium Voltage Substation Market"
The Saudi Arabian market for
medium voltage substations is expected to be stimulated by ongoing trends
toward improving the current grid infrastructure. A consistent supply of power
is essential to support ongoing expansion since Saudi Arabia's population is
growing more quickly and important infrastructure, such as rail, port, and
energy facilities, is becoming online. This necessitates a large investment in
cutting-edge transmission and distribution infrastructure, which will
undoubtedly increase demand for medium voltage substations across the nation.
Additionally, Saudi Arabia's
electricity demand has been increasing quickly, which is anticipated to promote
the development of medium voltage substations. The demand for energy is rising because
of Saudi Arabia's ongoing industrialization, fast urbanization, and several
megaprojects, including Saudi Vision 2030, The Rig, Trojena, The Red Sea
Project, Sharaan Nature Reserve, Riyadh Metro Project, and Qiddiya, and others.
Recent Developments:
- L&T Construction, a subsidiary of India's Larsen &
Toubro (L&T), was given a contract in August 2021 to supply and instal an electrical
substation in Saudi Arabia. A complete construction contract for a
gas-insulated substation (GIS) in the kingdom was granted to L&T
Construction's Power, Transmission & Distribution business, the company
announced in a statement. Installing the substation, which will have four
different voltage levels up to 380 kV, as well as the related control,
protection, automation, and telecommunications systems, as well as performing
civil and electromechanical works, will be included in the scope of the project. Saudi
Gulf Projects reported that L&T had been given a contract by the Saudi
Electricity Company (SEC) for the Al-Buhairah 380kV substation in the Tabuk
region of northern Saudi Arabia, worth USD 69.8 million.
Key market players in the Saudi
Arabia Medium Voltage Substation Market include:
- ABB Ltd
- Hyosung Corporation
- Alstom SA
- Hitachi Ltd
- Siemens AG
- CG Power & Industrial Ltd
- General Electric
- Mitsubishi Electric Corporation
- Schneider Electric SE
- Toshiba International Corporation
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“The development of
networks with sustainable energy infrastructure, the rise in infrastructure
projects, and the nation's increased need for power all contribute to the
market expansion of medium voltage substations in the Saudi Arabia .
Additionally, the "Saudi Vision 2030" and sizable projects like
"The Rig," "Trojena," "The Red Sea Project,"
"Sharaan Nature Reserve," "Riyadh Metro Project,"
"Qiddiya," "Al Widyan," "Aseer Development
Project," and "Jeddah Central Projects," and others, boost
demand for medium voltage substation in the Saudi Arabian region, contributes
to the market” Therefore,
these factors are fueling the market growth of the Saudi Arabia Medium Voltage
Substation market in the upcoming years”, Mr Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.
“Saudi Arabia Medium
Voltage Substation Market, By Component (Circuit Breaker, Protective Relay,
Transformer, Switchgear, Others), By Type (Transmission & Distribution), By
Category (New, Refurbished), By End Use (Residential, Commercial, Industrial
{Metal & Mining, Oil & Gas, Manufacturing & Process Industries},
Others), By Region, Competition, Forecast &
Opportunities, 2028”, has evaluated the future growth potential
of Saudi Arabia Medium Voltage Substation Market and provides statistics and
information on market structure, size, share, and future growth. The report is
intended 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 present in Saudi Arabia Medium Voltage Substation.
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