Saudi
Arabia Electrical Materials Market is set to experience substantial growth
during the forecast period due to a range of factors, including the country's
increasing need for electricity, fuelled by economic expansion and
urbanization. The rising investment in infrastructure and renewable energy projects
and expanding use of smart grid technologies and automation in the power sector
are all expected to provide the market with additional support in the near
future. Favourable government policies are also expected to aid the Saudi
Arabia market for electrical materials over the forecast period. Increased
investment, innovation, and the uptake of new technologies are anticipated in this
market, contributing toward making it dynamic and robust.
Electrical materials are essential
elements that are used in any construction project to connect residential,
official, and industrial buildings to an electrical power source. Electrical
components can range in size from a small house circuit to a large industrial
plant. These materials have the lowest electrical conductivity possible. They
are used to make conductors for all types of windings found in electrical
machines, apparatus, and devices, as well as for electrical energy transmission
and distribution.
Increasing Consumer Awareness
Saudi Arabian consumers are demonstrating a
growing awareness of the significance of energy efficiency and are choosing
electrical Materials that are more energy efficient. LED lights are gaining
traction in Saudi Arabia due to their energy efficiency and extended lifespan,
while smart meters are also becoming increasingly popular as they enable users
to monitor their energy usage and optimize it.
The Saudi Arabian government has
undertaken several initiatives to increase consumer awareness about electrical
Materials, including the implementation of safety standards and regulations for
electrical goods, the organization of public education campaigns, and the
enforcement of inspection programs to stop the import and sale of substandard
electrical materials. To ensure that customers have access to reliable and
accurate information regarding electrical materials and their safety
requirements, more efforts are still required. The demand for electrical materials
in Saudi Arabia has surged substantially as a result of these factors.
Adoption of Smart Grid Technology
The adoption of smart grid technology in Saudi
Arabia electrical materials market is an important development that promises to
transform the country's power sector. Smart grid technology is an advanced
power distribution system that utilizes digital communication technologies and
data analytics to improve the efficiency, reliability, and sustainability of
electricity delivery. The country has been experiencing rapid economic growth
and urbanization, which has led to an increase in energy demand.
The existing power grid infrastructure in Saudi
Arabia is struggling to keep up with this demand, leading to frequent power
outages and blackouts. Smart grid technology can help address these challenges
by optimizing the use of existing resources and integrating renewable energy
sources into the grid. Smart grid technology can help address these challenges
by optimizing the use of existing resources and integrating renewable energy
sources into the grid. The adoption of smart grid technology in Saudi Arabia
electrical materials market presents significant opportunities for businesses
in the energy sector.
Companies that specialize in providing
smart grid solutions, such as digital sensors, communication systems, and
energy storage devices, are likely to see an increase in demand for their
products and services. Moreover, companies that operate in related industries,
such as renewable energy and energy management, may also benefit from the
adoption of smart grid technology. Overall, the adoption of smart grid
technology in Saudi Arabia electrical materials market has the potential to
enhance the country's energy security, reduce greenhouse gas emissions, and
promote economic growth.
Electrification of Transportation
The electrification of transportation is
expected to have a significant impact on the Saudi Arabia electrical materials
market over the forecast period. As Saudi Arabia continues to urbanize, the
number of vehicles on the road is increasing, leading to a rise in greenhouse
gas emissions, air pollution, and traffic congestion. The electrification of
transportation is a significant driver of the Saudi Arabia electrical materials
market. With the surge in the EV market, the demand for electrical components,
such as charging infrastructure, wiring, switchgear, and transformers, is
likely to propel this market over the next few years.
Increased Adoption of Energy-efficient
Lighting Solutions
The adoption of energy-efficient lighting
solutions is one of the key trends in the Saudi Arabia electrical materials
market that is expected to drive it during the forecast period. This trend has
gained momentum, owing to various factors, such as rising energy costs,
increasing environmental concerns, and government initiatives promoting energy
conservation. The government has launched several initiatives to promote the
adoption of energy-efficient lighting solutions. For instance, National Energy
Efficiency Programme (NEEP), which is supported by national, international, and
private agencies, has been implemented. This initiative supports energy
conservation and has led to an escalating demand for LED lights across the
country. Furthermore, according to the national development plan of the Saudi government,
Vision 2030, three cities in Saudi Arabia will be developed as smart cities.
This is providing a boost to the demand for high-quality LED lighting systems. This,
in turn, is expected to drive the growth of the Saudi Arabia electrical
materials market during the forecast period.
The Government Initiatives
Over the years, the Government of Saudi
Arabia has been introducing several initiatives to increase demand and
revitalize the economy in all sectors from supply to manufacturing. Several
government initiatives, such as various policies, reforms, and programs, are
being regulated to tackle the demand for electrical materials and make the electronics
industry more accessible, sustainable, and efficient. For instance, through
National Renewable Energy Program (NREP), the Saudi government plans to
transition 50% of its domestic energy supply to renewable sources by 2030. Thus,
the growing number of government initiatives is expected to rise, driving the Saudi
Arabia electrical material market in the coming years.
Development of an Indigenous Supply Chain
Electrical components are mainly imported
into Saudi Arabia, so a local supply chain must be developed to cut prices and
boost independence. Due to Saudi Arabia's reliance on imports for electrical
materials and parts, historically, there have been difficulties with cost,
availability, and supply chain. Nonetheless, recently, there has been a focused
push in Saudi Arabia to create a local supply chain for electrical supplies.
Its progress has been significantly aided by the government's Saudi Vision 2030
campaign, which promotes indigenous manufacturing. Due to this strategy,
various production facilities for electrical materials and parts have been
established in Saudi Arabia, increasing supply and lowering prices.
Saudi Arabia Electrical Materials: Challenges
Government Policies and Regulations
The Saudi Arabia electrical materials
market is heavily regulated by government laws and regulations, which influence
the market's potential for growth. Policy ambiguity and inconsistency can create
uncertainty for manufacturers and investors, making them skeptical about investing
in the market. The increasing import tariff on electrical materials has
resulted in price increases, which has hampered industry expansion. It has also
made it difficult for SMEs to compete with larger firms that have better access
to raw materials and components.
Slow Adoption of Technologies
The slow adoption of technologies is a
significant challenge for the Saudi Arabia electrical materials market as it
limits the market's ability to innovate and compete with other developed
countries. The electrical materials market is constantly evolving, and new
technologies are emerging, such as renewable energy, energy storage, and smart
grids. However, the slow adoption of these technologies in Saudi Arabia has
made it challenging for the market to keep up with the global pace of
development. One of the main reasons for the slow uptake of technology is the
lack of investment in research and development (R&D). Many Saudi Arabian
companies in the electrical materials market do not invest enough in R&D to
develop new products and solutions. This limits their ability to compete with
other companies globally and hinders the market's growth potential.
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Market Segments
The Saudi Arabia electrical materials market is analyzed based
on type, end
user, and region. Based
on type, the market is segmented into circuit breakers, light switches, plugs
& sockets, voltage switchers, cable management, cable duct, electrical
conduit, and others. Based on end user, the market is segmented into industrial,
commercial, and residential. Based on region, the market is segmented into northern,
central, eastern, western, and southern.
Market Players
Saudi Arabia Electrical
Materials Market players include Alfanar Electrical Systems LLC, ABB Electrical
Industries Co. Ltd., Siemens Saudi Arabia, Schneider Electric Saudi Arabia, Bahra
Electric, Legrand Saudi Arabia, Al-Abdulkarim Holding (AKH) Co., Madar
Electricals Materials Co., Honeywell Turki Arabia Ltd., and Mitsubishi Electric
Saudi Ltd.
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Attribute
|
Details
|
|
Base Year
|
2022
|
|
Historic Data
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2018
– 2022
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|
Estimated Year
|
2023
|
|
Forecast Period
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2024
– 2028
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|
Quantitative Units
|
Revenue in USD Million and CAGR for 2018-2022 and 2023-2028
|
|
Report Coverage
|
Revenue
forecast, company share, growth factors, and trends
|
|
Segments Covered
|
Type
End User
Region
|
|
Regional Scope
|
Northern
Central
Eastern
Western
Southern
|
|
Key companies profiled
|
Alfanar Electrical Systems LLC, ABB Electrical Industries Co.
Ltd., Siemens Saudi Arabia, Schneider Electric Saudi Arabia, Bahra Electric,
Legrand Saudi Arabia, Al-Abdulkarim Holding (AKH) Co., Madar Electricals
Materials Co., Honeywell Turki Arabia Ltd., and Mitsubishi Electric Saudi
Ltd.
|
|
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 electrical materials market has been
segmented into the following categories, in addition to the industry trends, which
have also been detailed below:
- Saudi Arabia Electrical Materials Market,
By Type
- Circuit Breakers
- Light Switches
- Plugs & Sockets
- Voltage Switcher
- Cable Management
- Cable Duct
- Electrical Conduit
- Others
- Saudi Arabia Electrical Materials Market,
By End User
- Industrial
- Commercial
- Residential
- Saudi Arabia Electrical Materials Market, By Region
o Central
o Western
o Eastern
o Southern
o Northern
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in Saudi Arabia Electrical Materials Market.
Available Customizations:
With the given market data on the Saudi Arabia electrical materials market, TechSci 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 Electrical Materials 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]