Saudi Arabia HVDC Capacitor Market is estimated to reach a significant CAGR during the Forecast Period 2020-2027 | size, share & Growth

Saudi Arabia HVDC Capacitor Market

The Saudi Arabia HVDC Capacitor Market is expected to grow at a faster CAGR over the forecast period (2020-2027).

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The factors driving growth of the Saudi Arabia HVDC Capacitor Market includes rising focus on using renewable sources of energy, expansion of wind energy plants, increasing demand for long-distance power transmission, growing energy consumption and improvements in the living standards. For instance, the Government of Saudi Arabia is planning to construct 1.8 GW of wind power at three sites and two solar parks with a combined capacity of 1.5 GW, which will accelerate the Saudi Arabia HVDC Capacitor Market size in the approaching years. Moreover, technological advancements in HVDC capacitors, upcoming projects such as Smart City "Neom" and the Red Sea Project, increasing number of data centers across Saudi Arabia and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by leading players on research and development, strategic mergers, and collaborations between enterprises, rise in the launch of innovative products and growing population growth rates, are further contributing towards the market growth.

However, growth of the Saudi Arabia HVDC Capacitor Market is hindered attributed to high infrastructure cost.

The major players operating in the market are General Electric Saudi Arabia, Alstom Saudi Arabia, TransGrid Solutions, ABB Saudi Arabia, Siemens Saudi Arabia, Eaton Corporation Middle East, and Vishay Intertechnology Inc., among others.

Based on Type, the Plastic Film Capacitors segment is predicted to grow at a significant CAGR during the forecast period

Rising use of plastic film capacitors in power transmission and distribution grids, renewable energy systems and lighting ballasts, growing concerns related to energy losses and increasing demand for electronic products, are some of the factors pushing growth of the segment.

Based on Technology, the Voltage-Sourced Converters (VSC) segment is projected to grow at a robust CAGR over the forecast period

Increase in Government's expenditure to install wind and solar projects, growing concerns related to climate change and rising emphasis on utilizing renewable sources of energy, are some of the factors propelling segment's growth.

Based on Application, the Energy & Power Sector segment is anticipated to expand at a remarkable CAGR during the forecast period

Growing consumption of electricity across Saudi Arabia, Government initiatives promoting the use of renewable sources of energy, increasing per capita incomes and rapid urbanization, are some of the important factors augmenting the segment' growth.

Market Segmentation

Segmentation by Type

Plastic Film Capacitors
Aluminum Electrolytic Capacitors
Ceramic Capacitors
Tantalum Wet Capacitors
Reconstituted Mica Paper Capacitors
Glass Capacitors
Others

Segmentation by Technology

Line Commutated Converters (LCC)
Voltage-Sourced Converters (VSC)

Segmentation by Installation Type

Open Rack Capacitor Banks
Internally Fused Capacitor Banks
Externally Fused Capacitor Banks
Fuseless Capacitor Banks
Enclosed Rack Capacitor Bank
Fixed Capacitor Banks
Automatic Capacitor Bank
Pole Mounted Capacitor Banks

Segmentation by Application

Commercial
Industrial
Heavy Manufacturing Plants
Mining
Paper and Pulp Factories
Steel Manufacturing
Petrochemical Industries
Others
Energy & Power Sector
Transmission
Distribution
Renewable Power Generation
Solar
Wind
Defense
Others

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