Insights: GCC Switchgear Market to Grow 5.05% CAGR from 2024-2030

In September 2023: ABB revealed that it invested over USD 500 million to complete the technology transfer necessary for UniGear ZS1 medium-voltage switchgear production within the Gulf Cooperation Council (GCC) countries. This key decision aims at enhancing domestic manufacturing capabilities, providing customers with enhanced design flexibility, and accelerating product availability. By reducing import costs and delivery times, the GCC nations stand to benefit economically while also fostering technological self-reliance within the region.

According to MarkNtel Advisors study, The GCC Switchgear Market is estimated to grow at a CAGR of around 5.05% during the forecast period, i.e., 2024-30.
One of the key factors driving the GCC Switchgear Market is the escalating demand for the integration of renewable energy. GCC countries are actively pursuing the diversification of their energy sources to reduce dependence on fossil fuels. This transition towards renewable energy, particularly solar and wind power, necessitates advanced switchgear solutions to effectively manage power generation fluctuations. Switchgear plays a vital role in ensuring grid stability and reliability by safely connecting and disconnecting power sources, monitoring voltage levels, and safeguarding against faults. As GCC countries continue to invest in renewable energy projects, the demand for high-quality switchgear equipment is expected to increase significantly.
Moreover, numerous governments in the GCC region have implemented policies and incentives to encourage renewable energy adoption. These initiatives, including feed-in tariffs, tax incentives, and regulations mandating renewable integration, are to drive investments in renewable energy infrastructure and subsequently boost the demand for advanced switchgear solutions. As these nations transition towards a more sustainable energy future, the need for reliable and efficient switchgear systems will remain high, presenting opportunities for manufacturers and suppliers in the region.

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Key Findings in GCC Switchgear Market:

Historical Years
2019-2022

Base Years
2023

Forecast Years
2024-2030

Key Report Highlights
• Market Dimensions & Projections
• Pricing Evaluation,
• Recent Strategic Moves by Companies,
• Primary Stakeholders,
• Analysis of Import and Export Trends,
• Competitive Landscape Assessment,
• Emerging Opportunities,
• Market Trends and Indicators

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GCC Switchgear Market Key Players:
General Electric, Hitachi, ABB, Siemens, Fuji Electric, Mitsubishi, Schneider Electric SE, Eaton, Alfanar, Al Ahelia Switchgear Co., and others

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Market Segmentation Overview:

By Insulation
-Gas Insulated Switchgear
-Air Insulated Switchgear
-Oil Insulated Switchgear
-Vacuum Insulated Switchgear
Amongst them all, air-insulated switchgear dominates the GCC Switchgear Market with the largest share. It owes principally to the easy storage of these systems, which require less space and offer greater operational efficiency & protection to the facility when the electrical flow is high. Besides, air-insulated switchgear is gaining swift traction across compact load centers, power distribution stations, residential areas, high-rise buildings, & corporate spaces due to its capabilities to control & protect the power system. Furthermore, other advantages like affordability, lower carbon emissions, easy construction & application, & low-cost maintenance are also contributing to the overall market growth for air-insulated switchgear across the GCC.

By Installation
-Indoor
-Outdoor

By Voltage
-Low
-Medium
-High

By End User
-T&D Utility
-Industrial
-Commercial
-Residential
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By Region
• The UAE
• Saudi Arabia
• Qatar
• Oman
• Bahrain
• Kuwait

The GCC Switchgear Industry Recent Development:
In October 2023: Siemens' introduction of the '8DAB 24' medium-voltage switchgear series aligns well with the GCC's commitment to reducing CO2 emissions and promoting decarbonization efforts across power grids. By integrating intelligent sensors for enhanced asset visibility and leveraging cloud-based analytics for proactive maintenance, Siemens aims to support the GCC's objectives of minimizing downtime and reducing upkeep costs. Through such innovations, Siemens seeks to strengthen its market position in collaboration with the GCC countries, fostering sustainable development in the region's power sector.

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This release was published on openPR.