Middle East Distribution Panel Market size over $1.8bn by 2023: Global Market Insights, Inc.

Middle East Distribution Panel Market size is expected to reach USD 1.88 billion by 2023; as per a new research report by Global Market Insights, Inc.
Rapidly growing population accompanied by rising electricity demand is forecast to propel Middle East distribution panel market growth. Escalating advancements in power sector technologies such as temperature-rated or density-rated copper or aluminum bus is likely to drive revenue. Furthermore, rising demand for these products for T&D (Transmission & Distribution) services for various power applications is anticipated to fuel demand from 2016 to 2023.

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Technological advancements and innovation are likely to lead to substantial reduction in complexities related to installation as well as maintenance. Development of energy efficient boards using solar energy for better power and clean energy generation may eventually result in high renewable electricity production and significant distribution panel market size.
Swift urbanization along with escalating need for sophisticated products for efficient power delivery is projected to fuel the Middle East distribution panel market. Flourishing industry sectors such as power, server and telecommunications may escalate demand owing to large scale installation.
The server industry has witnessed a paradigm shift in light of growing amount of data and associated concerns. This is forecast to create demand for high performance, effective power supply and circuit safety, favorably impacting the Middle East distribution market landscape.
Peripheral device monitoring and control may not be feasible in case of any damage to the data communication or power circuits that supply the control modules. This may hamper the industry over the forecast timeframe. Industry experts expect the advent of technologies distributed power electronics that enable smart solar modules or panels.

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Key insights from the report include:
• Standalone distribution panel market size was valued at over USD 735 million in 2015, growing at 5.7% CAGR estimations from 2016 to 2023. These off-the-grid electricity systems play a crucial role in locations without fixed power distribution systems and are majorly used for electricity generation, regulation, and energy storage.
• Panels for pole mounted transformers are projected to grow slower than the Middle Eastern average. Increasing population base along with rising electricity demand from remote areas of UAE and KSA is forecast to drive growth over the next seven years.
• Medium voltage distribution panel market share was the major contributor in 2015 and is anticipated to grow steadily over the next few years. Escalating optimum management requirement of medium voltage grids coupled with growing requirement for better quality and reliable energy supply is expected to fuel demand across the segment.
• UAE distribution panel market share was approximately 9.5% in 2015; it is predicted to be valued at USD 185.9 million by 2023. Increasing number of new construction projects across the region is expected to drive growth from 2016 to 2023.
• Participants operating in the industry are Schneider Electric, Legrand, ABB, Abunayyan Holding, Arabian Gulf Switchgear, Alfanar Group, Ba’Amer Electric, and EAMFCO. Industry players focus on developing effective and environment friendly solutions for profitability. They also invest considerably in R&D for developing innovative products to offer maximum reliability and service differentiation.

About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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This release was published on openPR.