Electrical Market: Present Scenario and the Growth Prospects with Forecast 2023

The population in Saudi Arabia is rising at a steady pace. Moreover, the emirate has also witnessed an increasing influx of expatriates in the recent years. This has compelled the government to invest in large scale infrastructure projects. As per a lead analyst at TMR, “The increasing construction activities make the country extremely lucrative for enterprises operating in the electrical market.”

The rising energy demand in the Middle East will also bolster sales of electrical and lighting products in Saudi Arabia. The country is also planning to invest in the construction of suitable infrastructure to support energy generation and transmission. This will further accelerate demand for electrical products in Saudi Arabia.“The rising demand for advanced electrical products compatible with the infrastructure has been boosting sales of lighting systems in Saudi Arabia further,” he added.

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Frequent changes in raw material prices will inhibit the market’s growth to an extent. The unforeseen economic recession related to the unpredictability of oil-prices is also likely to create bottlenecks for the market. Nevertheless, with companies focusing to expand their businesses through mergers and acquisitions, the electrical market in Saudi Arabia witnesses lucrative opportunities in the near future. Grid modernization and the increasing opportunities in the solar energy industry are also expected to accelerate demand for electrical products in Saudi Arabia.

By application type, the electrical market in Saudi Arabia is witnessing rising demand for LED lighting. Furthermore, demand from the tunnel lighting segment is expected to increase in the forthcoming years. Demand for energy-efficient lighting solutions is expected boost sales of lighting products and systems from both the aforementioned segments.

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In terms of product type, the demand for lighting control systems is expected to surge at the fastest CAGR of 14.3% between 2015 and 2023. The growing infrastructural development in Saudi Arabia, coupled with the rising demand for energy-efficient lighting solutions, is expected to considerably drive demand for lighting control systems. Low voltage lighting systems will continue to perform well in Saudi Arabia through the forecast period.

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As per Transparency Market Research, the Saudi Arabia electrical market, which stood at US$4.5 bn in 2014, is expected to reach US$10.8 bn by the end of 2023. The market is poised to rise at a CAGR of 10.4% between 2015 and 2023.

This 165 page report gives readers a comprehensive overview of the Electrical Market -Saudi Arabia Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 -2023.

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