Market Size of Saudi Arabia Industrial Electrical Components Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 2.80 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Saudi Arabia Industrial Electrical Components Market Analysis
The Saudi Arabia industrial electrical components market was valued at USD 2825.9 million in 2019, and it is anticipated to reach USD 3009.9 million by 2026, registering a CAGR of more than 2.8% during 2021-2026. Saudi Arabia has faced significant consequences due to the COVID-19 pandemic, one being due to the low crude oil prices, which led to decreased export crude oil revenues. The oil revenues accounted for 30%-40% of the country's GDP, and the disruptions in the supply chain of various operations due to the lockdown and containment measures to curb the virus have further exacerbated the situation. Although the electrical component's supply chains have been impacted by COVID-19, the power sector has been resilient, which has been relatively less affected as compared to demand shock felt in other countries. Factors such as the increasing investments in the infrastructure sector along with the plans to diminish the reliance on oil for power generation and to diversify the revenue streams are expected to drive the industrial electrical components in Saudi Arabia during the forecast period. However, increasing fiscal deficit compelled the government to reduce public expenditure and delay projects amid low oil prices and production cut, thereby restraining market growth.
- As Saudi Arabia is offering investment opportunities in sectors such as refining, mining, logistics, and energy through its National Industrial Development and Logistics Program (NIDLP), the demand for electric motos and starters segment in these industries is expected to dominate the market during the forecast period.
- The interconnection projects within the GCC countries, along with countries, such as Jordan and Iraq, plugging into the GCC's interconnection grid to meet their own supply shortfalls, are expected to create several opportunities for the market players in the coming years.
- With several government initiatives to increase the investments in the infrastructure projects, the industrial electrical components market in Saudi Arabia is expected to be driven during the forecast period.
Saudi Arabia Industrial Electrical Components Industry Segmentation
The Saudi Arabia industrial electrical components market report includes:
| End-User | |
| Power Utility | |
| Oil and Gas | |
| Infrastructure Sector |
| Component | |
| Switchgears | |
| Transformers | |
| Electric Motors and Starters | |
| Monitoring and Controlling Devices | |
| Automation (Feeder Automation and Substation Automation) | |
| LED Lighting | |
| Other Components (Switches, MCB, Panelboards, Pushbuttons, Fuses, Sockets, Circuit Breakers, etc.) |
Saudi Arabia Industrial Electrical Components Market Size Summary
The industrial electrical components market in Saudi Arabia is poised for growth, driven by strategic investments in infrastructure and diversification efforts away from oil dependency. Despite challenges posed by the COVID-19 pandemic, such as supply chain disruptions and fiscal constraints, the market has shown resilience, particularly in the power sector. The government's National Industrial Development and Logistics Program (NIDLP) is expected to spur demand in sectors like refining, mining, and energy, with the electric motors and starters segment anticipated to lead the market. Additionally, interconnection projects within the Gulf Cooperation Council (GCC) and neighboring countries are set to create further opportunities for market players.
Saudi Arabia's commitment to expanding its infrastructure and construction sector, alongside its Vision 2030 plan, underscores the country's focus on modernizing its economy and integrating electric vehicles. The development of industrial cities and significant transportation projects, such as the Riyadh Metro, highlights the increasing demand for advanced electrical components. The market is moderately fragmented, with key players like GEDAC Electric Company and TIEPCO actively participating in large-scale projects. These initiatives, coupled with government support and strategic investments, are expected to drive the industrial electrical components market forward during the forecast period.
Saudi Arabia Industrial Electrical Components Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2026
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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1.8 Key Projects Information (Existing, in Pipeline, and Upcoming)
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1.9 Assessment of COVID-19 Impact on the Industry
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2. MARKET SEGMENTATION
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2.1 End-User
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2.1.1 Power Utility
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2.1.2 Oil and Gas
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2.1.3 Infrastructure Sector
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2.2 Component
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2.2.1 Switchgears
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2.2.2 Transformers
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2.2.3 Electric Motors and Starters
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2.2.4 Monitoring and Controlling Devices
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2.2.5 Automation (Feeder Automation and Substation Automation)
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2.2.6 LED Lighting
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2.2.7 Other Components (Switches, MCB, Panelboards, Pushbuttons, Fuses, Sockets, Circuit Breakers, etc.)
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Saudi Arabia Industrial Electrical Components Market Size FAQs
What is the current Saudi Arabia Industrial Electrical Components Market size?
The Saudi Arabia Industrial Electrical Components Market is projected to register a CAGR of greater than 2.80% during the forecast period (2024-2029)
Who are the key players in Saudi Arabia Industrial Electrical Components Market?
GEDAC Electric Company, TIEPCO, Al-Abdulkarim Holding (AKH) Co., Saudi Power Transformer Company and Saudi Electric Supply Company Limited (SESCO) are the major companies operating in the Saudi Arabia Industrial Electrical Components Market.
