Market Trends of Middle-East Smart Transformer Industry
This section covers the major market trends shaping the Middle East Smart Transformers Market according to our research experts:
Distribution Transformers to Dominate the Market
- The growing emphasis on renewable energy generation across the region, coupled with increasing electrical infrastructure projects, is expected to drive the demand for distribution transformers during the forecast period, in turn driving the Middle East smart transformers market.
- In the electric distribution grid, smart transformers work independently to monitor and regulate the voltage while maintaining contact with the smart grid. This enables the information about the transformer and the power supply to be provided even by remote administration. Hence, this enables for proper load management, resulting in better power quality and lesser power outages.
- The region is expected to witness a significant increase in investments in new oil & gas and other infrastructure projects, which in turn is expected to drive the market for smart distribution transformers.
- Electricity generation in the region has seen significant growth in recent years due to rapid urbanization, and the increasing industrial sector. This has led to an increased usage of distribution transformers. Electricity generation grew by around 60% between 2008 and 2018.
- Therefore, the aforementioned factors are expected to drive the market in the forecast period.
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Saudi Arabia to Dominate the Market
- Saudi Arabia is expected to dominate the market in the forecast period due to developments of new infrastructure and heavy investments in solar energy projects.
- The country aims to produce 9.5 gigawatts of renewable energy mainly from solar power, under its Vision 2030 plan. The country till now has launched bidding or prequalification procedures for around 11 solar power projects, amounting up to 2.7 GW of capacity. The 300 MW Sakaka solar plant came online in November 2019.
- Electricity generation in the country has seen significant growth in recent years, with around 77% increase between 2008 and 2018. Electricity generation in 2008 was 216.4 TWh and increased by 167.4 TWh to reach 383.8 TWh in 2018.
- Currently, the technology being studied is in its infancy in the country, but the growing interest by the government is expected to change that in the forecast period.
- Therefore, the increasing investment in solar power, investments in new infrastructure, and grid expansion is expected to help the smart transformer market to grow in the country.
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