Market Size of Saudi Arabia Switchgear Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 3.04 Billion |
| Market Size (2029) | USD 4.03 Billion |
| CAGR (2024 - 2029) | 5.80 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Saudi Arabia Switchgear Market Analysis
The Saudi Arabia Switchgear Market size is estimated at USD 3.04 billion in 2024, and is expected to reach USD 4.03 billion by 2029, growing at a CAGR of 5.80% during the forecast period (2024-2029).
- Over the short term, the switchgear market will likely witness a boom due to the growing power demand in the commercial and industrial sectors, causing new power generation, transmission, and distribution projects to be tabled.
- However, SF6 gas used in insulating switchgear is a potent greenhouse gas with a global warming potential that may restrain the market.
- Nevertheless, the government of the Kingdom of Saudi Arabia is putting strenuous efforts into reducing their dependency on thermal energy sources (oil and natural gas) and increasing the renewables share in the power generation mix. They have set a target of 50% renewable power generation by 2030. The new power generation projects place ample opportunities for the switchgear market in the country.
