Market Size of Saudi Arabia Transformer Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 5.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Saudi Arabia Transformer Market Analysis
Saudi Arabia's transformer market is projected to register a CAGR of over 5% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.
- Over the medium term, owing to the developments in renewable energy creating a need for upgrading the electricity grid networks is driving the transformer market growth.
- On the other hand, challenges like high initial costs are expected to hamper the market growth in the near future.
- Nevertheless, Innovating transformers for smart grids creates opportunities for the transformer market. In a power supply system, smart transformers can act independently to regulate voltage, monitor and manage power demand fluctuations, and provide feedback. They can also be accessed remotely by utilities.
