According to TechSci Research report, “Saudi Arabia Medium Voltage Substation Market - By Region, Competition, Forecast & Opportunities, 2028”. The market for medium voltage substations is predicted to have healthy growth in the forecast years due to the rising demand for electricity, forthcoming infrastructure projects in various countries, and the increase in construction activities reflects the rise in the electricity demand in the Saudi Arabia's region. The Saudi Arabia substation market is estimated to grow steadily throughout the course of the forecasted decade.
The Saudi Arabian substation market is being driven by the government's expanding attempts to modernize and upgrade the nation's current T&D infrastructure. The market is anticipated to be driven by expanding underground electric cable laying trends as well as the nation's growing energy consumption over the course of the forecast period.
Additionally, the requirement for substations is increasing as a result of the growing automation in the energy sector. Furthermore, because of revised governmental policies, the establishment of special economic zones, etc., the country's requirement for substations would rise. Currently, Saudi Arabia holds a biggest share of the Middle East's substation market.
The "Saudi Vision 2030" and various mega projects for instance Al Widyan, Aseer Development Project, Jeddah Central Project, and many others contributed to the market's significant growth in the upcoming years and are expected to maintain the high CAGR.
Based on End Use, there are various sub-segments namely Residential, Commercial, Industrial, and Others. Commercial is one of the leading segments in the Saudi Arabia Medium Voltage Substation Market followed by the residential segment which helps to contribute to market growth during the forecast period. The commercial application helps to increase the market growth of medium voltage substation across the region namely, Eastern, Central, Northern, Northwest, Midwest, and Southwest.
There are various commercial megaprojects where the demand of electricity Is expected to rise in the upcoming years. The mega projects in Saudi Arabia namely, Jeddah economic city, Jeddah central projects, Jabal Omar, Jeddah metro, king Abdullah financial districts king Salman park among others fueling the market growth of medium voltage substation in the upcoming years 2024-2030.
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The Saudi Arabian market for medium voltage substations is expected to be stimulated by ongoing trends toward improving the current grid infrastructure. A consistent supply of power is essential to support ongoing expansion since Saudi Arabia's population is growing more quickly and important infrastructure, such as rail, port, and energy facilities, is becoming online. This necessitates a large investment in cutting-edge transmission and distribution infrastructure, which will undoubtedly increase demand for medium voltage substations across the nation.
Additionally, Saudi Arabia's electricity demand has been increasing quickly, which is anticipated to promote the development of medium voltage substations. The demand for energy is rising because of Saudi Arabia's ongoing industrialization, fast urbanization, and several megaprojects, including Saudi Vision 2030, The Rig, Trojena, The Red Sea Project, Sharaan Nature Reserve, Riyadh Metro Project, and Qiddiya, and others.
Recent Developments:
- L&T Construction, a subsidiary of India's Larsen & Toubro (L&T), was given a contract in August 2021 to supply and instal an electrical substation in Saudi Arabia. A complete construction contract for a gas-insulated substation (GIS) in the kingdom was granted to L&T Construction's Power, Transmission & Distribution business, the company announced in a statement. Installing the substation, which will have four different voltage levels up to 380 kV, as well as the related control, protection, automation, and telecommunications systems, as well as performing civil and electromechanical works, will be included in the scope of the project. Saudi Gulf Projects reported that L&T had been given a contract by the Saudi Electricity Company (SEC) for the Al-Buhairah 380kV substation in the Tabuk region of northern Saudi Arabia, worth USD 69.8 million.
Key market players in the Saudi Arabia Medium Voltage Substation Market include:
- ABB Ltd
- Hyosung Corporation
- Alstom SA
- Hitachi Ltd
- Siemens AG
- CG Power & Industrial Ltd
- General Electric
- Mitsubishi Electric Corporation
- Schneider Electric SE
- Toshiba International Corporation
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“The development of networks with sustainable energy infrastructure, the rise in infrastructure projects, and the nation's increased need for power all contribute to the market expansion of medium voltage substations in the Saudi Arabia .
Additionally, the "Saudi Vision 2030" and sizable projects like "The Rig," "Trojena," "The Red Sea Project," "Sharaan Nature Reserve," "Riyadh Metro Project," "Qiddiya," "Al Widyan," "Aseer Development Project," and "Jeddah Central Projects," and others, boost demand for medium voltage substation in the Saudi Arabian region, contributes to the market” Therefore, these factors are fueling the market growth of the Saudi Arabia Medium Voltage Substation market in the upcoming years”, Mr Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Saudi Arabia Medium Voltage Substation Market, By Component (Circuit Breaker, Protective Relay, Transformer, Switchgear, Others), By Type (Transmission & Distribution), By Category (New, Refurbished), By End Use (Residential, Commercial, Industrial {Metal & Mining, Oil & Gas, Manufacturing & Process Industries}, Others), By Region, Competition, Forecast & Opportunities, 2028”, has evaluated the future growth potential of Saudi Arabia Medium Voltage Substation Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in Saudi Arabia Medium Voltage Substation.
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