Middle East Distribution Transformer Market worth $3.9 billion by 2024
PR-Inside.com: 2016-09-27 11:27:11Middle East Distribution Transformer Market size is estimated to reach USD 3.92 billion by 2024; according to a new research report by Global Market Insights, Inc.
Distribution transformers are primarily used to distribute power in a particular locality, industrial estates as well as remotely located houses and buildings and are usually found on the pole or underground near residential, commercial, or industrial areas. Rising population across the region may further instigate need to save energy, which in turn is expected to catalyze distribution transformer market growth over the forecast timeframe. Growing knowledge pertaining to sustainable development among the general population may further increase demand for energy efficient solutions. These devices represent to be one of the major sources of power loss and are easily measurable and replaceable. Thus, implementation of these innovative systems may aid in power loss reduction.
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Energy use in households and commercial buildings accounts for major part of the total energy consumption. Two major sources of energy consumption which can be regulated are interior environment comfort and electrical appliances. Several countries in the Middle East including Egypt, Jordan, Kuwait, Lebanon, Sudan, Syria, Tunisia, and UAE have developed policies to limit the consumption. These policies may spur government initiatives for using efficient devices on power transmission poles across the region in order to further decrease energy consumption at higher level.
Technological development across the electrical equipment sector is expected to be a key factor contributing towards the Middle East distribution transformer market size. Growing trend towards the use of thinner material for outer metallic coating may further reduce losses. Introduction of nanotechnology is anticipated to improve several parameters. For instance, integration of hydrogen sensors with wireless transmission can help monitor device status remotely and take corrective measures efficiently. Smart distribution transformer is also expected to be used in electrical vehicle charging, as it encompasses AC Level 2 charging that can overload distribution network at distant buses.
Key insights from the report include:
• Small distribution transformer market share will witness growth with 3.9% CAGR from 2016 to 2024. Increased adoption of these devices across indoor and outdoor applications is expected to catalyze growth.
• Liquid filled distribution transformer market size was valued at over USD 2 billion in 2015; it is likely to grow at an estimated 4% CAGR. Features such as compactness and substantial cost optimization may catalyze the product demand through 2024. Dry type segment is likely to witness considerable growth prospects, over the next seven years. Surging demand for these devices from fire safety application such as marine, underground substations, mining sites, and associated industrial activities may fuel revenue.
• Saudi Arabia distribution transformer market share is forecast to lead the industry, with revenue set to surpass USD 1.5 billion by 2024. Significant energy consumption in the residential and commercial sectors alike will drive regional growth.
• Key industry participants include General Electric, ABB Group, Abaft, Alfanar, Intact and Bawan. Other players in the industry are Saudi Federal Transformers, Matelec, Tesar, SGB-SMIT, and Siemens.