Middle East distribution panel market to accrue heavy returns via low-voltage distribution panel segment over 2018-2024, United Arab Emirates to be a major revenue pocket for the industry
Publisher : Fractovia | Published Date : 2018-08-31Request Sample
Middle East distribution panel market has emerged as one of the major beneficiaries of the initiatives being rolled out by various nations in the region to electrify remote off-grid areas of late. A rapid surge in the demand for power supply across rural and urban areas alike has further intensified the need to install energy-efficient distribution boards. As per a 2014 report by the Arab Petroleum Investments Corporation, a development bank owned by regional oil producers, the demand for reliable power supply is expected to increase by 8.3 percent each year through 2019 in the Middle East nations. Needless to mention, the energy requirement in the region would observe a constant rise in the years to come which would prove to be highly beneficial to the overall Middle East distribution panel industry.
Qatar Distribution Panel Market Size, by End Use, 2017 - 2024 (USD Million)
The United Arab Emirates has been making concerted efforts to shift toward renewable sources to meet the burgeoning demand for energy in the nation. As part of its strategic goal to enhance Dubai’s leadership in sustainability efforts across all business domains, the Government of Dubai has pledged to establish the Emirate as one of the top sustainable cities of the world by 2020. Started in March 2014, the Green Buildings Regulations and Specifications have been made mandatory for all new construction projects – a factor that has catalyzed the product penetration and have impelled the growth of Middle East distribution panel market in the nation.
The development of innovative grid network and rising demand for the deployment of sophisticated distribution systems has had an optimistic impact on the commercialization scale of Middle East distribution panel industry in the UAE over the recent years. Apparently, driven by the growing adoption of advanced electrical products coupled with increasing investments toward construction projects, the Middle East distribution panel market in the UAE is anticipated to register a y-o-y growth rate of about 5% over 2018-2024.
Owing to a steady increase in urban population across Middle East nations, the demand for reliable power supply has witnessed a manifold jump over the last few years. Additionally, the efforts being made by various governments to enhance the efficiency of power generation systems and the rising need to optimize power consumption has necessitated large scale deployment of low voltage distribution panels. Besides, the recent shift toward renewable energy sources such as wind and solar energy has further compelled prominent Middle East distribution panel industry players to launch innovative low voltage distribution panels that could be utilized across myriad applications. Schneider Electric, for instance, has recently unveiled a new distribution panel named as Acti9 Isobar P which is the latest addition to its Acti9 range of low voltage distribution panels.
Reportedly, Isobar P is being touted as the first low voltage distribution panel to be equipped with a plug-on residual-current circuit breaker with overcurrent protection (RCBO) capability. This eliminates the need to straighten or cut any excess wiring and therefore reduces the installation time by half. Apparently, the launch of such advanced and energy efficient products has led to a marked increase in the prominence of low voltage distribution panels in the overall voltage segment of Middle East distribution panel industry. In fact, as per a research report put together by Global Market Insights, Inc., low voltage distribution panels apportioned more than 14% share of the total remuneration portfolio of Middle East distribution panels market in 2017.
According to GCC Energy System Overview, a comprehensive report published by the King Abdullah Petroleum Studies and Research Center in 2017, the member states of Gulf Cooperation Council (GCC) have collectively set a target to install 80 GW of renewable energy capacity by 2030. Apparently, the target exceeds half of the current energy generation capacity of these nations which underscores the significance of deploying energy efficient distribution panels across the entire transmission and distribution network. Driven by favorable power sector reforms, ambitious energy objectives, and a drastic shift that is being carried out in the existing energy policies, the Middle East distribution panel industry share is set to exceed USD 440 million by 2024.
