(MENAFN - Market Press) Infrastructure Development on Account of Upcoming Events such as Dubai World Expo 2020, Qatar FIFA World Cup 2022 as well as National Development Plans Would be the Key Drivers for the Growth of Transfer Switch Market in the Middle East Region - 6Wresearch
The market for transfer switch has registered substantial growth in Middle East region as a result of growing technological precision favored by rapid commercialization as well as escalating industrial expenditure. These factors have increased the demand for a reliable and safe operating environment. Further, economic diversification plans and expansion of power infrastructure across the region would also surge the transfer switch market over the next six years.
According to 6Wresearch, Middle East Transfer Switch Market is projected to grow at a CAGR of 4.8% during 2018-24. The growth would be aided by the government efforts to strengthen the country's non-oil sectors. Under the Saudi Vision 2030, Kuwait Vision 2035 and UAE Vision 2021, construction of new hotels, education institutes, retail outlets, industrial spaces and power plant projects are anticipated to commence over the coming years. As a result, with the development of commercial and industrial sectors, the market for transfer switch is expected to register growth during the forecast period.
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According to Ravi Bhandari, Assistant Manager, 6Wresearch, "Automatic transfer switch is the key revenue contributing segment in the Middle East transfer switch market on account of their high utilization in data centers, hospitals and hotels. Additionally, deployment of critical operation power systems such as HVAC networks, fire-alarms, communication and signaling units for the commercial and industrial operations would also boost the demand for automatic transfer switches."
"Other segment includes manual transfer switches. The market for manual transfer switches is expected to spur on account of growing residential infrastructure in the region,"Ravi further added.
According to Vikrant Tomar, Research Associate, Research and Consulting, 6Wresearch, "Saudi Arabia contributes the highest revenue share in the Middle East transfer switch market and is projected to maintain its dominance during the forecast period due to massive investment in the hospitality and transportation sectors under Saudi Vision 2030.
"Other countries such as UAE and Iran also contribute major share followed by Qatar and Kuwait. The market would register further growth during the forecast period on account of upcoming events such as Dubai Expo 2020 and FIFA World Cup 2022."Vikrant further added.
Some of the major companies in Middle East transfer switch market include- Schneider Electric, Eaton, ABB, Socomec, and Vertiv.
"Middle East Transfer Switch Market (2018-2024)" provides in-depth analysis with 112 figures and 35 tables covered in more than 220 pages. The report estimates and forecast the overall middle east transfer switch market by revenues, types, applications such as residential, commercial and industrial and by countries. The report also offer insights on competitive landscape, company profiles, market drivers and restraints.
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