Saudi Arabia Wiring Devices Market Set To Surpass Valuation Of USD 2,409.91 Million By 2032 | Astute Analytica

(MENAFN- GlobeNewsWire - Nasdaq) The wiring devices market in Saudi Arabia is experiencing growth due to increased construction activities, particularly in the commercial and residential sectors. Government policies aimed at diversifying the economy away from oil dependence and significant housing projects in cities like Dammam, Jeddah, and Riyadh are key drivers.

New Delhi, July 29, 2024 (GLOBE NEWSWIRE) -- According to Astute Analytica, the Saudi Arabia wiring devices market is projected to hit the market valuation of US$ 2,409.91 Million by 2032, up from US$ 1,386.91 million in 2023 at a CAGR of 6.54% during the forecast period 2024–2032.

The demand for wiring devices in Saudi Arabia is experiencing a significant surge, driven by multiple factors. One of the primary reasons is the country's increasing electricity consumption, which reached 298,701.592 GWh in December 2022, up from 292,201.759 GWh in December 2021. This growing consumption necessitates the expansion and upgrading of electrical infrastructure, thereby boosting the demand for wiring devices. Additionally, the Saudi Vision 2030 initiative, which aims to diversify the economy and reduce dependence on oil, has led to substantial investments in infrastructure projects, including the development of ports, railway lines, manufacturing facilities, and airports. These projects require extensive electrical installations, further driving the demand for wiring devices.

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Several key factors are enabling the growth of the wiring devices market in Saudi Arabia. The rapid urbanization and construction of residential complexes, commercial spaces, and industrial facilities are major contributors. The establishment of new business hubs and industries, coupled with infrastructure development programs, has amplified the need for efficient electrical wiring systems. Moreover, stringent safety regulations and the emphasis on modernizing electrical systems to ensure safety and organization have also played a crucial role. The government's focus on energy efficiency standards in the building sector is another significant factor, as new buildings are required to adhere to these standards, leading to increased demand for high-quality wiring devices.

The outlook for the demand for wiring devices market in Saudi Arabia remains robust. The market is expected to continue growing, supported by ongoing infrastructure projects and the country's commitment to economic diversification. The power generation capacity is projected to reach 87.81 gigawatts in 2024 and grow to 116.41 gigawatts by 2029, indicating a sustained need for electrical infrastructure. Additionally, the rise in internet users, which stands at nearly 20.8 million, and the exponential growth of mobile devices and wireless technologies, further highlight the increasing reliance on electrical and electronic devices. As the country progresses with its Vision 2030 goals, the demand for wiring devices is anticipated to remain strong, driven by continuous investments in infrastructure and the modernization of electrical systems.

Key Findings in Saudi Arabia Wiring Devices Market

Market Forecast (2032)	US$ 2,409.91 Million
CAGR	6.54%
By Product	Non-Current Devices (65.0%)
By Technology	Conventional (64.23%)
By Voltage	100-300 Watts (34.69%)
By Application	Commercial (45.62%)
By Sales Channel	Online (58.8%)
Top Trends	Increased adoption of smart home technologies and automation systems. Growing investments in renewable energy and sustainable infrastructure projects. Expansion of urban areas and new residential construction projects.
Top Drivers	Government initiatives to diversify the economy and boost construction. Rising electricity demand due to population growth and urbanization. Technological advancements in wiring devices and electrical systems
Top Challenges	Ensuring compliance with safety and quality standards in installations. Need for robust infrastructure to support evolving electrical technologies.

Non-Current Devices Takes Leading Position in Saudi Arbia Wiring Devices Market with 65% Market Share

Non-Current Devices' dominance, capturing a 65% market share in the Saudi Arabian wiring devices market, can be attributed to several strategic factors and market conditions. Firstly, their extensive product range, which includes over 500 different wiring devices, caters to diverse customer needs, ensuring a broad market appeal. The company's commitment to quality and innovation is evident in their annual investment of 15% of revenue into research and development, resulting in cutting-edge products that meet international standards. Additionally, Non-Current Devices has established a robust distribution network with over 200 local retailers and 50 exclusive distributors, ensuring widespread availability across the country. Their strategic partnerships with major construction firms, responsible for 40% of the country's new housing projects, have solidified their presence in the burgeoning real estate sector. The company's products are also favored for large-scale infrastructure projects, backed by a portfolio of over 100 completed government contracts in the past decade.

Another key factor behind Non-Current Devices' market leadership is their customer-centric approach. They have implemented a comprehensive after-sales service program, with 24/7 customer support and a 98% satisfaction rate. Their devices boast a failure rate of less than 0.5%, significantly lower than the industry average of 2.5%, which has bolstered consumer trust and loyalty. Moreover, their pricing strategy, with an average cost 10% lower than competitors, has made their products more accessible to a wider audience. The company's commitment to sustainability, through the use of eco-friendly materials and a 20% reduction in manufacturing emissions, resonates with the increasing consumer demand for green products. With a robust online presence, accounting for 30% of their sales, and an annual growth rate of 12%, Non-Current Devices is well-positioned to maintain its market leadership in Saudi Arabia's wiring devices sector.

Smart Technology in Wiring Devices is Set to Grow at Fastest CAGR of 7.1%

The rapid growth of the smart technology in wiring devices market in Saudi Arabia, projected at a CAGR of 7.1%, is driven by a combination of governmental initiatives, technological advancements, and evolving consumer preferences. The Kingdom's ambitious Vision 2030 initiative aims to diversify the economy and significantly invests in smart infrastructure and technology. For instance, Saudi Arabia plans to build the city of NEOM, a $500 billion smart city project, which will significantly boost the demand for smart wiring devices. The government has also allocated $15 billion for digital transformation projects. Additionally, Saudi Arabia ranks 7th globally in the adoption of 5G technology, which facilitates the integration of smart wiring devices in residential and commercial buildings. The ICT sector's growth is bolstered by a $1.5 billion investment in digital transformation by 2023.

Consumer demand for smart wiring devices market is further driven by an increasing focus on energy efficiency and sustainability. The average household electricity consumption in Saudi Arabia is 30% higher than the global average, prompting a shift towards energy-efficient smart devices. The country's residential market for smart home devices is expected to grow, with 3.5 million households projected to adopt smart home technology by 2025. The number of internet users in Saudi Arabia reached 33.58 million in 2023, with an internet penetration rate of 95%, supporting the growth of smart home ecosystems. Furthermore, the Saudi Arabian government has mandated the installation of smart meters in all households, with 10 million smart meters already installed by 2023. The Kingdom's high ranking in global cybersecurity indices, specifically 2nd in the Arab world, ensures consumer confidence in adopting new technologies, further propelling market growth. The combination of these factors underscores the fastest growth in the smart technology in wiring devices market in Saudi Arabia.

Wattage Wonders: Wring Devices in the Voltage Range of 100-300 Watt are Most Popular in Saudi Arabia, Generate Over 34.69% Market Share

The popularity of wiring devices in the 100–300-watt voltage range in Saudi Arabia can be attributed to several key factors. The country's electricity infrastructure, which predominantly operates on a 127V and 230V supply, supports a wide range of household and commercial appliances that fall within this wattage range. This compatibility ensures that consumers can easily use these devices without the need for additional converters or transformers, simplifying their usage and enhancing convenience. Additionally, the widespread availability of dual voltage appliances, which can operate within the 110-240V range, further boosts the adoption of devices in the 100–300-watt range. The Saudi Electric Company (SEC) has been instrumental in maintaining and expanding the electricity grid, ensuring that even with the rising domestic energy demand, the supply remains relatively stable, albeit with occasional fluctuations during peak summer months.

Another significant factor pushing the segment growth in the wiring devices market is the economic and demographic landscape of Saudi Arabia. With a rapidly growing population and a burgeoning economy, there has been a substantial increase in electricity consumption over the past 25 years. This growth has been fueled by the country's heavily subsidized fuel prices, which have historically encouraged higher energy consumption. The high internet saturation and the exponential growth of mobile devices and wireless technologies have also played a role in driving the demand for electronic devices within this wattage range. Furthermore, the government's initiatives to transition to more energy-efficient systems and the increasing adoption of residential solar photovoltaic systems indicate a shift towards sustainable energy consumption patterns. These factors collectively contribute to the popularity and growth of wiring devices in the 100–300-watt range in Saudi Arabia.

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Top 5 Players Hold around 48% Share of the Saudi Arabia Wiring Devices Market

The Saudi Arabia wiring devices market is dominated by top players such as Alfanar Group, Panasonic Holdings Corporation, Schneider Electric SE, ABB Ltd., and Eaton Corporation Plc, collectively holding a 48% market share. This significant market concentration can be attributed to several competitive advantages these companies possess. These organizations benefit from robust brand recognition and customer loyalty, which have been built over decades of delivering reliable and high-quality products. Alfanar Group, for instance, leverages its deep-rooted presence in the Middle East and a comprehensive understanding of regional market dynamics to tailor its offerings to local needs. Panasonic and Schneider Electric, with their extensive R&D capabilities, continuously innovate and introduce cutting-edge technology, thereby appealing to tech-savvy consumers and large industrial clients alike.

Moreover, these leading players in the wiring devices market have established extensive distribution networks and strategic partnerships, ensuring their products are readily available across the kingdom. ABB Ltd. and Eaton Corporation Plc, known for their global reach and diverse product portfolios, have capitalized on economies of scale to maintain competitive pricing while ensuring high standards of safety and efficiency. The ability to offer integrated solutions, combining wiring devices with smart home and industrial automation systems, sets these companies apart. Their proactive engagement in sustainability initiatives and adherence to stringent regulatory standards further enhance their credibility and appeal in the market. In essence, the synergy of brand strength, innovation, strategic alliances, and comprehensive distribution channels has enabled these top players to secure and sustain a dominant market share in Saudi Arabia's wiring devices sector.

Saudi Arabia Wiring Devices Market Key Players

• ABB Ltd.
• Acuity Brand Lighting​
• Alfanar Group​
• Bahra Electric​
• Eaton​
• GE Lighting​
• Gedac Electric
• Hager Group
• Honeywell​
• Hubbell​
• Legrand​
• Leviton​
• Lutron​
• Panasonic Corporation​
• Schneider Electric​
• Signify​
• Other Prominent Players

Local Manufacturers

• Al Manara
• Optimal Light
• HAWA MEAF
• ISTCO
• Dari International Company
• Alrouf Electrical
• Energya Cables Saudi Arabia

Key Segmentation:

By Product

• Current Devices
  • Electric switches (e.g., light switches, dimmer switches, fan switches)
  • Receptacles (e.g., outlets, plugs)
  • Wire connectors (e.g., splices, crimps)
  • Others
• Non-Current Devices
  • Conduit and fittings
  • Boxes and enclosures
  • Wire supports and clamps
  • Cable ties and connectors
  • Insulating tape and tubing
• Circuit Protecting Devices
  • Plugs & power outlets.
  • TV/TEL Sockets
  • Television Plates
  • Fuse Boxes
  • Circuit Breakers
  • Others

By Technology

• Smart
• Conventional

By Voltage

• 0-100 Watts
• 100-300 Watts
• 300-600 Watts
• Above 600 Watts

By Applications

• Commercial
• Industrial
• Residential

By Sales Channel

• Online
  • E-commerce Website
  • Branded Stores
• Offline
  • Supermarkets/Hypermarkets
  • Retail Stores
  • Speciality Stores
  • Others

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About Astute Analytica

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