(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Nov. 11, 2024 (GLOBE NEWSWIRE) -- The "Saudi Arabia Wiring Devices market | Trends, Value, Revenue, Outlook, Forecast, Size, Analysis, Growth, Industry, Share, Segmentation & COVID-19 IMPACT | Market Forecast By Types By Types, By Applications And Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
Saudi Arabia wiring devices market is projected to grow at a CAGR of 7.1% during 2024-2030F.
Saudi Arabia's Wiring Devices Market witnessed growth from 2020 to 2023, driven by increased activity in commercial and residential construction, as well as significant government infrastructure projects like the Riyadh Metro. In September 2023, Saudi Arabia announced housing projects valued at over $17.3 billion, further stimulating demand. The country's ongoing development efforts have led to a rise in electronic product usage, fueling demand for wiring devices.
Moreover, the government's commitment to enhancing transportation infrastructure and implementing ambitious projects like NEOM City ($500 billion in project value) and the Red Sea project is expected to sustain this demand in the future. Major initiatives such as the construction of King Salman Park and new cities are also contributing to Saudi Arabia wiring devices market growth.
Saudi Arabia Wiring Devices Market Overview
Saudi Arabia is shifting its focus towards building a non-oil economy, unveiling a billion-dollar pipeline of infrastructure projects backed by the Public Investment Fund (PIF) and initiatives like Saudi Arabia's Vision 2030. These include ambitious ventures such as Amaala, Qiddiya, King Salman Park, and New Murabba, featuring a mix of residential and commercial developments. With a keen eye on transforming major urban centers into smart cities to accommodate a growing urban population, there's a significant opportunity for the wiring devices market.
Additionally, ongoing projects like Jeddah Economic City ($30 billion) and King Abdullah Economic City ($93 billion) are expected to give a significant boost to the commercial sector, it necessitates electrical connections for lighting and various operational activities, thereby would be contributing to the growth of the wiring devices market in the country in coming years.
Saudi Arabia Wiring Devices Market Share
Market Segmentation by Types
Receptacles/Sockets captured a major share of Saudi Arabia's wiring devices market revenues in 2023 and are expected to retain their dominant position over the coming years owing to the multitude of uses of sockets. Additionally, open sockets installed in the residential and commercial sectors contribute to the significance of the socket market.
Market Segmentation by Applications
The residential sector accounted for the majority of revenue share in the overall wiring devices market in 2023, and a similar trend is anticipated in the forthcoming years as well on the back of rising Saudi Arabian government housing projects, such as rising residential supply across the Dammam metropolitan area, Jeddah, and Riyadh. Additionally, Saudi Arabia's upcoming projects in the construction sector would further aid the wiring devices market's growth in the upcoming future.
Key Highlights of the Report
Saudi Arabia Wiring Devices Market Overview Saudi Arabia Wiring Devices Market Outlook Saudi Arabia Wiring Devices Market Forecast Historical Data and Forecast of Saudi Arabia Wiring Devices Market Revenues for the Period 2020-2030F Historical Data and Forecast of Saudi Arabia Wiring Devices Market Revenues by Types, for the Period 2020-2030F Historical Data and Forecast of Saudi Arabia Wiring Devices Market Revenues by Applications, for the Period 2020-2030F Market Drivers Market Restraints Market Trends Industry Life Cycle Porter's Five Force Analysis Market Opportunity Assessment Market Player's Revenue Ranking Market Competitive Benchmarking Company Profiles Key Strategic Recommendations
Company Profiles
Schneider Electric KSA Legrand Saudi Arabia Alfanar Group NewPower ABB Limited Eaton Corporation MK Electric (Honeywell) Hager Middle East FZE Bahra Electric Panasonic Marketing Middle East & Africa FZE
Market Scope and Segmentation
By Types
Receptacles/Sockets Switches Wall Plates Plugs Others (Wire Mesh, Wire connectors etc.)
By Applications
Residential Commercial Industrial Public Transport and Infrastructure
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Saudi Arabia Wiring Devices Market Overview
4. Saudi Arabia Wiring Devices Market Dynamics
5. Saudi Arabia Wiring Devices Market Trends & Evolution
6. Saudi Arabia Wiring Devices Market Overview, By Types
7. Saudi Arabia Wiring Devices Market Overview, By Applications
8. Saudi Arabia Wiring Devices Market Key Performance Indicator
9. Saudi Arabia Wiring Devices Market Opportunity Assessment
10. Saudi Arabia Wiring Devices Market - Competitive Landscape
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