Saudi transformer market â€Ëœto decline in 5 years’️

Saudi transformer market â€Ëœto decline in 5 years’️

Saudi Arabia's power and distribution transformer market revenues are projected to decline at a compound annual growth rate (CAGR) of 0.3 per cent during 2019-25, said 6Wrsearch in a new report.

The transformer market declined in terms of revenue as well as volume in past few years due to economic slump in the kingdom. However, upcoming projects such as $500-billion Neom City, $100-billion King Abdullah Economic City, $27-billion Jazan Economic City, $22.5-billion Riyadh Metro project and $1.4-billion GCC Power Grid Interconnection project would surge the demand for transformers across the country, said the report.

Kanika Arora, research analyst, 6Wresearch, said: "315.1 KVA- 5000 KVA and above 50 MVA power ratings transformer held majority of the revenue shares in 2018 for distribution transformers and power transformers respectively and are anticipated to maintain its dominance during the forecast period as these are extensively utilized in the power transmission and distribution networks.“

"Amongst all the applications, the power utility segment held major of the revenue share in 2018 and is expected to maintain its dominance during the forecast period on account of government initiatives to strengthen and restructure power sector of the kingdom," Arora added.

Ravi Bhandari, manager, 6Wresearch, said: "Saudi Arabia distribution transformer acquired majority of