Saudi Arabia Power & Distribution Transformers Market Forecast & Opportunities, 2018 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-17 04:16:01
The economic and industrial development in Saudi Arabia is contributing to the rapidly growing demand for equipments used in the power sector. The country´s increasing population, industrialization and urbanization can be attributed as the key reasons contributing to the growth of the power sector and increasing demand for electricity.
The increasing demand for electricity is contributing to the increasing number of power plants which supports the growth for power as well as distribution transformers in the country. The government plans to set up new power generation facilities and is investing significantly to support the industry´s growth.
The transformers market revenues in Saudi Arabia are expected to grow at the CAGR of 24% till 2018. Saudi Arabian government is focusing more on renewables for power generation and is heavily investing in green energy. The government plans to generate 1/3 electricity from renewables and nuclear energy by 2032. The government is supporting the industry´s growth by encouraging the entry of private and foreign players through trade free zones, 100% ownership subsidies for setting new power generation facilities, etc.
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