The growing demand for smart homes and buildings, driven by the adoption of the Internet of Things (IoT) and the installation of renewable energy systems, is significantly boosting the electrical services market. The increasing number of commercial and residential buildings further fuels this demand, leading to escalated growth in the sector.
NEWARK, DE / ACCESSWIRE / July 4, 2024 / The electrical service industry size in GCC is projected to reach USD 215.3 million in 2024 and USD 388 million by 2034. Over the assessment period, demand for electrical services in GCC is anticipated to rise at a CAGR of 6.1%.
The electrical service industry in the Gulf Cooperation Council (GCC) countries, is vital for the region's rapid development and modernization. The industry encompasses various activities, including electrical installation, maintenance, engineering consultancy, and project management.
Strong growth is expected in the electrical service industry driven by construction, infrastructure investments, industrial expansion, energy efficiency demand, and government support for renewables. Growing demand for smart homes and buildings, the adoption of the Internet of Things (IoT), and the installation of renewable energy systems are set to drive sales.
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Demand for renewable energy sources like solar and wind is also expected to drive growth. Electric vehicles and energy storage systems are also expected to create lucrative opportunities for the leading companies in the industry.
Rising investments in smart cities and the need for efficient energy management systems are the factors significantly driving demand. Furthermore, demand for efficient data centers in GCC is further set to fuel growth.
Key Takeaways from the Electrical Service Industry Report:
Total electrical service revenue in GCC is expected to reach USD 388 million in 2034.
Electrical service demand in GCC is poised to expand at a 6.1% CAGR through 2034.
The power station application segment accounted for a revenue share of around 38% in 2023.
By type, the upgradation and maintenance segment held a value share of 43% in 2023.
The United Arab Emirates is likely to witness a CAGR of 6.9% through 2034.
"Growing collaboration between OEMs and ESPs is expected to provide growth opportunities in the electrical service industry. Companies are integrating advanced technology into their products to reduce costs and shorten the process cycle. This trend is boosting research and development to create innovative products and gain a competitive edge," Says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Competition Outlook:
Qatar Power Construction WLL, EMCO Qatar, Midmac Contracting Company W.L.L., Siemens, and ABB Group are prominent electrical service manufacturers of GCC. Collaborations between utilities, technology companies, and start-ups are becoming more common, allowing companies to combine expertise, resources, and innovative technologies to stay competitive. The regulatory landscape is influencing competition, with deregulation opening up opportunities for new entrants.
A Few Key Players-
EMCO Qatar, a leading electromechanical services provider in Qatar, specializes in engineering, procurement, construction, and maintenance solutions, delivering high-quality projects that meet international standards.
Midmac Contracting Company W.L.L. is a Qatar-based construction firm renowned for its high-profile infrastructure projects, contributing to the country's economic growth and urban development.
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Key Company of the Electrical Service Industry:
Qatar Power Construction WLL
EMCO Qatar
Midmac Contracting Company W.L.L.
Siemens
ABB Group
Eaton Corporation plc
Arabian Bemco Contracting Co. Ltd.
Saudi Electricity Company
Voltamp Energy SAOG
Tamimi Energy Holding Company
Saudi Aramco Power Company (SAPCO)
Nesma Co.
Schneider Electric
Key Segments of Electrical Service Industry Report:
By Type:
As per types, the industry has been categorized into design and construction, installations and commissioning, and upgradation and maintenance.
By Application:
Based on applications, the sector is segmented into lighting, power station, sub-station, and transmission systems.
By End-user:
In terms of end-users, the sector is split into residential, commercial, and industrial.
By Country:
Industry analysis has been carried out in key countries such as Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
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Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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