Technological advancements and rapid industrialization to bolster GCC lightning arrester market growth through 2024
According to a report published by TechSci Research on “GCC Lightning Arrester Market By Type, By Rating, By Application, By End Use, By Country, Competition, Forecast & Opportunities, 2024”, GCC lightning arrester market is projected to cross $1 billion by 2024. The growth of the GCC lightning arrester market is majorly attributable to huge capital expenditure in the electric network and infrastructure upgrading process across the region. Moreover, adoption of high-end technologies like LCD and LED televisions as well as smart washing machines and microwaves is further amplifying the demand for lightning arresters in the region. Electronic devices are sensitive to high voltage and thus lightning arresters are required to be installed in the residential areas.
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In terms of application, GCC lightning arrester market has been categorized into transmission line, substation and distribution line. Of which, substation category is anticipated to be the largest segment in the market owing to increasing number of substations in the region. As the GCC countries are witnessing surging demand for power, they must maintain high levels of investment in power capacity to meet the demand, which, in turn, is driving the growth of substation category.
On the basis of country, GCC lightning arrestor market is segmented into Saudi Arabia, UAE, Oman, Kuwait, Qatar, Bahrain and Iran. Among these countries, Saudi Arabia accounted for a significant portion of GCC lightning arrestor market in 2018. The growth of Saudi Arabia lightning arrestor market is led by increasing industrialization in the country. Moreover, owing to surging power demand, the country is heavily investing in its power generation capacity, further contributing to the growth of lightning arrester market. Additionally, the country is witnessing huge investments in smart city developments, owing to which lightning arrester market in Saudi Arabia is growing.
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“GCC lightning arrester market is anticipated to witness positive growth over the next five years. Increasing demand for lightning arresters in the region is majorly backed by rapid industrialization and increasing investments in smart grid projects. Moreover, owing to rising demand for electrical houseware and appliances, the installation of lightning arresters in high rise buildings is increasing in order to protect the equipment from lightning. This factor is fueling growth in GCC lightning arrester market.” said, Mr. Karan Chechi, Research Director with TechSci Research, a research based GCC management consulting firm.
“GCC Lightning Arrester Market By Type, By Rating, By Application, By End Use, By Country, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of the GCC lightning arrester market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in GCC lightning arrester market.
About TechSci Research
TechSci Research is a leading GCC market research firm publishing premium market research reports. Serving 700 GCC clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research-based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking GCC and country specific high growth markets helps TechSci clients to lead rather than follow market trends.
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