Saudi Arabia Wiring Devices Market Value Expected to Grow from $1.39 Billion in 2023 at a CAGR of 6.54% During 2024–2032

CHICAGO, UNITED STATES, August 12, 2024 /EINPresswire.com/ — The 𝐒𝐚𝐮𝐝𝐢 𝐀𝐫𝐚𝐛𝐢𝐚 𝐰𝐢𝐫𝐢𝐧𝐠 𝐝𝐞𝐯𝐢𝐜𝐞𝐬 𝐦𝐚𝐫𝐤𝐞𝐭, valued at approximately $𝟏,𝟑𝟖𝟔.𝟗𝟏 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝟐𝟎𝟐𝟑 is set to experience significant growth over the next decade. According to the latest market report, the sector is projected to reach a market valuation of $𝟐,𝟒𝟎𝟗.𝟗𝟏 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 𝐛𝐲 𝟐𝟎𝟑𝟐, reflecting a robust compound annual growth rate (𝐂𝐀𝐆𝐑) 𝐨𝐟 𝟔.𝟓𝟒% during the forecast period from 𝟐𝟎𝟐𝟒 𝐭𝐨 𝟐𝟎𝟑𝟐.

𝐓𝐡𝐞 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐇𝐞𝐫𝐞- https://www.astuteanalytica.com/request-sample/saudi-arabia-wiring-devices-market

This upward trajectory in market valuation is driven by increased demand for advanced wiring solutions across various sectors, including construction, manufacturing, and infrastructure development. Technological advancements and the growing emphasis on energy efficiency are further fueling market expansion.

𝐌𝐚𝐫𝐤𝐞𝐭 𝐃𝐲𝐧𝐚𝐦𝐢𝐜𝐬

𝐃𝐫𝐢𝐯𝐞𝐫: 𝐑𝐢𝐬𝐢𝐧𝐠 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜𝐢𝐭𝐲 𝐃𝐞𝐦𝐚𝐧𝐝 𝐃𝐮𝐞 𝐭𝐨 𝐏𝐨𝐩𝐮𝐥𝐚𝐭𝐢𝐨𝐧 𝐆𝐫𝐨𝐰𝐭𝐡 𝐚𝐧𝐝 𝐔𝐫𝐛𝐚𝐧𝐢𝐳𝐚𝐭𝐢𝐨𝐧

The wiring devices market in Saudi Arabia is propelled by the rising electricity demand, a direct consequence of rapid population growth and urbanization. The Kingdom’s population reached 35 million in 2023, with an annual increase of approximately 500,000 residents. Urban centers like Riyadh and Jeddah are expanding rapidly, with Riyadh’s population surpassing 7.5 million and Jeddah’s reaching 4.5 million. This urban influx has led to a surge in residential and commercial construction, with over 100,000 new housing units built annually. Consequently, the demand for reliable and efficient electrical wiring systems has skyrocketed, necessitating the use of advanced wiring devices.

In 2023, Saudi Arabia’s electricity consumption hit a record high of 300 terawatt-hours, reflecting a significant rise from previous years. The residential sector alone accounts for over 50% of this consumption in the wiring devices market, with new urban development contributing substantially. The average household electricity usage in major cities has now reached 15,000 kilowatt-hours annually. Additionally, the commercial sector, driven by the establishment of new businesses and infrastructure projects, has seen electricity usage increase to 100 terawatt-hours.

𝐓𝐫𝐞𝐧𝐝: 𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐞𝐝 𝐀𝐝𝐨𝐩𝐭𝐢𝐨𝐧 𝐨𝐟 𝐒𝐦𝐚𝐫𝐭 𝐇𝐨𝐦𝐞 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐞𝐬 𝐚𝐧𝐝 𝐀𝐮𝐭𝐨𝐦𝐚𝐭𝐢𝐨𝐧 𝐒𝐲𝐬𝐭𝐞𝐦𝐬

The wiring devices market in Saudi Arabia is significantly influenced by the rising adoption of smart home technologies and automation systems. In 2023, Saudi Arabia saw the installation of over 150,000 smart home systems, with a projected increase to 200,000 by the end of 2024. This surge is driven by the growing consumer preference for convenience, energy efficiency, and security. Notably, Riyadh and Jeddah are leading the way, with over 75,000 smart homes collectively. As of mid-2024, 50% of newly constructed residential buildings integrate some form of smart technology, emphasizing the market’s shift towards automation. The average household in Saudi Arabia now contains 5 smart devices, highlighting the integration of smart wiring systems and interconnected devices.

The government’s Vision 2030 initiative has also played a crucial role in this trend in the wiring devices market, encouraging technological advancements and modern infrastructure. Investments in smart city projects, such as NEOM, have further boosted the demand for advanced wiring devices to support smart home applications. In NEOM alone, over 10,000 smart homes are under construction, each equipped with state-of-the-art wiring systems. The smart thermostat market has seen a sales increase of 20,000 units in the last year, while smart lighting systems have recorded over 30,000 installations in the same period. The growth of the Internet of Things (IoT) sector, with over 1 million IoT devices now operational, has necessitated advanced wiring solutions to ensure seamless connectivity and functionality.

𝐅𝐨𝐫 𝐦𝐨𝐫𝐞 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐨𝐧 𝐭𝐡𝐞 𝐒𝐚𝐮𝐝𝐢 𝐀𝐫𝐚𝐛𝐢𝐚 𝐰𝐢𝐫𝐢𝐧𝐠 𝐝𝐞𝐯𝐢𝐜𝐞𝐬 𝐦𝐚𝐫𝐤𝐞𝐭, 𝐢𝐧𝐜𝐥𝐮𝐝𝐢𝐧𝐠 𝐝𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐢𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐚𝐧𝐝 𝐚𝐧𝐚𝐥𝐲𝐬𝐢𝐬, 𝐩𝐥𝐞𝐚𝐬𝐞 𝐜𝐨𝐧𝐭𝐚𝐜𝐭:- https://www.astuteanalytica.com/industry-report/saudi-arabia-wiring-devices-market

The report highlights several key factors contributing to this growth, including rising urbanization, a surge in construction activities, and an ongoing push towards modernizing electrical infrastructure in Saudi Arabia. Additionally, the adoption of smart grid technologies and renewable energy sources is expected to create further opportunities for market players.

ABB Ltd.

Acuity Brand Lighting​

Alfanar Group​

Bahra Electric​

Eaton​

GE Lighting​

Gedac Electric

Hager Group

Honeywell​

Hubbell​

Legrand​

Leviton​

Lutron​

Panasonic Corporation​

Schneider Electric​

Signify​

Other Prominent Players

𝐋𝐨𝐜𝐚𝐥 𝐌𝐚𝐧𝐮𝐟𝐚𝐜𝐭𝐮𝐫𝐞𝐫𝐬

Al Manara

Optimal Light

HAWA MEAF

ISTCO

Dari International Company

Alrouf Electrical

Energya Cables Saudi Arabia

𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰:

𝐁𝐲 𝐏𝐫𝐨𝐝𝐮𝐜𝐭

• Current Devices

o Electric switches (e.g., light switches, dimmer switches, fan switches)

o Receptacles (e.g., outlets, plugs)

o Wire connectors (e.g., splices, crimps)

o Others

• Non-Current Devices

o Conduit and fittings

o Boxes and enclosures

o Wire supports and clamps

o Cable ties and connectors

o Insulating tape and tubing

• Circuit Protecting Devices

o Plugs & power outlets.

o TV/TEL Sockets

o Television Plates

o Fuse Boxes

o Circuit Breakers

o Others

𝐁𝐲 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲

• Smart

• Conventional

𝐁𝐲 𝐕𝐨𝐥𝐭𝐚𝐠𝐞

• 0-100 Watts

• 100-300 Watts

• 300-600 Watts

• Above 600 Watts

𝐁𝐲 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬

• Commercial

• Industrial

• Residential

𝐁𝐲 𝐒𝐚𝐥𝐞𝐬 𝐂𝐡𝐚𝐧𝐧𝐞𝐥

• Online

o E-commerce Website

o Branded Stores

• Offline

o Supermarkets/Hypermarkets

o Retail Stores

o Speciality Stores

o Others

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐑𝐞𝐩𝐨𝐫𝐭@- https://www.astuteanalytica.com/request-sample/saudi-arabia-wiring-devices-market

𝐀𝐛𝐨𝐮𝐭 𝐀𝐬𝐭𝐮𝐭𝐞 𝐀𝐧𝐚𝐥𝐲𝐭𝐢𝐜𝐚:

Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the globe.

They are able to make well-calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyse for them the complex business environment, segment-wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of the best cost-effective, value-added package from us, should you decide to engage with us.

Aamir Beg
Astute Analytica
+1 888-429-6757
email us here
Visit us on social media:
X
LinkedIn