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MENA Smart Electrical Panels Market: Current Analysis and Forecast (2023-2030)
Emphasis on Panel Type (Power Control Panel, Motor Control Center, Automation Panel, Intelligent MCC Panel, and Others); End-Users (Residential, Commercial and Industrial); and Country
The Mena smart electrical panels market is expected to reach USD 12.34 Million in 2030 by growing at a CAGR of 8.3%. The MENA region has seen a significant increase in the adoption of smart technologies, including smart electric panels. These devices offer numerous benefits over traditional electrical panels, such as real-time monitoring of energy consumption, remote control of appliances, and automated energy management systems. Additionally, smart electric panels can integrate with renewable energy sources like solar and wind power, providing users with a more sustainable and cost-effective option for their energy needs. With the rise of smart buildings and IoT technology, the demand for advanced power control panels is expected to continue growing. For instance, in 2023, Siemens launched its new Power Control Panel range, which offers real-time monitoring and remote control of electrical systems
Some of the major players operating in ABB., Schneider Electric., Siemens, Eaton, United Legrand., Hager Group, Mitsubishi Electric Corporation, General Electric., Rockwell Automation & Danfos. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst panel type, the market is bifurcated into power control panel, Motor control center, automation panel, intelligent MCC panel and others. Motor Control held a significant share of the market in 2022.
Based on the panel type, the market is segmented into power control panel, Motor control center, automation panel, intelligent MCC panel and others. Motor Control held a significant share of the market in 2022. The rising demand for efficient and centralized motor control solutions has propelled the adoption of motor control centers (MCCs) in the electric panel market. Industries across various sectors, from manufacturing to utilities, are embracing MCCs due to their ability to streamline operations, enhance safety, and simplify maintenance. These centers consolidate motor control components into a single location, allowing for easier monitoring, control, and protection of electric motors.
“Saudi Arabia dominated the market.”
The growing adoption of electrical panels in Saudi Arabia reflects a notable shift in consumer behavior. Saudi Arabia’s Vision 2030 initiative aims to diversify its economy and reduce dependence on oil. The country’s National Renewable Energy Program and the development of NEOM, a futuristic smart city, highlight its commitment to sustainable energy. NEOM is designed to be a model for innovation and sustainability, relying on advanced grid systems that heavily incorporate smart electrical panels. The growth in renewable energy projects like wind and solar farms necessitates the integration of smart panels to effectively manage and distribute the generated clean energy.
MENA Smart Electrical Panels Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The MENA Smart Electrical Panels market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Content
Research Methodology for the MENA Smart Electrical Panels Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the MENA smart electrical panels market were the three major steps undertaken to create and analyze the adoption of MENA smart electrical panels in major countries. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the MENA smart electrical panels market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the MENA smart electrical panels market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the MENA smart electrical panels market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as panel type, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the MENA smart electrical panels market. Further, we conducted factor analysis using dependent and independent variables such as panel type, and end-users of the MENA smart electrical panels market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the MENA smart electrical panels market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the MENA smart electrical panels market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the MENA smart electrical panels market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the MENA smart electrical panels market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Key Stakeholders of MENA Smart Electrical Panels Market in the MENA Region
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the MENA smart electrical panels market. The data was split into several segments & and sub-segments post studying various parameters and trends in the areas of the panel type, and end-users of the MENA smart electrical panels market.
The main objective of the MENA smart electrical panels Market Study
The current & future market trends of the MENA smart electrical panels market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional and country level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the MENA smart electrical panels market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the panel type, and end-users.
- Define and analysis of the regulatory framework for the MENA smart electrical panels industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the MENA smart electrical panels market for the major region
- Major countries of regions studied in the report include Saudi Arabia, UAE, Kuwait, Egypt, and Rest of MENA
- Company profiles of the MENA smart electrical panels market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
Frequently Asked Questions FAQs
Q1: What is the current market size and growth potential of the MENA smart electrical panels market?
The MENA smart electrical panels market was valued at USD 12.24 Mn in 2022 and is expected to grow at a CAGR of 8.3% during the forecast period (2023-2030).
Q2: What are the driving factors for the growth of the MENA smart electrical panels Market?
Increase in the adoption of smart technologies, including smart electric panels. These devices offer numerous benefits over traditional electrical panels, such as real-time monitoring of energy consumption.
Q3: Which segment has the largest share of the MENA smart electrical panels market by end-user?
The Industrial segment has the largest share of the MENA smart electrical panels market by product.
Q4: Which country will dominate the MENA Smart Electrical Panels market?
Saudi Arabia is expected to dominate the market during the forecast period.
Q5: Who are the key players operating in the MENA smart electrical panels market?
ABB., Schneider Electric., Siemens, Eaton, United Legrand., Hager Group, Mitsubishi Electric Corporation, General Electric., Rockwell Automation & Danfoss.
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