ME distribution transformer market to reach $3.92B by 2024
A new report by Global Market Insights analyses the trends and developments in the Middle East distribution market for the forecast period 2016-2024.
According to the report, the Middle East distribution transformer market size is estimated to reach $3.92 billion by 2024.
Small distribution transformer market share will witness growth with 3.9% CAGR from 2016 to 2024.
Rising population across the region may further instigate need to save energy, which in turn is expected to catalyze distribution transformer market growth over the forecast timeframe.
Several countries in the Middle East including Egypt, Jordan, Kuwait, Lebanon, Sudan, Syria, Tunisia, and UAE have developed policies to limit the consumption. These policies may spur government initiatives for using efficient devices on power transmission poles across the region in order to further decrease energy consumption at higher level.
Saudi Arabia distribution transformer market share is forecast to lead the industry, with revenue set to surpass $1.5 billion by 2024.