SELLBYVILLE, Del., July 17, 2018 /PRNewswire-iReach/ -- Middle East Distribution Panel Market is poised to surpass USD 440 Million by 2024, as reported in the latest study by Global Market Insights, Inc. Rising investments toward the development of T&D infrastructure along with the need for reliable and efficient power supply will stimulate the Middle East distribution panel market. Surging electricity consumption patterns owing to the extreme climatic conditions will further complement the product demand. As per Enerdata, the Middle East electricity consumption has witnessed significant growth from 831 TWh in 2013 to 977 TWh in 2017.
Kuwait distribution panel market size will surpass USD 22 million by 2024. Government significant investments to enhance the country's existing infrastructure along with the installation of sustainable and smart systems will encourage the installation. Rising demand for electrical equipment across public housing will further complement the industry landscape. As per the Public Authority for Housing and Welfare, the country has plans to build 174,000 housing units by 2020.
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Low voltage distribution panel market was valued over USD 35 million in 2017. Improvement in standards of living coupled with government measures to electrify remote off-grid areas will stimulate the business growth. Growing concerns toward voltage fluctuations across small scale industries and households will further complement the industry landscape.
The commercial distribution panel market is projected to surpass USD 80 million by 2024. Regulators extensive measures to strengthen tourism industry in order to move away from oil-based economies will augment the industry landscape. Construction of net zero buildings for optimizing the electricity consumption will further encourage the product adoption.
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Ongoing development measures toward the expansion of manufacturing and other industrial sector will drive the Turkey distribution panel market. Favorable industrial norms have attracted various manufacturers across the globe to set up their respective manufacturing facilities which in turn will propel the product demand. In addition, government policies toward export-import along with introduction of framework to encourage foreign investment will further complement the industry outlook.
Qatar distribution panel market is predicted to expand over 6% by 2024. Ongoing investment toward expansion of manufacturing facilities will nourish the business outlook. Furthermore, the adoption of IoT devices to monitor and minimize of power losses will further complement the product adoption.
Surface mounted distribution panel market will grow over 7.5% by 2024. Rising industrialization coupled with surging investments to refurbish existing electricity network will facilitate the business growth. Easy installation and high efficiency across the poured concrete walls will further encourage the product deployment.
Iraq distribution panel market is anticipated to witness significant growth of over 13% by 2024. Favorable initiatives toward the restructuring and re-establishment of public assets will drive the deployment over the coming years. In 2016, Government of Iraq along with Siemens have signed a Memorandum of Understanding (MoU) with an aim to modernize and strengthen the existing infrastructure.
Eminent players across the industry includes Abunayyan Holding, Schneider Electric SA, Legrand, ABB Ltd, Alfanar Group, Hawa Electric Panel Board Factory, Ba`amer Electric, EAMFCO, Hager and Arabian Gulf Switchgear.
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SOURCE Global Market Insights, Inc.