Report Overview

Saudi Arabia Circuit Breaker Market – Industry Trends & Forecast Report, 2030

The Saudi Arabia Circuit Breaker Market size was estimated at USD 94.34 million in 2023. During the forecast period between 2024 and 2030, the Saudi Arabia Circuit Breaker Market size is projected to grow at a CAGR of 7.92% reaching a value of USD 149.05 million by 2030. A prominent driver of the market is an increasing infrastructure investment. The market's drive is apparent through investments spanning various infrastructure sectors, with a notable focus on power generation. Significant expansions spearheaded by major corporations, including telecom operators, also add momentum to the market. Moreover, the enactment of new regulatory measures, particularly those pertaining to taxation, holds a crucial role in shaping the overall market landscape. Notably, the surge in infrastructure projects within the country is expected to drive the demand for circuit breakers. The heightened demand aligns with the growing need for power and renewable energy across various sectors, providing additional impetus to the overall growth of the circuit breaker market in Saudi Arabia. Also, the escalating trend of urbanization in the country amplifies the demand for circuit breakers, supported by government initiatives that promote renewable energy and facilitate infrastructure upgrades. The positive momentum is underpinned by a dual focus on enhancing energy security and addressing safety concerns through substantial investments in infrastructure projects. Other driving forces include the escalating need for energy security, safety considerations, a rising population, increasing industrialization, elevated oil prices, and enhanced investments in the power sector. Consequently, these factors collectively emphasize the sustained vitality of the Saudi Arabia circuit breaker market.

Circuit Breaker– Overview

A circuit breaker serves as a crucial device designed to interrupt the flow of electric power within a circuit. Commonly employed in electrical systems, it can be activated by a switch or motor to halt the electric current when it exceeds the safe limit. The intervention is essential as excessive current in a wire may generate an electric spark, potentially triggering a chain reaction leading to fire hazards. By swiftly interrupting the flow of electricity, circuit breakers play a vital role in averting such accidents. Essentially, a circuit breaker operates as a switch on an electrical circuit, ensuring the interruption of electricity in cases of overload. Additionally, circuit breakers are employed to safeguard equipment from the risks associated with overloading. In contemporary electrical setups, multiple circuit breakers are typically deployed to protect diverse segments of the circuit.

Saudi Arabia Circuit Breaker Market

Growth Drivers

Rapid Industrial Development and Urbanization

Saudi Arabia has witnessed a notable upswing in industrialization and infrastructure expansion in recent years, significantly impacting the growth of Saudi Arabia Circuit Breaker Market. In a concerted move to reduce reliance on oil, the Saudi government has directed substantial investments towards sectors like manufacturing, construction, and energy production. Given the heavy dependence of these sectors on electrical infrastructure, circuit breakers emerge as crucial components for ensuring safety and reliability. Central to Saudi Arabia's industrialization strategy are initiatives, such as the King Abdullah Economic City and the Jazan Economic City, involving the establishment of factories, refineries, power plants, and other large-scale industrial facilities, all necessitating robust electrical distribution systems with circuit breakers. The ongoing development of major projects like the Riyadh Metro, NEOM city, and various residential and commercial complexes further underscores the need for extensive electrical networks, where circuit breakers play a pivotal role in ensuring uninterrupted power supply and safeguarding against electrical faults. The continuous expansion of these projects is anticipated to sustain a strong demand for circuit breakers. In essence, Saudi Arabia's rapid industrialization and infrastructure growth are propelling the circuit breaker market, driven by a consistent need for electrical equipment across diverse sectors. As the kingdom continues its economic diversification endeavors, the reliance on electricity, and consequently, circuit breakers, is expected to continue its upward trajectory.

Growth in the T&D Utilities, Power Generation, and Renewables Sectors

In Saudi Arabia, stringent electrical safety regulations, overseen by the Saudi Standards, Metrology, and Quality Organization (SASO), are driving the circuit breaker market in T&D utilities and power generation. SASO's comprehensive standards for product certification, covering aspects like safety and efficiency, necessitate manufacturers' compliance to access the Saudi market. The government's focus on electrical safety awareness, combined with regular inspections, positions circuit breakers as vital components for safeguarding against electrical faults. As the Kingdom progresses in its renewable energy sector, circuit breakers play a pivotal role in supporting the integration of solar and wind power, creating new demands for advanced electrical infrastructure. It aligns with the evolving landscape of T&D utilities and power generation in Saudi Arabia.

Challenges

Limited Innovations in Circuit Breaker Technologies

In the Saudi Arabia Circuit Breaker Market, the challenge of limited innovations arises from intense competition driven by rapid industrialization. The influx of manufacturers, engaging in price wars for market share, particularly impacts smaller domestic players, restricting their capacity for research and development. The intricate regulatory landscape adds complexity, demanding rigorous testing and certification processes. Economic volatility, linked to global oil price fluctuations, further hampers progress. The combination of competitive pressures, regulatory hurdles, and economic uncertainties creates an environment where innovation in circuit breaker technologies is constrained, hindering advancements in the industry.

Impact of Geopolitical Tensions on Saudi Arabia Circuit Breaker Market

The Saudi Arabia Circuit Breaker Market is impacted by geopolitical tensions in several ways. The conflict introduces supply chain disruptions, potentially leading to shortages in raw materials and components for circuit breakers. This may escalate production costs and extend lead times for manufacturers. Economic uncertainties resulting from the conflict could influence global growth and affect the demand for outdoor circuit breakers as companies and consumers prioritize essential expenditures over non-essential infrastructure investments. Despite these challenges, growth drivers such as renewable energy projects and a focus on grid modernization may propel the circuit breaker market. Success in navigating these complexities relies on resilient supply chains, competitive pricing, and diversified product portfolios.

Saudi Arabia Circuit Breaker Market

Segmental Coverage

Saudi Arabia Circuit Breaker Market – By Voltage

Based on voltage, Saudi Arabia Circuit Breaker Market is divided into Low Voltage, Medium Voltage, and High Voltage segments. The high voltage segment holds the highest share in the Saudi Arabia Circuit Breaker Market by voltage. The surge in demand for high voltage circuit breakers is primarily propelled by substantial investments in the electrical transmission network, contributing to the overall growth of this segment. Utilities are actively investing in high voltage circuit breakers to address the increasing electricity demand in residential areas and to ensure a highly dependable power supply. This trend is anticipated to be a key driver for the high voltage circuit breaker market.

Saudi Arabia Circuit Breaker Market – By Insulation

On the basis of insulation, the Saudi Arabia Circuit Breaker Market is divided into Air, Vacuum, Gas, and Oil segments. The air insulation segment holds the highest share in the Saudi Arabia Circuit Breaker Market by insulation. It can be attributed to the heightened awareness surrounding their safety features and superior performance. Meanwhile, the gas segment is expected to witness the fastest growth rate during the forecast period. It is primarily due to increasing recognition of their advantages, such as enhanced accuracy and quicker response times.

Saudi Arabia Circuit Breaker Market – By Installation

By installation, the Saudi Arabia Circuit Breaker Market is bifurcated into Indoor and Outdoor segments. The outdoor segment holds a higher share in the Saudi Arabia Circuit Breaker Market by installation. Saudi Arabia extensively utilizes outdoor substations, switchyards, and transmission lines in its power generation and distribution network. Outdoor circuit breakers are integral components in these installations, offering protection against overloads and faults. The continuous expansion of power generation facilities and grid infrastructure, coupled with the suitability of outdoor circuit breakers for the kingdom’s arid climate, contributes to the dominance of the outdoor segment in the market. Additionally, the adoption of GIS technology and outdoor circuit breakers with remote monitoring capabilities further enhances their significance in the market.

Saudi Arabia Circuit Breaker Market – By End User

Based on end user, the Saudi Arabia Circuit Breaker Market is divided into Railways, Power Generation, and T&D Utilities segments. The T&D utilities segment holds the highest share in the Saudi Arabia Circuit Breaker Market by end user as it experiences significant expansion in transmission and distribution infrastructure. Fueled by escalating electricity demand due to population growth and industrialization, the segment requires an abundance of circuit breakers for effective protection. Moreover, the integration of renewable energy sources like solar and wind demands specialized circuit breakers capable of managing the intermittent nature of such power generation. GIS technology's adoption in T&D utilities further enhances the market share, ensuring reliable operation in harsh environments. This dominance is underpinned by ongoing infrastructure development, renewable energy integration, and the push towards smarter, eco-friendly solutions.

Competitive Landscape

Major players operating in Saudi Arabia Circuit Breaker Market include Alfanar Company Ltd, Siemens AG, ABB Ltd, Schneider Electric SE, Hitachi Energy Ltd, and Larsen & Toubro Limited. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In November 2023 - HD Hyundai Electric secured a lucrative SKW 82.2 billion (USD 62.68 million) contract with the Saudi Electricity Company (SEC) to supply 380-kilovolt high-voltage circuit breakers and reactors. These products will be deployed in four new substations in eastern and central Saudi Arabia, aligning with the country's ambitious plans to reach 120 gigawatts of total power production by 2030.

Scope of the Report

By Voltage

• Low Voltage

• Medium Voltage

• High Voltage

By Insulation

• Air

• Vacuum

• Gas

• Oil

By Installation

• Indoor

• Outdoor

By End User

• Railways

• Power Generation

• T&D Utilities

1. Research Framework
   1. Research Objective
   2. Insulation Overview
   3. Market Segmentation
2. Executive Summary
3.  Saudi Arabia Circuit Breaker Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Rapid industrial development and urbanization
         2. Growth in the T&D utilities, power generation, and renewables sectors
         3. Technological advancements and innovation in the industry
      2. Restraints
         1. Limited innovation in circuit breaker technologies
      3. Opportunities
         1. Renewable energy integration
         2. Increasing demand for electricity and power generation in the region
      4. Challenges
         1. Regulatory complexities and compliance
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4.  Saudi Arabia Circuit Breaker Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Million)
   2. Market Share and Forecast
      1. By Voltage
         1. Low Voltage
         2. Medium Voltage
         3. High Voltage
      2. By Insulation
         1. Air
         2. Vacuum
         3. Gas
         4. Oil
      3. By Installation
         1. Indoor
         2. Outdoor
      4. By End User
         1. Railways
         2. Power Generation
         3. T&D Utilities
         4. Others
5. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Saudi Arabia Circuit Breaker Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
6. Impact of Escalating Geopolitical Tensions on Saudi Arabia Circuit Breaker Market
7. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
   1. Alfanar Company Ltd
   2. Siemens AG
   3. ABB Ltd
   4. Schneider Electric SE
   5. Hitachi Energy Ltd
   6. Larsen & Toubro Limited
   7. Other Prominent Players
8. Key Strategic Recommendations
9. Research Methodology
   1.    Qualitative Research
      1.  Primary & Secondary Research
   2.    Quantitative Research
   3.    Market Breakdown & Data Triangulation
      1.  Secondary Research
      2.  Primary Research
   4.    Breakdown of Primary Research Respondents, By End-user
   5.    Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable

List of Figures

Figure 1       Saudi Arabia Circuit Breaker Segmentation

Figure 2       Saudi Arabia Circuit Breaker Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2023

Figure 4       Saudi Arabia Circuit Breaker Market Size, By Value (USD Million), 2019–2030

Figure 5       Saudi Arabia Circuit Breaker Market Share, By Voltage, By Value, 2019–2030

Figure 6       Saudi Arabia Circuit Breaker Market Share, By Insulation, By Value, 2019–2030

Figure 7       Saudi Arabia Circuit Breaker Market Share, By Installation, By Value, 2019–2030

Figure 8       Saudi Arabia Circuit Breaker Market Share, By End-user, By Value, 2019–2030

List of Tables

Table 1        Saudi Arabia Circuit Breaker Market Size, By Value (USD Million), 2019–2030

Table 2        Saudi Arabia Circuit Breaker Market Share, By Voltage, By Value, 2019–2030

Table 3        Saudi Arabia Circuit Breaker Market Share, By Insulation, By Value, 2019–2030

Table 4        Saudi Arabia Circuit Breaker Market Share, By Installation, By Value, 2019–2030

Table 5        Saudi Arabia Circuit Breaker Market Share, By End-user, By Value, 2019–2030

Table 6        Alfanar Company Ltd Company Overview

Table 7        Alfanar Company Ltd Financial Overview

Table 8        Siemens AG Company Overview

Table 9        Siemens AG Financial Overview

Table 10      ABB Ltd Company Overview

Table 11      ABB Ltd Financial Overview

Table 12      Schneider Electric SE Company Overview

Table 13      Schneider Electric SE Financial Overview

Table 14      Hitachi Energy Ltd Company Overview

Table 15      Hitachi Energy Ltd Financial Overview

Table 16      Larsen & Toubro Limited Company Overview

Table 17      Larsen & Toubro Limited Financial Overview