Iraq $220+ Million Medium Voltage Substation Market, Competition Forecast & Opportunities, 2026 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jun 28, 2021--
The “Iraq Medium Voltage Substation Market, By Component (Circuit Breaker, Protective Relay, Transformer, Switchgear, Others), By Type (Transmission and Distribution), By End Use, By Category, By Region, Competition Forecast & Opportunities, 2016-2026” report has been added to ResearchAndMarkets.com’s offering.
The Iraq Medium Voltage Substation Market stood at USD223.36 million in 2020 and is forecast to grow at a CAGR of 5.61% until 2026.
Growth in the medium voltage substation market is driven by growing electricity demand, increasing focus on renewable energy and rise in industrial sector in the county.
Furthermore, upgradation and expansion of the electricity transmission network across the country and support from the Iraqi government are expected to create an opportunity for the medium voltage substation market in the near future.
Also, the growing focus of government towards diversifying the national economy away from oil and gas and encouraging sustainable use of resources such as the adoption of solar energy is further catalyzing the growth of the medium voltage substation in the country.
Based on component, the market can be segmented into Circuit Breaker, Protective Relay, Transformer, Switchgear and Others. Transformers dominated the market in 2020 and are expected to maintain their market dominance during the forecast period, backed by the growth in the country’s industrial and renewables sector. In a substation, transformers are generally used to step down the incoming voltage for its distribution to end-users.
The growth of transformers in medium voltage substation market is driven by the need for upgradation and expansion of country’s electricity transmission network, which has been affected by the political instability and war.
Based on type, the market can be bifurcated into Transmission and Distribution. The distribution segment dominated the market in 2020 and is expected to maintain its leading position in the forecast period as well. A substation steps-down high voltage electricity from the transmission system to lower voltage electricity so that it can be distributed to the end-users via distribution lines. Based on end-use, the market can be segmented into Metal, Utility, Mining, Oil & Gas, Transportation and Others.
The utility segment dominated the market in 2020 and is expected to maintain its dominance until 2026 owing to the increasing support from the government for utility aided electrical infrastructure and regulatory directives subject to the grid deployment. In 2019, the Iraqi government signed a USD15 billion contract with Germany-based Siemens AG for the execution of the roadmap for the electrification of the country in order to improve the condition of the Transmission and Distribution network in the country.
Based on category, the market can be bifurcated into New and Refurbished. New segment dominated the market in 2020 and is expected to maintain its market dominance during the forecast period owing to the increasing power consumption in Iraq that has been growing at a high rate. Furthermore, rising population, increasing number of industries and growing number of houses are expected to increase the installation of new medium voltage substations in the country.
On the basis of region, Baghdad held the largest share in the Iraq Medium Voltage Substation Market in 2020 and is expected to maintain the market dominance during the forecast period owing to the large electricity demand in the country from this region. Majority of the planned power system networks by the government and transmission lines passes through the region making it a dominant region in the segment.
Objective of the Study:
- To analyze the historical growth in the market size of the Iraq Medium Voltage Substation Market from 2016 to 2020.
- To estimate and forecast the market size of the Iraq Medium Voltage Substation Market from 2021 to 2026 and growth rate until 2026.
- To classify and forecast the Iraq Medium Voltage Substation Market based on by component, by type, by end-use, by category, by company and by region.
- To identify the dominant region or segment in the Iraq Medium Voltage Substation Market.
- To identify drivers and challenges for the Iraq Medium Voltage Substation Market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the Iraq Medium Voltage Substation Market.
- To conduct pricing analysis for the Iraq Medium Voltage Substation Market.
- To identify and analyze the profile of leading players operating in the Iraq Medium Voltage Substation Market.
- To identify key sustainable strategies adopted by market players in the Iraq Medium Voltage Substation Market.
Years considered for this report:
- Historical Years: 2016-2019
- Base Year: 2020
- Estimated Year: 2021
- Forecast Period: 2022-2026
Key Target Audience:
- Medium voltage substation manufacturers, distributors and other stakeholders
- Maintenance and repair companies
- Organizations, forums and alliances related to medium voltage substations
- Government bodies such as regulating authorities and policy makers
- Market research and consulting firms
Iraq Medium Voltage Substation Market, By Component:
- Circuit Breaker
- Protective Relay
Iraq Medium Voltage Substation Market, By Type:
Iraq Medium Voltage Substation Market, By End-Use:
- Oil and Gas
Iraq Medium Voltage Substation Market, By Category:
Iraq Medium Voltage Substation Market, By Region:
- Al Anbar
- Rest of Iraq
- Company Profiles: Detailed analysis of the major companies present in the Iraq Medium Voltage Substation Market.
- Siemens AG
- ABB Limited
- General Electric Company
- Schneider Electric SE
- Toshiba Energy Systems & Solutions Corporation
- CR Technology Systems S.p.A.
- Matelec Group
- Al-Handasya Electric
- Hyundai Engineering & Construction Co. Ltd.
- CG Power and Industrial Solutions Limited
For more information about this report visit https://www.researchandmarkets.com/r/cbbe9w
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KEYWORD: MIDDLE EAST IRAQ
INDUSTRY KEYWORD: ALTERNATIVE ENERGY MANUFACTURING OTHER MANUFACTURING ENERGY UTILITIES
SOURCE: Research and Markets
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PUB: 06/28/2021 11:44 AM/DISC: 06/28/2021 11:44 AM