Iraq Medium Voltage Substation Market to Reach USD309.36 million by 2026
Rise in per capita electricity consumption, rise in industrial sector and rehabilitation of existing electricity network to drive Iraq Medium Voltage Substation Market during the forecast period.
According to TechSci Research report, “Iraq Medium Voltage Substation Market By Component (Circuit Breaker, Protective Relay, Transformer, Switchgear, Others), By Type (Transmission and Distribution), By End Use (Metal, Utility, Mining, Oil & Gas, Transportation, Others), By Category (New, Refurbished), By Region, Competition Forecast & Opportunities, 2016-2026’’, the Iraq Medium Voltage Substation Market is projected to reach USD309.36 million by 2026, on account of Increasing demand for electricity in the country, requirement of upgradation and expansion of country’s electricity transmission network and increasing support from the government to bolster the Iraq Medium Voltage Substation Market through 2026.
Iraq Medium Voltage Substation Market can be segmented based on Component, Type, End Use, Category and Region. Growing demand for electricity, increasing industrialization with an aim to diversify the economy from oil and gas sector to renewable energy will augment the demand for primary & secondary electric distribution infrastructure across the country.
On the basis of Component, the market can be segmented into Circuit Breaker, Protective Relay, Transformer, Switchgear and Others. Transformer segment dominated the market in 2020 and is expected to maintain its market dominance during the forecast period owing to the growth in the country’s industrial & commercial sectors and increasing demand for upgradation and expansion of country’s electricity transmission network. Currently, majority of the transmission lines in the country are not fully capable of transmitting power and are also unable to accommodate the increasing load on the grid network which makes it necessary to upgrade the grid infrastructure to cater to the growing demand for electricity across the country.
However, Circuit Breaker segment is forecast to grow at a faster rate owing to their safety functions and reliability which results in a better overall performance of the system.
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On the basis of Type, the market is segmented into Transmission and Distribution. Distribution segment dominated the market with 68.07% market share in 2020 owing to the rise in industrial sector in Iraq. According to Iraq Energy Institute, about 30-50 percent of electricity generated is lost due to an inadequate electricity transmission and distribution (T&D) network in the country. The main purpose of the sub-station is to reduce high voltage coming from the transmission system to the power supply to be used by end users with distribution lines.
On the basis of End Use, the market can be segmented into Metal, Utility, Mining, Oil & Gas, Transportation and Others. The Utility segment dominated the market in 2020 owing to the increasing support from the government for utility aided electrical infrastructure. The increase in in population, coupled with increasing number of houses and industries over the years is going to increase the demand for electricity in coming years in the country. The government of Iraq is focused on providing uninterrupted electricity supply to the nation for which various power grids projects are being allocated to companies, thereby increasing the need for medium voltage substations. In 2019, Iraq signed an MoU with the GCCIA for importing 500 MW of electricity to help overcome the country’s persistent power outages. This power import will be through a 300-km-long transmission line from Kuwait to Iraq’s southern port of Al Faw. The line will be constructed at a cost of USD220 million. Furthermore, the mission of Iraq’s Ministry of Electricity is to see 40% of Iraq’s electricity becoming renewable by adopting wind and waste-to-energy and geothermal technologies.
On the basis of Category, the market can be bifurcated into New and Refurbished category. Iraq’s electricity problem revolves around its lack of ability to match supply with demand. In 2019, peak demand was 26 Gigawatts, 58% higher than the generation capacity of the country. Therefore, it is necessary to install new transmission and distribution network across the country. Furthermore, Iraq’s electricity demand is expected to double by 2030 which is expected to drive the growth of the market in the coming years.
In the Iraq Medium Voltage Substation Market, Baghdad region is the largest contributor with around 31.79% market share in 2020 owing to its large population, increasing commercialization and industrialization and increasing power generation capacity plans. Majority of the planned power distribution networks by the government and transmission lines passes through the region.
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Siemens AG, Schneider Electric SE, ABB Limited, General Electric Company, Hyundai Engineering & Construction Co. Ltd., Toshiba Energy Systems & Solutions Corporation, CR Technology Systems S.p.A., Matelec Group, Al-Handasya Electric, CG Power and Industrial Solutions Limited, etc. are among the leading players operating in Iraq Medium Voltage Substation Market. Companies operating in the market are using organic strategies such as product advancement through addition of new features, partnerships, mergers and collaborations to boost their share in Iraq Medium Voltage Substation Market.
“Growing electricity demand across the country, necessity of upgradation and expansion of country’s electricity transmission network and Increasing investment from the Iraqi government in power generation projects are boosting demand for medium voltage substations in Iraq. Moreover, increasing focus of the government on renewable energy projects, growing industrial sector and rise in per capita electricity consumption have also been positively influencing the market. Government’s focus towards diversifying the national economy away from oil and gas sector, and rising adoption of solar and wind energy across the country is expected to drive the Iraq Medium Voltage Substation Market in the coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Iraq Medium Voltage Substation Market By Component (Circuit Breaker, Protective Relay, Transformer, Switchgear, Others), By Type (Transmission and Distribution), By End Use (Metal, Utility, Mining, Oil & Gas, Transportation, Others), By Category (New, Refurbished), By Region, Competition Forecast & Opportunities, 2016-2026” has evaluated the future growth potential of Iraq Medium Voltage Substation Market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the Iraq Medium Voltage Substation Market.
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