New Delhi, May 29, 2024 (GLOBE NEWSWIRE) -- According to the latest Astute Analytica study, the Saudi Arabia test and measurement equipment market was valued at US$ 383.37 million in 2023 and is projected to hit the market valuation of US$ 618.73 million by 2032, at a CAGR of 5.80% during the forecast period 2024–2032.
The demand for test and measurement equipment such as voltmeters, ohmmeters, ammeters, oscilloscopes, multimeters, spectrum analyzers, and signal generators is increasing across Saudi Arabia due to several key factors. Saudi Arabia is undergoing significant industrial growth and diversification as part of its Vision 2030 initiative. This ambitious plan aims to reduce the country's dependence on oil by developing other sectors such as manufacturing, renewable energy, and technology. The manufacturing sector alone is expected to contribute 12% to the GDP by 2025, up from 7.5% in 2020. The expansion of these industries necessitates the use of precise and reliable test and measurement equipment to ensure the quality and safety of electrical and electronic systems.
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The country is also investing heavily in infrastructure projects, including the construction of smart cities, transportation networks, and energy facilities, which further drives growth of the test and measurement equipment market. Saudi Arabia plans to invest over $500 billion in its flagship smart city, NEOM, which will heavily rely on advanced electrical systems. Additionally, the Saudi government has earmarked $150 billion for transportation projects by 2030, which will require extensive testing and monitoring of electrical systems to maintain operational efficiency and safety standards. Equipment like multimeters, oscilloscopes, and spectrum analyzers are essential for these tasks.
The rapid adoption of advanced technologies such as the Internet of Things (IoT), 5G networks, and automation in various sectors is also driving the need for sophisticated test and measurement tools. The IoT market in Saudi Arabia is projected to grow at a compound annual growth rate (CAGR) of 28.6% from 2021 to 2026. In addition, the rollout of 5G is expected to boost the digital economy by $19 billion by 2030, necessitating the use of equipment like spectrum analyzers and signal generators for testing and maintaining high-frequency communication systems.
Growing Investment in Education, Research and Quality Control and Safety standards Shaping Test and Measurement Equipment Market
Saudi Arabia is also investing in education and research to foster innovation and develop a skilled workforce. The government has allocated $54 billion for education in 2024, making it one of the largest budget allocations. Universities and research institutions require a wide range of test and measurement equipment for educational purposes and to conduct cutting-edge research in fields like electronics, telecommunications, and renewable energy. Furthermore, the push towards renewable energy sources, such as solar and wind power, is another significant factor taking dive in the test and measurement equipment market. Saudi Arabia aims to generate 50% of its energy from renewable sources by 2030, and is investing $30 billion in solar energy projects alone. These projects require precise measurement and monitoring of electrical parameters to optimize performance and ensure reliability. Equipment like multimeters and oscilloscopes are vital for these applications.
There is also a growing emphasis on quality control and safety standards in both industrial and consumer products. The Saudi Standards, Metrology and Quality Organization (SASO) has implemented over 14,000 standards across various sectors, underscoring the importance of test and measurement equipment in ensuring regulatory compliance. This is particularly important in sectors like automotive, aerospace, and consumer electronics. The automotive sector is expected to see a growth rate of 8% per annum, and rigorous testing is required to meet safety standards.
Key Findings in Saudi Arabia Test and Measurement Equipment Market
| Market Forecast (2032) | US$ 618.73 Million |
| CAGR | 5.80% |
| By Product Type | Voltmeter (16.3%) |
| By Application | Pressure Measurement (14.4%) |
| By Industry Vertical | Energy And Power (24.1%) |
| By Distribution Channel | Offline Distribution (84.3%) |
| By Sales Channel | OEM (77.8%) |
| Top Trends |
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| Top Drivers |
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| Top Challenges |
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Surging Demand Controls 14.4% Market Share: Why Pressure Measurement Equipment is Crucial to Saudi Arabia's 2024 Boom?
The demand for pressure measurement equipment in Saudi Arabia is surging in 2024, driven by several key factors across various sectors. The construction sector, with a market size estimated at $70 billion in 2024, is expected to reach $91.36 billion by 2030. Government spending on infrastructure, energy, and housing projects, projected to grow at over 5% annually during 2025-2028, necessitates precise pressure measurement for HVAC systems and structural assessments.
The automotive sector in Saudi Arabia is also contributing to the rising demand for pressure measurement equipment. The Saudi Arabia Automotive Sensors Market is projected to register a CAGR of 6.59% during the forecast period (2024-2029). The National Industrial Development Center (NIDC) aims to attract Original Equipment Manufacturers (OEMs) to produce 300,000 vehicles annually with a 40% local content by 2030. This expansion in the test and measurement equipment market requires precise pressure measurement for various automotive applications, including tire pressure monitoring, engine performance optimization, and safety systems.
Energy sector growth remains robust, with motor and aviation gasoline demand reaching 470 thousand barrels per day in 2021. Saudi Arabia's goal to generate 50% of its energy from renewable sources by 2030, with $30 billion invested in solar projects, underscores the need for precise pressure measurement in oil refining and renewable energy projects. Saudi Arabia remains a leading producer of oil and refined petroleum products. The average motor and aviation gasoline demand in Saudi Arabia jumped to 470 thousand barrels per day (kbd) till August 2021, compared to 432 kbd for the previous year. The energy sector's growth, coupled with the push towards renewable energy sources, drives the need for accurate pressure measurement in oil extraction, refining processes, and renewable energy projects. Saudi Arabia aims to generate 50% of its energy from renewable sources by 2030, investing $30 billion in solar energy projects alone.
Voltmeters Ruling the Saudi Arabia Test and Measurement Equipment Market with More than 16.3% Market Share
The demand for voltmeters in Saudi Arabia outpaces that for other test and measurement equipment due to several key factors. The country's substantial investment in infrastructure and energy projects, with over $300 billion allocated by 2025, necessitates precise voltage measurement to ensure safety and efficiency. This significant investment drives the need for specialized tools like voltmeters. Voltmeters' high internal resistance makes them ideal for sensitive electronic applications, ensuring minimal circuit interference. The industrial sector, contributing approximately 45% to Saudi Arabia's GDP, relies heavily on accurate voltage measurements for monitoring and troubleshooting electrical systems. This reliance further boosts voltmeter demand.
In households, with over 5 million homes in Saudi Arabia, voltmeters are essential for various electrical maintenance tasks. Additionally, the government's push to increase technical and vocational training centers accentuates the importance of voltmeters in education, providing students with hands-on experience in fundamental electrical concepts. Moreover, reliability and precision are crucial attributes of voltmeters growth in test and measurement equipment market, necessary for preventing equipment damage and ensuring safety. The energy sector, facing a projected annual electricity demand increase of 3%, requires precise voltage measurements to maintain operational efficiency. This need for reliable tools contributes to higher voltmeter demand.
Technological advancements, such as enhanced digital voltmeters, make them more appealing. The digital voltmeter market in the Middle East, including Saudi Arabia, is expected to grow at a CAGR of 6.5% over the next five years. These advancements drive demand as users seek the latest tools. Regulatory compliance and safety requirements also play a significant role in driving growth of voltmeter in Saudi Arabia test and measurement equipment market. Adherence to standards set by the Saudi Standards, Metrology and Quality Organization (SASO) is critical in sectors like construction, manufacturing, and energy. Compliance often necessitates specialized tools like voltmeters, further boosting demand.
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A New Era of Energy and Power Industry Driving Need for Test and Measurement Equipment in Saudi Arabia by Capturing Over 24.1% Revenue Share
The energy and power sector in Saudi Arabia is undergoing significant transformation in the test and measurement equipment market, driven by both traditional and renewable energy sources. This transformation is creating a substantial demand for test and measurement equipment, essential for ensuring the efficiency, reliability, and safety of energy production and distribution systems. Saudi Arabia holds a significant portion of the world's oil reserves, accounting for 16% of the proven reserves globally. This vast reserve underpins the country's energy consumption, which is growing by 8-10% annually. In 2021, Saudi Arabia produced 355 TWh of electricity from conventional thermal sources, representing 99% of the total electricity generated. The increasing energy consumption and production necessitate precise monitoring and control, driving the demand for advanced test and measurement equipment to maintain operational efficiency and safety standards.
The demand for electricity in Saudi Arabia test and measurement equipment market has been growing steadily, with an average peak demand growth rate of 7% - 9% over the past decade. In 2023, electricity consumption reached a record high of 325 TWh, marking a 5% increase from the previous year. The power sector has seen an annual growth rate of approximately 6% between 2015 and 2024. This rapid growth in electricity demand and generation capacity requires sophisticated test and measurement tools to ensure the stability and reliability of the power grid, as well as to optimize the performance of power plants and distribution networks.
Renewable energy is becoming a significant focus in Saudi Arabia's energy strategy. By 2035, renewables are expected to account for 31% of the total electricity generation capacity, with solar PV power generation capacity projected to grow from 1% in 2023 to 27% in 2035. The kingdom has set a target to achieve 50% renewable energy in its power mix by 2030. The development of 30 solar and wind projects by 2023, with an estimated investment of USD 30 to 50 billion, underscores the commitment to renewable energy. These projects require precise and reliable test and measurement equipment to ensure the efficient integration of renewable sources into the existing power grid and to monitor the performance and health of renewable energy systems.
Desalination is another critical area driving the demand for test and measurement equipment market in Saudi Arabia. Desalination consumes about 20% of the total energy consumption in Saudi Arabia, with approximately 60% of household water consumption provided from desalinated seawater. The use of desalinated water is increasing at approximately 14% per year. The energy-intensive nature of desalination processes necessitates the use of advanced measurement tools to optimize energy use, monitor water quality, and ensure the reliability of desalination plants.
Saudi Arabia Test and Measurement Equipment Market Key Players
- AMETEK Inc.
- Anritsu Corporation
- EXFO Inc.
- Fluke Corporation
- Fortive
- Keysight Technologies, Inc.
- Leader Electronics Corporation
- National Instruments Corporation
- Rohde & Schwarz
- Tektronix, Inc.
- Teledyne Technologies
- VIAVI Solutions Inc.
- Yokogawa Electric Corporation
- Other Prominent Players
Key Segmentation:
By Product Type
- Voltmeter
- Ohmmeter
- Ammeter
- Oscilloscopes
- Multimeters
- Spectrum Analyzers
- Signal Generators
- Network Analyzers
- Power Meters
- Logic Analyzers
- Electronic Counters
- Others
By Application
- Calibration Instruments
- Electronic Test Instruments
- Dimensional Measuring Tools
- Pressure Measurement
- Temperature Measurement
- Network Cable Testers
- Environmental Testing
- Network Cable Testers
- Power Quality Instruments
- Recorders/Data Loggers
- RF Test Equipment
- Torque & Bolting Solutions
- Food Inspection Equipment
- Intrinsically Safe Equipment
- Datacom/Telecom Testing
- Preventative/Maintenance
- Others
By Industry Vertical
- Electronics and Semiconductor
- Telecommunications
- Automotive
- Aerospace and Defense
- Healthcare
- Energy and Power
- Education
- Research & Development
- Others
By Distribution Channel
- Online
- Offline
By Sales Channel
- OEM
- Aftermarket
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