Middle East and Africa electric capacitors market was evaluated at US$799.353 million in 2020.
Growing electrification of the automotive industry and rising electric infrastructure investments are expected to increase the demand for electric capacitors across the region. Moreover, the initiative taken by the government to boost electric vehicle mobility is anticipated to drive the market growth further. The MEA electric capacitor market is segmented into – By Type, By Polarization, By Voltage, By Industry Vertical, and By Geography.
MEA Electric Capacitors Market Drivers
One of the prime reasons supporting the growth of the electric capacitors market in MEA is rising electric mobility across the region. The increasing adoption of electric vehicles and growing focus of government across the region to promote the use of electric vehicles and mobility, and spreading awareness about the innovative solutions for energy conservation and storage in the renewable energy sector is also expected to drive the electric vehicle market and increase the demand for electric capacitors across the automotive industry of the region. Countries such as Saudi Arabia, UAE, and Israel are rapidly adopting electric vehicle mobility. Moreover, the road transport authority of UAE is working towards developing efficient charging stations in the country, which will have a positive impact on the overall market growth. UAE has completed the construction of its two hundred charging stations and is expected to increase the number by the end of 2022. Companies are making significant investments in electric mobility feasibility projects, which is expected to create huge demand for electric capacitors in the automotive industry of the MEA region. For instance, Volkswagen has signed a new agreement with Siemens to start an electric mobility feasibility project in the African region of Rwanda. With this partnership, the company is expanding its presence in African markets. Additionally, initiatives taken by the government of various countries in the MEA region to boost electric vehicle production will further add to the market growth. Saudi Arabia has signed MoU with the UK to develop the Saudi vision 2030 project, under which the companies will work together to reduce carbon emissions. Under this MoU, both countries will work together to develop technologies such as EV or smart grids, which will likely drive the demand for electric capacitors.
By Industry Vertical
Qatar leads the consumer electronics market owing to the country’s upcoming hosting of events like the FIFA World cup 2022 and the development of 5G mobile services from Vodafone and Ooredoo in 2019. Qatar has a massive demand for next-generation technology and electronic devices, which will support electric capacitor market growth during the forecast period. UAE stands in second place. The growth of the UAE market is attributed to the huge demand for premium electronic devices, high-end TV, and home electronic devices. Moreover, the growing use of renewable energy sources like solar panels across residential as well as commercial sectors is creating a high demand for energy management solutions which is likely to boost the overall market growth during the forecast period. The Saudi power company has installed around ten million smart electricity meters in less than two years to transform its electricity grid systems.
Suppliers/Distributors of electric capacitors in the MEA region:
Advanced Triad Turbine Services (Saudi Arabia), Jarjoura Elias & Sons Co. (Syria), Energy and Power Services & Supplies LLC. (UAE), Bamarouf Co. (Saudi Arabia), Powertech Industrial & Electrical Supplies (Qatar), Ameeri Group (Bahrain), Al Gusoon Co (Kuwait), and Giza Cables Industries (Egypt).
The COVID-19 pandemic has negatively impacted the growth of the MEA electric capacitor market. There was a sharp decline in the price and demand across the country. The pandemic has impacted the end-user industries, which declined the demand for electric capacitors. COVID-19 has impacted the supply chain of the electric equipment, which has affected the company’s growth that is operating in the market.
The MEA electric capacitor market has been analyzed through the following segments:
AVX Corporation (A subsidiary under Kyocera Corporation)
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