Energy Segment is Expected to be Fastest Growing During Forecast Period for MEA Region

According to a new market research study on “MEA Braking resistors Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Resistors Element Type and End User” is expected to reach US$ 823.5 million by 2027 from US$ 560.3 million in 2019. The market is estimated to grow at a CAGR of 5.3% from 2020 to 2027. The report provides trends prevailing in the MEA braking resistors market along with the drivers and restraints pertaining to the market growth. Growing smart grid deployment is the major factor driving the growth of the MEA braking resistors market. However, issues associated with inappropriate engine heating problems hinders the growth of MEA braking resistors market.

The MEA baking resistors market is segmented based on resistors element type and end-user. Based on resistors element type, the MEA braking resistors market is segmented into wire-wound, edge-wound, stamped grid, and others. Wire-wound segment held the largest market share of MEA braking resistors market in 2019. Based on end-user, the MEA braking resistors market is segmented into oil and gas, mining, marine, automobile and railway, and others. Automobile and railway segment held the largest market share of MEA braking resistors market in 2019.  

The ongoing COVID-19 outbreak is hindering the MEA economy. Iran, Saudi Arabia, Qatar, South Africa, and the UAE are among the countries with high number of COVID-19 confirmed cases and deaths. The economic and industrial growth of these countries has been adversely affected in the past few months. The region comprises many growing economies, such as the UAE, that are prospective markets for braking resistors. South Africa is also negatively impacted by the pandemic. However, the country has managed to reduce the average daily increase of the confirmed cases from 23.2% prior to the lockdown to 7% during the lockdown. South Africa has the highest COVID-19 cases in the MEA, followed by Iran, Saudi Arabia, and the UAE. UAE was the first country that reported the first confirmed case in the MEA. The majority of the businesses in these countries have come to a halt and is expected to continue slower than usual pace. The countries are taking significant containment measures to reduce the number of infected patients. The oil & gas and automotive are the major industries in MEA that contribute significantly to the GDP of various countries in the region. However, the COVID-19 outbreak pandemic has hindered the oil & gas and automotive industry and has resulted in the shutting down of various manufacturing facilities in the region. The crisis has suppressed the electronics & semiconductor market in the MEA, which, in turn, is expected to hinder the growth of the MEA braking resistors market in the coming years.

ABB; CRESSALL RESISTORS LTD.; Sandvik AB; Schneider Electric; Toshiba International Corporation; Vishay Intertechnology, Inc.; Yaskawa Electric Corporation are among the leading companies in the MEA braking resistors market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Vishay Intertechnology, Inc. exhibited its latest resistors for oil and gas, industrial, traction, and renewable energy power systems at the 2018 IEEE PES T&D conference and expo. The company’s GRE1, GRE2, and GRE3 series grid resistors are optimized for capacitor pre-charge and discharge, dynamic braking, load testing, heater, and neutral grounding applications in the locomotive, harmonic filters, renewable energy, and industrial systems. The exhibition was from April 16-19 at the Colorado Convention Center in Denver.

The report segments the MEA Braking Resistors Market follows: 

MEA Braking Resistors Market – By Resistor Element Type  

• Wire-wound
• Edge-wound
• Stamped Grid
• Others

MEA Braking Resistors Market – By End User

• Oil and Gas
• Mining, Marine
• Automobile and Railway
• Energy
• Others

MEA Braking Resistors Market – By Country

• South Africa
• Saudi Arabia
• UAE
• Rest of MEA