Market Introduction
The MEA region includes South Africa, Saudi Arabia, the UAE, and the Rest of the MEA. The region is expected to see a rapid rise in marketing and industrialization, which would further boost the growth of diverse industries. The Gulf countries are economically advanced, while the African countries still have to balance the economic conditions of the Gulf countries. Factors, such as growing passenger and commercial vehicles on the road, and automated technologies integrated within the vehicles, are positively impacting the braking resistor market. In 2019, the production of vehicles in Africa accounted for 1,102,036 units. Increasing vehicle production, growing disposable income, and rising demand for braking resistors are driving the market in the MEA. The governments of several countries in the region have realized the importance of the automotive industry. They are taking initiatives to support and enhance the growth of the automotive manufacturing industry in the region. Enhanced Re-Development Phase (EP), Iraq—are also likely to accelerate the demand for braking resistors.
The oil & gas and automotive are the major industries in the MEA, which contribute significantly to the GDP of various countries in the region. However, the COVID-19 pandemic has severely affected the oil & gas and automotive industry, resulting in shutting down of various manufacturing facilities in the region. Moreover, the adverse effect on tourism and hospitality industry is impacting the sales of new cars in the region. Therefore, the COVID-19 pandemic outbreak has suppressed the automotive market in the MEA region, which, in turn, is expected to hinder the growth of the braking resistor market in the region. Also, growing smart grid deployment is expected to create a significant demand for braking resistors in the coming years, which is further anticipated to drive the MEA braking resistors market.
. The ongoing COVID-19 is having terrible effect on MEA economy. Iran, Saudi Arabia, Qatar, South Africa, and UAE are some of the countries with high number of COVID-19 confirmed cases and deaths. The economic and industrial growth of these countries has been affected negatively in the past few months. The region comprises many growing economies such as UAE, among others, which are prospective markets for data diode security products market. South Africa is also highly impacted by coronavirus; however, the country has managed to reduce the average daily increase of COVID-19 cases from 23.2% prior to the lockdown to 7% during the lockdown. South Africa has the largest COVID-19 cases in the MEA region and is followed by Iran, Saudi Arabia, and UAE, among others. UAE was the first country in the MEA to report a confirmed case of coronavirus. The majority of the business 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 industry is a major industry in MEA and contributes significantly to the GDP of various countries in the region. However, the COVID-19 pandemic outbreak has severely affected the oil & gas and automotive industry and has resulted in the shutting down of various manufacturing facilities in the region. Therefore, the COVID-19 pandemic outbreak has suppressed the electronics and semiconductor market in the MEA region, which, in turn is expected to hinder the growth of the braking resistor market in the region.
Market Overview and Dynamics
The braking resistors market in MEA is expected to grow from US$ 560.3 million in 2019 to US$ 823.5 million by 2027; it is estimated to grow at a CAGR of 5.3% from 2020 to 2027. The major players in the automotive sector are focusing on investing in the production of electric vehicles. Recently, remarkable collaborations have been undertaken between automakers and tech companies to develop technologically advanced electric vehicles. Further, increasing awareness about the rising levels of greenhouse gas emissions and the negative impacts of conventional vehicles are the major factors that encourage key players to invest in electric vehicles. Several major companies are looking forward to investing in startups, which can eventually help them co-create products in the future. These resistors are useful in case of any electrical fault, as well as to reduce the servicing costs due to diminished wear on the friction braking system. Moreover, the energy dissipated during dynamic braking into the resistor is also being used to heat the vehicle's trailer or cabin; therefore, decreasing the requirement for electrical heating that places an extra load on the battery. Therefore, the increasing demand for an electric vehicle boosts the demand for braking resistors in MEA.
Key Market Segments
In terms of resistor element type, the wire-wound segment accounted for the largest share of the MEA braking resistors market in 2019. Further, the automobile and railways segment held a substantial share of the MEA braking resistors market based on end user in 2019.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the braking resistors market in MEA are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are ABB; CRESSALL RESISTORS LTD.; Sandvik AB; Schneider Electric; Toshiba International Corporation; Vishay Intertechnology, Inc.; Yaskawa Electric Corporation.
Reasons to buy report
MEA Braking Resistors Market Segmentation
MEA Braking Resistors Market - By Resistor Element Type
MEA Braking Resistors Market - By End User
MEA Braking Resistors Market - By Country
MEA Braking Resistors Market - Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 560.3 Million |
| Market Size by 2027 | US$ 823.5 Million |
| CAGR (2020 - 2027) | 5.3% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Resistor Element Type
|
| Regions and Countries Covered |
Middle East and Africa
|
| Market leaders and key company profiles |
|
The Middle East & Africa Braking Resistors Market is valued at US$ 560.3 Million in 2019, it is projected to reach US$ 823.5 Million by 2027.
As per our report Middle East & Africa Braking Resistors Market, the market size is valued at US$ 560.3 Million in 2019, projecting it to reach US$ 823.5 Million by 2027. This translates to a CAGR of approximately 5.3% during the forecast period.
The Middle East & Africa Braking Resistors Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Middle East & Africa Braking Resistors Market report:
The Middle East & Africa Braking Resistors Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Middle East & Africa Braking Resistors Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Middle East & Africa Braking Resistors Market value chain can benefit from the information contained in a comprehensive market report.
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