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. Infrastructure-driven growth in countries such as Brazil has resulted in high economic growth and increased the demand for commodities such as iron ore, coal, manganese, cobalt, and copper.The exploration activities for necessary minerals and metals are vital for the overall growth of the mining industry.
To continue with mining activities, appropriate equipment is necessary for greater productivity while ensuring a low risk of fatalities.The application of cranes, heavy mining machines, conveyors, and mining shaft elevators plays a vital role in handling the overall operation in the mines efficiently.
Therefore, the increasing application of these industrial machineries and the constant growth in the mining sector are demanding the integration of braking resistors.These braking resistors are used to control the speed of these industrial machines for an efficient workflow.
This creates a massive opportunity for the braking resistor manufacturers to develop advanced products and meet the emerging requirement of the customers. Also, growing smart grid deployment is among the other factors expected to bolster the demand for braking resistors in MEA. In terms of end user, the MEA braking resistors market for the energy segment is expected to witness rapid growth during the forecast period.Coal-fired thermal power plants, wind power generation through turbines, and nuclear power plants dominate the energy generation sector.
However, the demand for braking resistors is high among the power plants as kinetic energy is transformed back into electrical energy.Thus, braking resistors are used to decelerate or slow down an electric motor and the excessive energy generated is dissipated by using these resistors.
Owing to the continuous rise in demand for power generation, nuclear facility operators are focusing on increasing their production capacities or growing the number of production plants.Increasing investments in the energy & power sector by the governments across MEA are expected to boost the growth of the MEA braking resistor market.
With the rise in number of nuclear power plants starting their operations, the demand for braking resistors is anticipated to increase, thereby driving the MEA market during the forecast period. 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. The overall MEA braking resistors market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the MEA braking resistors market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the MEA braking resistors market. ABB; CRESSALL RESISTORS LTD.; Sandvik AB; Schneider Electric; Toshiba International Corporation; Vishay Intertechnology, Inc.; and Yaskawa Electric Corporation are among the players operating in the market.
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