The Latin America, Middle East and Africa Power Generation Equipment Market would witness market growth of 7.1% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA Power Generation Equipment Market, by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $2,865.9 Million by 2031. The Argentina market is showcasing a CAGR of 7.9% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 6.8% during (2024 - 2031).
Power generation equipment serves many uses and functions across various sectors and industries, playing a vital role in providing reliable electricity supply, supporting economic activities, and enhancing energy resilience. For instance, the primary function of this equipment is to convert various energy sources into electricity. Power plants utilize turbines, generators, boilers, and other components to produce electricity on a large scale, which is then transmitted through the grid to homes, businesses, and industries.
Furthermore, this equipment serves as backup and emergency power supply systems in critical facilities and infrastructure to ensure uninterrupted electricity supply during grid outages, blackouts, or emergencies. Backup generators, uninterruptible power supply (UPS) systems, and standby power systems provide reliable backup power for hospitals, data centers, telecommunications networks, and emergency response centers.
As per the Dubai Statistics Center, in 2022, there were 13,236 buildings under construction in Dubai and 1,941 completed buildings. Rapid urbanization has increased demand for housing, commercial spaces, and public amenities. Cities like Dubai and Abu Dhabi have grown substantially, requiring more infrastructure and real estate developments. Similarly, According to the Household Energy Statistics 2022, Riyadh Region, being the most populated region, accounted for the highest share of household electricity consumption at 28.5%, followed by Makkah Region with 24.4%. The total share of dwellings using various sources of electricity in Saudi Arabia was 99.9%, as 98.4% of dwellings are using public network, and 1.1% are using private network. In conclusion, the increasing construction activities due to high urbanization and rising regional electricity consumption drive the market’s growth.
Free Valuable Insights: The Worldwide Power Generation Equipment Market is Projected to reach USD 157.7 Billion by 2031, at a CAGR of 4.6%
Based on Type, the market is segmented into Turbine & Engines, Generators, and Others. Based on Application, the market is segmented into Utility, Industrial, Commercial, and Residential. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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