Middle East Cable Market size to reach $11.98bn by 2023
Middle East Cable Market size is forecast to reach USD 11.98 billion by 2023; as per a new research report by Global Market Insights, Inc.
Growing applications across the utility and industrial sector coupled with product and technology innovation is expected to catapult demand across Saudi Arabia and UAE. Increased energy demand on account of considerable infrastructure activities is also projected to drive Middle East cables market size.
Since these products find use in buildings, underground wiring as well as overhead applications, technology advancements across the core electronics and telecommunication sectors are poised to augment potential use cases.
Cross-linked polyethylene (XLPE) and tree retardant (TR) insulation consumption is on the rise due to growing demand for submerged cables that utilize these materials.
Lightweight LVDC high temperature superconductor (HTS) upgrades along with other technological advancements across commercial applications are forecast to help enhance transmission efficiency. Increased number of power projects coupled with the presence of aging equipment that requires replacement and upgrades will propel Middle East cable market revenue in the coming years.
Volatile raw material costs may result in unfavorable Middle East cable market price trend, and restrain growth. The need to increase grid interconnection in the industrial sector is expected to give impetus to new overhead transmission lines.
To access sample pages or view this report titled, “Middle East Cable Market Size By Application (Commercial, Industrial), By Product (Medium Voltage, Low Voltage, High Voltage, Extra High Voltage), Industry Analysis Report, Regional Outlook (Saudi Arabia, UAE, Qatar, Egypt), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023” in detail along with the table of contents, please click on the link below:
Key insights from the report include:
- High voltage cable market share contributed over 20% to the overall revenue in 2015, with 10.5% CAGR estimations from 2016 to 2023. This is primarily due to increased penetration across submarine use cases backed by reinforcements of national interconnects, strengthening of regional transmission and increasing offshore wind projects.
- Medium voltage cable market size is forecast to dominate revenue over the forecast timeframe. Increased adoption across the railway industry and significant consumer base are the major growth drivers for this segment.
- The real estate construction boom will be pivotal in driving the LV cable market. All member countries of the GCC are expected to be connected via overhead EHV cables.
- Commercial applications will continue leading the industry in the coming years. The industrial sector will grow at 8.5% CAGR expectations from 2016 to 2023.
- Saudi Arabia cable market share is forecast to reach USD 5 billion by 2023. The industry in UAE was valued at over USD 1.6 billion in 2015.
- Companies operating in the industry are vertically integrated; key players include Ducab, El Sewedy, Riyadh Cables, Saudi Cables, etc. Ducab is engaged in numerous projects, and has major contracts with regional utilities. Manufacturers place emphasis on R&D in order to stay aligned with the industry scenario and ensure product differentiation. Possible obsolescence owing to the development of new products poses a threat to participants.