Middle East cable Market will witness a strong presence over the coming timeframe due to heavy investments of Middle East countries in constructional and industrial activities. Strong inclination toward smart city development across regions such as Mohammad Bin Rashid City (UAE), Lusail City (Qatar), King Abdullah Economic City (KSA), and Basra New City (Iraq) will further fuel the industry growth. Sustainable energy and power generation projects, especially across Saudi Arabia and UAE, to meet the surging electricity demand is expected to be a key factor stimulating the industry. According to Global Market Insights, Inc., “Middle East cable market having had USD 6.33 billion in 2015, is forecast to cross over USD 11.5 billion at a CAGR of 8.4% over the period 2016-2023.
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Based on product trends, Middle East cable industry covers low voltage, medium voltage, high voltage, and extra high voltage cables. Low voltage cable market has witnessed a considerable demand in recent years owing to the increasing daily use of low power electrical equipment in residential and commercial sectors. Medium voltage cables insulated with PVC or oil and gas coatings, are widely used for power distribution, mobile substations, and railway electrification.
Medium voltage Middle East cable market accounted for the largest share in terms of revenue in 2015, and is slated to remain in the dominant position with a projected annual growth rate of more than 8% over the next six years. With the growing adoption for HVDC and HVAC system, high voltage cable (HV cables) industry is also on a high demand. HV Middle East cable market contributed for more than 20% of the total volume in 2015, and is poised to grow substantially at a CAGR of 10.5% over 2016-2023.
Middle east cable industry in commercial applications, worth over USD 3.81 billion in 2015, will remain a major revenue generating segment over 2016-2023. In addition, Middle east cable market in industrial applications will also witness promising growth prospects. Booming industries and highly developing constructional infrastructures are expected to augment the growth over the next six years.
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Geographically, Saudi Arabia and UAE are the two prominent regions dominating the Middle East cable market. Saudi Arabia being the largest regional segment is expected to spectate high growth with an estimated CAGR of 9% over the timeframe 2016-2023.
UAE cable industry expansion can be credited to the surging demand from technically advanced automated industrial systems.
Key players of Middle East cable market are focusing more on product innovation and R&D activities to maintain a competitive edge. Prominent players include Elsewedy Electric, Riyadh Cables, Elsewedy Electric, Oman Cables, Ducab Finolex, Saudi Cable Company, and Belden.
Strong claims for uninterrupted power supply is also influencing the participants to focus on the high voltage and extra high voltage product development.
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