The Middle East cables market is expected to reach USD 9.33 billion by 2020, according to a new study by Grand View Research, Inc. Growing preference towards tree retardant XLPE material is anticipated to spur market growth over the forecast period. New product and technology innovation is expected to catapult the demand across mature markets such as Saudi Arabia and UAE.
Increasing government investments for economic and infrastructure growth is expected to provide avenues to the Middle East cables market. Further, tremendous increase in energy demand owing to ongoing infrastructure activities for Dubai Expo 2020 is also expected to drive regional market growth over the next six years. Increase in power transmission demand for organizing the FIFA World Cup 2020 in Qatar is providing avenues to the Middle East cables market.
Emergence of technologically advanced materials such as LVDC high temperature superconductor (HTS) cable is expected to assist market growth. Stringent regulations and several government initiatives with various national development projects are expected to be the key forces driving the Middle East cables market. Volatile prices of key raw materials such as copper and aluminum are anticipated to remain key challenge for market participants. However, technological advancements and innovations to develop eco-friendly, low cost and efficient cables are further expected to serve as growth opportunities for market growth.
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Further key findings from the study suggest:
Medium-voltage cables accounted for majority of the market share in 2013, and increasing deployment of XLPE raw materials in medium-voltage cables is expected to drive to be a key growth driver.
High-voltage cables segment is expected to witness significant growth through the forecast period. This growth can be attributed to a number of macro-market drivers such as growing number of turnkey projects, need for safe transmission, increasing offshore wind projects, and growing demand for underground transmission.
The commercial segment accounted for over 60% of the overall market share in 2013. Rapid infrastructure development, drawing huge investment from the GCC participants is expected to drive market demand in commercial sector. Growing urbanization is expected to support the infrastructure development in the emerging economies.
Saudi Arabia accounted for over 35% of the overall market share in 2013 and is expected to witness high growth owing to the expansion of commercial and industrial sectors.
Notable companies operating in the Middle East cables market include Riyadh Cables, El-Sewedy, Oman Cables, Saudi Cables and Ducab.
Grand View Research has segmented the Middle East cables market on the basis of product, application and region:
Middle East Cables Product Outlook (Revenue, USD Million, 2012 - 2020)
Middle East Cables Application Outlook (Revenue, USD Million, 2012 - 2020)
Middle East Cables Regional Outlook (Revenue, USD Million, 2012 - 2020)
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