Kuwait Wires and Cables Market revenue size is projected to grow at a Revenue CAGR of 5.7% during 2024-2030

Power utility by application accomplished the maximum revenue share in Kuwait Wires and Cables Market – 6Wresearch

By applications, power utility segment dominated the market revenue share as wires & cables are essential for distributing electrical power within buildings, airports, and other structures. Moreover, with upcoming initiative aims to introduce over 10,000 megawatts into the electrical grid by 2030, which would further propel the market for low-voltage cables in the power utility sector.

According to 6Wresearch, Kuwait Wires and Cables Market revenue size is projected to grow at a Revenue CAGR of 5.7% during 2024-2030. The energy sector plays a crucial role in Kuwait's economic development. The country's significant per capita energy consumption is driven by its vast fossil fuel resources and high levels of industrial and commercial activities. To address this, Kuwait has implemented the National Energy Efficiency Action Plan (NEEAP), which targets a 15% reduction in energy consumption by 2030. In 2021, this plan saw the issuance of $353.7 million in tenders for electricity, water, and renewable energy projects.

The expansion of renewable energy projects, such as the various development phases of the Shagaya Renewable Energy Park, necessitates the extensive use of high-quality low voltage wires and cables. These components are essential for connecting renewable energy sources like solar and wind farms to the national grid, ensuring stable and efficient power transmission. Furthermore, according to the Kuwait Energy Outlook, the country's electricity generation capacity is projected to increase by over 13.2 GW by 2035, reaching a total of 32 GW. This anticipated growth involves the establishment of new power plants and requires substantial investments in electrical infrastructure, including modern wiring and cabling solutions.

According to Sumit, Senior Research Associate, power cables dominated the Wires and Cables Market in Kuwait and the same segment is projected to dominate the market in the future driven by their essential role in extensive infrastructure and power projects. Significant investments in power generation, transmission, and distribution networks, spurred by Kuwait's development plans and urbanization, fuel this demand.

Kuwait Wires and Cables Market (2024-2030) report provides an in-depth analysis with 10 figures and 8 tables, covered in 56 pages. The report comprehensively covers the market by voltage, cables and application. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.