Saudi Arabia acquired the largest market revenue share in the GCC & Iraq Wires and cables market in year 2021 – 6Wresearch
Saudi Arabia acquired highest share in the GCC & Iraq wires and cables market in 2021 in terms of revenue as the kingdom’s plan to develop seaports, railway lines, manufacturing facilities and airports, with an aim to increase investment in non-oil sectors. Additionally, expansion of telecom, power distribution, oil & gas sector in Saudi Arabia would propel the demand for low voltage and high voltage power cables. Oman is anticipated to register the fastest growth in the forecast period owing to enhancement of non- oil sector under Oman Vision 2040 which would focus on stimulating and developing the industrial and commercial sector by 2040 that would drive the overall wires and cables market in the country.
According to 6Wresearch, GCC & Iraq Wires And Cables Market revenue size is projected to grow at a CAGR of 6.9% during 2022-2028. Over the past few years, wires and cables market in GCC & Iraq increased significantly on account of several policy measures taken by respective nation’s government such as Saudi Vision 2030, UAE Vision 2021, Kuwait Vision 2035, Qatar National Vision 2030 to enhance electric power transmission & distribution infrastructure. Additionally, governments’ aim to shift towards renewable sources for energy requirement would further augment the demand for wires and cables. However, with outbreak of the COVID-19 pandemic in 2020, infrastructure sector witnessed significant hit due to supply chain disruptions, owing to closure of commercial and hospitality sector, demand dropped majorly. Thus, negatively impacting the wires and cables market in 2020.
However, with revitalization of economy from the prolonged impact of the coronavirus pandemic underpinned by the government’s economic plans coupled with strategies to boost the public-private partnerships, the demand for wires and cables in GCC & Iraq picked up pace in the last quarter of 2020 and is also expected to increase in the next few years.
According to Rishabh Singh Bhandari, Research Analyst, 6Wresearch,
“In 2021, low voltage segment held the majority of revenue share in the GGC & Iraq wires and cables market and is expected to maintain its dominance during the forecast period as well on account of its high demand due to its wide applicability in automation, lighting, sound, video surveillance, building & construction power distribution system along with infrastructure industry. On account of growth in aforementioned industries as multi-billion infrastructure projects are in development phase.”
“In 2021, energy & power segment held the majority of market revenue share in the GCC & Iraq wires and cables market and is expected to maintain its dominance during the forecast period as well on account of expansion of power transmission lines. Additionally, to increase power distribution efficiency by installing new power grids and replacing overhead electricity lines to underground coupled with transition towards renewable energy.” He further added.
Some of the major companies in GCC & Iraq Wires and cables market include - Riyadh Cables Group, Dubai Cable Company, Saudi Cable Company Group, El Sewedy Electric, Alfanar Group, Bahra Advanced Cable Manufacture Co. Ltd., Energya Cables Saudi Arabia, Ur State Company, Gulf Cable & Electrical Industries Co. K.S.C., Fujikura Limited, Leoni Group, LS Cables & System, Nexans S.A, Prysmian Group.
“GCC & Iraq Wires and cables market report (2022-2028)” report provides an in-depth analysis with 120 figures and 40 tables, covered in 175 pages. The report estimates and forecast the overall GCC & Iraq Wires and cables market by voltage, products, installations, materials, installations, and countries. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.