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Middle East cable market outlook: Saudi Arabia to remain a major
revenue pocket over 2016-2023
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 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.
Saudi Arabia cable market size, by product, 2012 - 2023 (USD Million)
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.
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
UAE cable industry expansion can be credited to the surging demand from technically
advanced automated industrial systems.
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