GCC & Iraq Wires and Cables Market (2024-2030) | Industry, Share, Forecast, Revenue, Size, Value, Companies, Analysis, Growth & Trends

Topics Covered in GCC & Iraq Wires and Cables Market Report

GCC & Iraq Wires and Cables Market Report thoroughly covers the market by voltage, cable, application and countries. GCC & Iraq Wires and Cables Market Outlook report provides an unbiased and detailed analysis of the ongoing GCC & Iraq Wires and Cables Market trends, opportunities/high growth areas, and market drivers. This would help stakeholders devise and align their market strategies according to the current and future market dynamics.

GCC & Iraq Wires and Cables Market Synopsis

GCC & Iraq wires and cables market experienced substantial growth in 2023, driven by the revival of construction activities and significant infrastructure development projects. GCC countries' governments awarded $205 billion worth of infrastructure projects during this period, propelling the wires and cables market. Key drivers of this growth include government initiatives to diversify the non-oil economy, rapid infrastructural expansion, increasing foreign direct investment (FDI), and public-private partnerships in the power and construction sectors. Major projects, such as the ongoing NEOM city project in Saudi Arabia, the Dubai Expo 2020, and the development of renewable energy projects across the region, have significantly contributed to the market's expansion.

According to 6Wresearch, the GCC & Iraq wires and cables market revenue size is projected to grow at a CAGR of 6.7% during the forecast period of 2024-2030. The market is expected to see robust growth due to several upcoming large-scale infrastructure projects, increased government spending, and a significant influx of FDI. Major investments in renewable energy, smart grid infrastructure, and urban development projects are anticipated to drive demand for wires and cables. For instance, Saudi Arabia's Vision 2030 plan includes substantial investments in infrastructure and power projects. Similarly, the UAE's continued focus on renewable energy projects, such as the Al Dhafra Solar Project, Qatar's infrastructure developments and Iraq’s reviving construction sector are expected to bolster market growth.

Market Segmentation by Voltage

In 2023, the low voltage segment led the GCC and Iraq wires and cables industry in revenue share and is expected to sustain this dominance throughout the forecast period. This is due to its high demand driven by the expanding power and energy sector, including the growth of power grids, transmission, and distribution systems.

Market Segmentation by Cable

Power cables lead the cables segment in the market due to their critical role in expanding and modernizing power infrastructure. This high demand for power cables reflects significant investments in power generation, transmission, and distribution, driven by major infrastructure projects and power grid development.

Market Segmentation by Application

Power utilities lead the applications segment of the market due to major investments in modernizing and expanding the power infrastructure. The need for wiring and cabling solutions is driven by large-scale projects in power generation, transmission, and distribution, including key development projects.

Market Segmentation by Countries

In 2023, Saudi Arabia dominated the GCC & Iraq wires and cables market, accounting for the highest share in terms of revenue. The country accounted for 43% of new project announcements in the GCC, driven by major infrastructure projects such as the $500 billion NEOM city and the $20 billion Qiddiya entertainment city. Additionally, Saudi Arabia's commitment to increasing its renewable energy capacity, including a target to generate 50% of its electricity from renewables by 2030, further underscores its substantial influence in the market. The kingdom's strategic initiatives, such as the Vision 2030 plan, continue to propel the growth of the wires and cables market in the region.

Key Attractiveness of the Report

• 10 Years Market Numbers.
• Historical Data Starting from 2020 to 2023.
• Base Year: 2023
• Forecast Data until 2030.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• GCC & Iraq Wires and Cables Market Overview
• GCC & Iraq Wires and Cables Market Outlook
• GCC & Iraq Wires and Cables Market Forecast
• Historical Data and Forecast of GCC & Iraq Wires and Cables Market Revenues for the Period 2020-2030F
• Historical Data and Forecast of GCC & Iraq Wires and Cables Market Revenues, By Voltage for the Period 2020-2030F
• Historical Data and Forecast of GCC & Iraq Wires and Cables Market Revenues, By Cable for the Period 2020-2030F
• Historical Data and Forecast of GCC & Iraq Wires and Cables Market Revenues, By Application for the Period 2020-2030F
• Market Drivers and Restraints
• Market Trends
• Industry Life Cycle
• GCC & Iraq Wires and Cables Market – Porter’s Five Forces
• Market Opportunity Assessment
• Company Revenue Ranking
• Market Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Market Scope and Segmentation

Thereportprovides a detailed analysis of the following market segments:

By Voltage

• Low Voltage
• Medium Voltage
• High Voltage
• Extra High Voltage

By Cable

• Power Cables
• Coaxial Cables
• Fiber Optic Cables
• Signal and Control Cables
• Telecom and Data Cables

By Application

• Commercial
• Residential
• Power Utilities
• Industrial
• Others

By Countries

• Saudi Arabia
• UAE
• Qatar
• Kuwait
• Oman
• Bahrain
• Iraq