The UAE power cables market revenues are projected to reach $2.5 billion by 2024, according to a new report by 6Wresearch, global market research, and consulting firm.
The report, titled "UAE Power Cables Market (2018-2024)", estimates and forecasts the overall UAE power cables market by voltage rating, applications, and regions. It provides an unbiased and detailed analysis of the on-going trends, opportunities, high growth areas, and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.
The UAE power cables market registered substantial growth in 2017 attributed to recovery in copper and aluminum prices as well as significant investment in mega infrastructure projects such as new high-rise skyscrapers, theme parks, state-of-the-art shopping malls, and artificial islands, said the report.
Furthermore, sustained economic diversification efforts in the country also contributed to an increase in the sales for power cables.
Upcoming projects such as Mohammed bin Rashid City, MBR City-District One, Barakah Nuclear Power Plant, and Aljada megaproject would increase the demand for power cables in the country.
Further, government initiatives such as UAE Vision 2021, Dubai Plan 2021, the Abu Dhabi Economic Vision 2030, Sharjah Tourism Vision 2021 along with rapid urbanization and rising electricity consumption in the country would additionally encourage the growth of power cables in near-future, it said.
Ravi Bhandari, assistant manager, research and consulting, 6Wresearch, said: "Infrastructure sector held majority of the revenue share in 2017 on account of an ambitious government plan for infrastructure development including construction of roads, airport, metro, ports, power plants, and hospitals."
"However, buildings and industrial sector is expected to grow at a faster rate than the infrastructure sector during the forecast period as a result of ongoing construction activities in the real estate and hospitality sectors, as the country prepares itself to host World Expo in 2020," he added.
Rishi Malhotra, senior research analyst, Research and Consulting, 6Wresearch, said: "Low voltage (up to 1 kV) power cable segment held the highest revenue share in 2017 on account of its installation in buildings, infrastructure, oil and gas, petrochemicals and other industrial applications."
"Moreover, amongst all the regions, Dubai held major revenue share and is expected to maintain its leadership during the forecast period as well, attributed to ongoing and upcoming commercial building and transport infrastructure projects in the region," Malhotra added.
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