The Saudi cable tray market revenues are projected to grow at a compound annual growth rate (CAGR) of 12.1 per cent during 2018-24, according to a new report published by 6Wresearch, a global market research and consulting firm.
The report titled "Saudi Arabia Cable Tray Market (2018-2024)" estimates and forecast the overall Saudi Arabia cable tray market by revenue, material, type, regions and applications such as power utilities, construction, industrial and others. It provides an in-depth analysis with 75 figures and 11 tables, covered in more than 135 pages, said a statement.
The report also offer insights on competitive landscape, company profiles, market drivers and restraints.
Saudi Arabia is presently in the midst of a surge in construction as the country's hospitals, offices, retail spaces, educational institutions along with its transportation infrastructure are witnessing huge growth under the ambitious Saudi Vision 2030 plan.
As a result, the requirement for electrical devices, cabling and wiring are expected to witness significant rise during the forecast period. This factor would drive the demand for cable trays in the country.
However, as the demand for cable trays is highly dependent on such infrastructural projects, the possible re-evaluation and subsequent stalling or shelving of many projects to meet the country's post-oil world vision may hamper the growth of Saudi Arabia cable tray market.
With several power generation projects in the development stage such as Al Rais PP Phase One and Ras Abu Qumais PP as well as several upcoming hotels, economic city and entertainment city projects, Saudi Arabia's construction and power utilities sectors are set to witness substantial growth which would consequentially increase the demand for cable trays in the country during the forecast period.
Ravi Bhandari, assistant manager, 6Wresearch, said: "Power utilities and construction sectors are the key revenue generating segments in the Saudi Arabian cable tray market due to high requirement of cable management solutions in these two sectors to handle massive cable and wiring systems."
"The construction sector, in particular, is expected to grow rapidly on account of government emphasis on developing the country's social infrastructure including hotels, retail space and offices," he added.
Rachit Gulati, research associate, research and consulting, 6Wresearch, said: "Steel based cable trays accounts for the highest revenue generating segment in the overall cable tray market due to their high strength and lower costs as compared to other metal-based cable trays."
"Saudi Arabia cable tray market is presently dominated by ladder type cable trays as these offer several desirable features such as effective heat dissipation, maximum free air flow and the convenience of rungs for tying cables down," he said.
"These are quick-to-install and long-term cable management solutions and are expected to continue their dominance over the next six years," he added.
Some of the major companies in the Saudi Arabia cable tray market include - Thomas and Betts, Cooper Industries, Wescosa, Power Solution Industries and Legrand Seico, it stated. Ã¢Â€Â“ TradeArabia News Service
Media Source : Trade Arabia