Substantial investment towards mega infrastructure projects such as new high-rise skyscrapers, theme parks, state-of-the-art shopping malls and artificial islands are some of the key factors which are expected to drive the demand for power cables during 2017-23.
Further, sustained economic diversification in the country would also contribute to an increase in the sales of power cables, thereby driving the growth of power cables market. However, the power cables market declined in terms of revenues in 2015 and 2016 due to fall in copper and aluminum prices.
According to 6Wresearch, UAE power cables market revenues are projected to grow at a CAGR of 2.5% during 2017-23. Upcoming projects such as the $55bn Mohammed bin Rashid City, $10bn MBR City-District One, $32bn Barakah Nuclear Power Plant and $6.5bn Aljada mega project would increase the demand for power cables in the country.
Government initiatives such as UAE Vision 2021, Dubai Plan 2021, the Abu Dhabi Economic Vision 2030 and Sharjah Tourism Vision 2021 would also spur the requirement for power cables over the next six years. With rapid urbanization and rising electricity consumption, the demand for power cables would further increase.
According to Ravi Bhandari, Assistant Manager, 6Wresearch, "Infrastructure sector held the major revenue share in 2016 on account of government infrastructure development plans for the construction of roads, airport, metro, ports, power plants and hospitals."
"However, building and industrial sector is expected to grow at a faster rate than infrastructure sector during the forecast period as a result of the ongoing construction activities in the real estate and hospitality sectors as the country prepares itself to host the World Expo 2020," Ravi further added.
According to Raman Preet Singh Khera, Research Associate, Research and Consulting, 6Wresearch, "Low voltage (up to 1 kV) power cables segment held the highest revenue share in 2016 on account of its high installation in buildings, infrastructure, oil, gas and petrochemicals and other industrial applications".
"Amongst all the regions, Dubai held major revenue share and is expected to maintain its dominance during the forecast period on account of high-value commercial building and transport infrastructure projects in the region," Raman Preet concluded.
Some of the key players in UAE power cables market include- Ducab, Riyadh Cables, Jeddah Cables, Oman Cables, National Cables, Elsewedy Electric, Prysmian Group, Nexans and Brugg Cables.
"UAE Power Cables Market (2017-2023)" provides an in-depth analysis with 70 figures and 10 tables covered in more than 120 pages. The report estimates and forecasts the overall UAE power cables market by voltage ratings, applications and regions.
The report also provides a detailed analysis of the on-going trends, opportunities/high growth areas, market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.
Media Source: Look Up