Governments across several GCC countries are diversifying their oil-dependent economies by launching initiatives such as Saudi Arabia's Vision 2030, Qatar's National Vision 2030, UAE Vision 2021, New Kuwait 2035, Oman Vision 2020 and Bahrain Master Plan 2030. Increased private and public investment across several sectors of the economy such as power utilities, commercial, transportation, manufacturing industry and oil & gas would drive the demand for overhead cable management solutions in the GCC region.
According to 6Wresearch, GCC Overhead Cable Management Solutions market revenues are projected to grow at a CAGR of 8.9% during 2018-24. After the oil crisis of 2014, GCC countries have been focusing on strengthening of the non-oil sectors. As a result, large-scale construction activities have become commonplace in the region, including the setting up of new offices, residential units, hotels, healthcare facilities and manufacturing facilities. Further, several Middle Eastern countries are introducing new renewable energy power production projects, creating new avenues for the use of overhead cable management solutions over the coming years.
According to Rachit Gulati, Research Analyst, Research and Consulting, 6Wresearch, "Cable trays were the highest revenue generating segment in the overall GCC overhead cable management solutions market, by overhead type, owing to their widespread application in large infrastructure projects, medium size projects, in the retail domain and due to their relatively lower prices as compared to cable trunking."
According to Chhavi Malpani, Research Associate, Research and Consulting, 6Wresearch, "Hot dip galvanized and pre-galvanized are the most widely used finishing methods for cable trays and trunking as these offer advantages such as higher corrosion resistance and durability. This trend is expected to continue over the coming years as well."
According to Kanchan Negi, Research Associate, Research and Consulting, 6Wresearch, "Saudi Arabia and UAE are the leading shareholders in the overall market in terms of revenues. Widespread construction activities for the preparation of upcoming major events, such as Dubai World Expo 2020 along with Saudi Vision 2030 and UAE Vision 2021 would further help these countries to maintain their dominance during the forecast period."
Some of the key players in the GCC overhead cable management solutions market include Legrand, Panduit, IKK Group, Power Solution Industries, Thomas & Betts Corporation and Cooper Industries.
"GCC Overhead Cable Management Solutions Market (2018-2024)" report provides an in-depth analysis with 268 figures and 34 tables covered in more than 350 pages. The report estimates and forecast the overhead cable management solutions market by types, finishing types, thickness, applications and countries. The report 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.