Posted On: 2020-06-03
The cables segment is anticipated to hold the largest revenue share in the Middle East and Africa wires and cables market during the forecast period-6Wresearch
Middle East and Africa wires and cables market is projected to grow significantly over the coming years. Factors such as rapid infrastructural developments supported by government initiatives to diversify the economy from oil to non-oil sectors are expected to boost the growth of the wires and cables market in the Middle East and Africa Region. Additionally, the increasing inflow of FDI in commercial and retail sectors is anticipated to augment the demand for products under the wires and cable market in the region over the coming years.
According to 6Wresearch, Middle East and Africa Wires and Cable Market size is projected to grow at CAGR of 4.3% during 2020-2026. At present, Saudi Arabia wires and cables market holds major revenue share in the Middle East and Africa region on account of multiple factors such as the government plans to boost the installed power capacity of the kingdom owing to the yearly increase in electricity consumption due to growing population, replacement, and reinforcement of existing distribution network infrastructure as well as the implementation of smart grid technology. Also, the growing focus towards the renewable energy sector to meet future energy demands would lead to higher usage of wires and cables across the country in the near future. Furthermore, the government of Egypt has shifted its focus towards its new administrative capital city, which would positively influence the growth of Egypt wires and cables market during the forecast period. Alongside, increasing construction activities, establishment of business hubs, industries, and infrastructure development programs have amplified the demand for wires and cables in Egypt. However, the overall regional market growth is projected to contract sharply in 2020 in the wake of the novel coronavirus pandemic.
According to Kanchan Negi, Assistant Manager, Research and Consulting 6Wresearch, “Based on installation, the underground wires and cables segment acquired highest revenue share in the Middle East and Africa wires and cable market in 2019, owing to increase in the adaptability of underground systems and its added cost benefits for maintenance as compared to overhead wires and cables.”
“However, it is anticipated that the overhead wires and cables market would show substantial growth during the forecast period due to its higher application in transmission and distribution of electrical power over large distances.” Kanchan further added.
According to Apoorva Sawhney, Research Analyst, Research and Consulting, 6Wresearch, “Copper wires and cables can withstand a wider load to electrical power, thus, allowing it to use less insulation and armoring as compared to its counterpart i.e. aluminum. Additionally, it has a high resistance to heat and corrosion. Therefore, based on materials, copper wires and cables dominated the Middle East and Africa wires and cables market in 2019.”
“Also, several other features such as high durability & malleability, low maintenance cost, and high usage in high-voltage applications make copper a favorable option resulting in further growth of the copper wires and cables segment in the coming years.” Apoorva Concluded.
Some of the major companies in the Middle East and Africa wires and cable markets include Prysmian Group, Nexans S.A, Sumito Electric Industries, Elsewedy Cables, etc.
“Middle East and Africa Wires and Cable Market (2020-2026)” report provides an in-depth analysis with more than 90 figures and 30 tables covered in more than 200 pages. The report estimates and forecasts the overall Middle East and Africa wires and cables market by revenues, products, materials, installations, voltages, 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.