Cables are expected to hold the largest market share in revenue terms during the forecast period – 6W research.
Government plans to boost the installed power capacity of the Kingdom on account of yearly increase in electricity consumption due to growing population, replacement and reinforcement of existing distribution network infrastructure as well as implementation of smart grid technology. These key factors are expected to revive the demand of cables and building wires in Saudi Arabia. Furthermore, growing focus towards renewable energy sector to meet future energy demand would also fuel the growth of cables and building wire market in Saudi Arabia over the coming years.
According to 6Wresearch, Saudi Arabia cables and building wires market size is projected to grow at a CAGR of 6.2% during 2020-26. In Saudi Arabia, cables accounted for majority of the revenue share in 2019 and would continue to maintain its dominance during the forecast period owing to their applications in residential sector and their wider range of utility in industrial and commercial sectors as well.
According to Prithu Chawla, Senior Research Analyst, 6Wresearch, “The low voltage market would showcase dominance in the Saudi Arabia cable market owing to rapid urbanization synergized by increasing demand for reliable power supply which will encourage the product growth in the aforementioned segment. The medium voltage segment is anticipated to grow significantly in terms of revenue share due to its application in the oil and gas industry.
“The cable manufacturing companies are aiming to increase the production of fire-resistant cables due to their increasing demand in the construction industry. These wires are mainly designed for limiting propagation of flames. These wires are incorporated with sheets for limiting the smoke and toxic gases released during fire accidents.” Prithu further added.
According to Siddharth Saxena, Research Associate, 6Wresearch, “The government of Saudi Arabia is encouraging international firms to invest in the non-oil sectors of the country and is aiming to increase the private sector’s contribution from 40% to 65% of GDP by 2030 along with increasing foreign direct investment from 3.8% to 5.7% of GDP by 2030. The government is, thus, encouraging investment in nearly all economic sectors together with prioritizing the power sector & renewables, plastic and chemical sectors. Furthermore, the construction of new large-scale power, water and wastewater treatment plants would give huge boost to the demand for cables and building wires in Saudi Arabia during the forecast period.”
“Saudi cables and building wires market (2020-2026)" provides an in-depth analysis with 35 figures, covered in 70 pages. The report estimates and forecasts the overall Saudi Arabia rack storage market by types, by application. 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 devise and align their market strategies according to the current and future market dynamics.
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