The GCC Wires and Cables Market is expecting around 15% CAGR during 2021-26, Says MarkNtel Advisors. The growth of the market is driven primarily by the mounting focus on grid connections, rising power generation capacity, and rapid infrastructural developments across the GCC nations. In addition, the increasing construction of residential & commercial buildings is another crucial factor driving the market.
Furthermore, massive investments & robust government support for smart upgrading of the power transmission and improving the power distribution system are also propelling the overall market growth. Moreover, the surging implementation of smart grid technology is resulting in the soaring need for grid interconnections, thereby contributing to the overall market growth. Nevertheless, the increasing trend for renewable energy generation is also expected to boost the Wires & Cables Market during 2021-26, further states the research report, “GCC Wires and Cables Market Analysis, 2021.”
Key questions answered in the study
Underground Installation shall Witness the Fastest Growth
Based on Installation Type, the underground segment is propelling robustly in the region owing to its low cost & hassle-free installation process. The main factor behind the segment growth is that the underground installation type eliminates the requirement for the electric field, which is why numerous end-users are shifting their preferences from overhead to underground installation type in the region. Furthermore, the surging demand for wires and cables in multiple verticals, like telecom, energy & power, etc., are other crucial factors likely to fuel the growth of the underground installation segment in the forecast years.
“GCC Wires and Cables Market Analysis, 2021” provides comprehensive, qualitative, and quantitative insights on the market potential, key factors impacting the market growth, hotspots, and opportunities available for Wires and Cables providers across the countries. Moreover, the report also encompasses the key strategic imperatives for competitors' success and strategic factorial indexing to measure their capabilities on 16 parameters, which will help companies to formulate 'Go to Market' strategies and identify the blue ocean for their offerings.
UAE to Witness Fastest Market Growth
Although the market is witnessing robust growth through GCC, the UAE wires and cables market is surging in recent years due to the growing need for commercial building construction like shopping complexes, hotels, restaurants, residential & corporate units, etc. The revitalization of deferred projects after the upliftment of restrictions due to COVID-19 provides lucrative opportunities to wire & cable manufacturers in the forecast years. Furthermore, the development of smart cities is also contributing to the wires and cables market growth in the UAE.
Therefore, UAE is likely to witness the fastest growth rate and fuel to the overall market in the forecast period, states MarkNtel Advisors in their research report, “GCC Wires and Cables Market Analysis, 2021.”
According to MarkNtel Advisors, the major leading players in the GCC Wires and Cables Market are Riyadh Cable, Jeddah CableBahra Cables, Al Fanar Electrical Systems, Dubai Cable, Power Plus Cables, National Cable Industry, Oman Cables Industry (OCI), QICC Cables, Doha Cables.