According to the MarkNtel Advisors’ research report, “GCC Wires and Cables Market Analysis, 2021,” the market shall grow at a CAGR of 50% in the forecast period of 2021-26 due to prime factors, such as the rising investments toward the transmission & distribution of electric power and the burgeoning demand for wires & cables in data centers & the telecom industry.
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.