Market Overview
According to the MarkNtel Advisors’ research report, “GCC Wires and Cables Market Analysis, 2021,” the market is likely to grow at a CAGR of 15% during the forecast period of 2021-26. It owes to various government initiatives & strategic investments toward the development of the market, fueling the demand for wires & cables in the region. The advancement of smart cities and the construction of commercial buildings are other crucial factors propelling the GCC wires & cables market.
| Report Coverage | Details |
| Study Period | Historical Data: 2016-20 |
| Base Year: 2020 | |
| Forecast Period: 2021-26 | |
| CAGR (2021-26) | 15% |
| Key Companies Profiled | 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 |
| Unit Denominations | USD Million/Billion |
Impact of COVID-19
Amid the outbreak of COVID-19, various industries experienced a negative impact on the market. With the imposition of lockdown, most production units got shut, thereby halting the manufacturing processes. These units are essential as they drive the industrialization of prosperity all around. The pandemic further caused a delay in the supply of products and severely hampered the overall business. However, with the gradual upliftment of restrictions, the market is recovering and shall get back at its usual pace in the forecast period.
Market Segmentation
Aluminum Shall Witness the Largest Market Share
Aluminum Wires & Cables are likely to witness the largest market share in the forecast years due to prominent factors, including the ongoing projects for events & expos and the construction of power plants in the region. GCC is also likely to observe an expanding requirement for aluminum in the preview years because of high associations of aluminum wires & cables. Therefore, these factors shall boost the demand for aluminum wires in the forecast period, reveals MarkNtel Advisors in their research report, “GCC Wires and Cables Market Analysis, 2021.”
Copper Wires likely to attain the Fastest Growth Rate
The Copper Wires segment is very likely to achieve the fastest market growth in the forecast period due to features like less resistance against the electric current, making them an outstanding choice for wires used in homes & commercial spaces. Moreover, copper wirings used in single conducting cable connecting wires offer excellent durability, strength, and better insulation, making their demand skyrocketing. Hence, based on these factors, it is likely that the copper wires segment shall attain the fastest growth rate in the years to come.
Country Landscape
Saudi Arabia Attains for the Largest Market Share
Saudi Arabia is likely to attain the largest market share in the forecast period due to the massive government funding toward economic expansion, thereby increasing the demand for wires & cables in the country. Furthermore, the development of Smart in line with the Saudi Arabia Vision 2030, which further increases the investment for several residential & commercial projects, is also a critical factor contributing to the market growth in teh country.
Market Driver
The market is likely to grow massively in the forecast years primarily due to the burgeoning number of government initiatives & strategic investments toward developing the wires & cables market. Alongside that, the advancement of smart cities and the construction of commercial buildings are also a few crucial reasons likely to propel the GCC wires & cables market.
Competitive Landscape
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.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation, and Statistics
Frequently Asked Questions
A. The GCC Wires and Cables Market is likely to grow at around 15% CAGR in the forecast period, i.e., 2021-26
A. 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 are a few of the leading players in the GCC Wires and Cables Market.
A. Aluminum is likely to attain the highest CAGR and dominate the market in the years to come.
A. Saudi Arabia is likely to grow at the highest CAGR during the forecast period, i.e., 2021-26, thereby offering immense opportunities to market players of the GCC Wires and Cables Market.
A. The rising investments in the transmission & distribution of electric power and the burgeoning demand from data centers & the telecom industry are prominent growth opportunities likely to drive the market in the forecast years.
A. These units are essential as they drive the industrialization of prosperity all around. The gradual upliftment of restrictions will eliminate further delays in the supply of products and hinder the business. Hence, the market shall get back at its speed in the forecast period.
