Saudi Arabia Wires & Cables Market to witness Steady Growth till 2026
Growing demand for efficient
power transmission and the rise in adoption of the renewable energy resources is
expected to drive the demand of the Saudi Arabia Wires & Cables market in the
forecast period.
According to TechSci Research report, “Saudi
Arabia Wires & Cables Market By Voltage (Low, Medium, High, Extra High)
By Products (Fiber Optic Cable, Co-Axial Cable, Other Cables) By Material
(Copper, Aluminum, Glass) By Installation (Overhead, Underground) By End Use
(Aerospace & Defense, Building & Construction, Oil & Gas, Energy
& Power, IT & Telecommunication, Others) By Region, Company Forecast
& Opportunities, 2026”, The Saudi Arabia Wires & Cables market is
expected to witness steady growth in the next five years. The rise in
electricity consumption in the residential and commercial sectors is expected
to fuel the demand for power cables in the region. The rapid urbanization of
people in search of better job opportunities and quality living standards is
generating the requirement for more energy transmission which in turn is
expected to fuel the demand for the wires & cables market.
The COVID-19 outbreak across the world which has been
declared as a pandemic by World Health Organization has affected countries
adversely. Leading authorities of Saudi Arabia imposed lockdown restrictions
and released a set of precautionary measures to contain the spread of novel
coronavirus. Coronavirus-affected patients started suffering from shortness of
breath along with coughing and sneezing. Due to the ongoing pandemic, the
construction activities were temporarily stopped. Workers migrated back to
their native places which led to a shortage of workforce during this period.
Also, due to strict regulations, disruption in the supply chain was observed
which adversely affected the supply of raw materials and the end products which
adversely affected the wires & cables market growth.
However, volatile prices of raw materials may hamper
the growth of the Saudi Arabia Wires & Cables market in the forecast
period.
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Saudi
Arabia Wires & Cables market is segmented into voltage, products, material,
installation, end use, regional distribution, and company. Based on the
voltage, the market can be divided into low, medium, high, and extra high. The
low voltage segment is expected to witness growth in the forecast period,
2022-2026. The development of the construction industry and the upcoming
projects are the driving factor for the growth of this segment. An increase in
the investment by the leading authorities and the development of smart cities
is expected to pave the way for market growth. The growing demand for low
voltage cables for various applications such as lighting, automation, video
surveillance, fire alarm, amongst others is expected to foster market growth.
Based on the end use, the market can be divided into aerospace & defense,
building & construction, oil & gas, energy & power, it &
telecommunication, and others. The increase in the number of transportation
infrastructure development projects in the region including railways, roads,
airports, amongst others is driving the growth of the segment. Urban
development projects such as Green Riyadh, Riyadh Art, King Salman Park, and
others are further contributing to the wires & cables market growth. Based
on the products, the market can be divided into fiber optic cable, co-axial
cable, and other cables. The fiber optic cables segment is expected to dominate
the wires & cables market in the forecast period, 2022-2026. Development of
the telecommunication sector and the growing demand for high-speed internet
network is driving the growth of this segment. The generation of the huge
amount of data and the growing need for data centers for efficient data
management to make informed decisions is expected to fuel the demand for fiber
optic cables in the forecast period.
Saudi
Cable Company, Bahra Cables HO, United Wire Factories Company – ASLAK, Bright
Wires Co Ltd, Middle East Fiber Cable Manufacturing Co., Gabas Albilad Wire
Rope Factory, Saudi Wires Company Ltd., Safe and Secure Trading Est. (SSTE),
Jeddah Cable Company are the leading players operating in Saudi Arabia Wires
& Cables market. Manufacturers are increasingly focusing on research and
development process to fuel higher growth in the market. To meet evolving
customer demand with respect to better efficiency and durability, several Wires
& Cables manufacturers are coming up with their technologically advanced
offerings.
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“Under
the Saudi Vision, 2030 and the construction of the Neom City which is expected
to run on renewable energy resources and to boost the public and private
industries is anticipated to create lucrative opportunities for the growth of
the wires & cables market in the forecast period. High-end investments for the
upcoming construction and infrastructural developments and the implementation
of the smart grid in Saudi Arabia are expected to influence the market growth.
Market players may invest to introduce advanced wires & cables with higher
efficiency and performance to increase the sales of their products in the
forecast period, 2022-2026.” said Mr. Karan Chechi, Research Director with
TechSci Research, a global research-based management consulting firm.
“Saudi Arabia Wires &
Cables Market By Voltage (Low, Medium, High, Extra High) By Products (Fiber
Optic Cable, Co-Axial Cable, Other Cables) By Material (Copper, Aluminum,
Glass) By Installation (Overhead, Underground) By End Use (Aerospace &
Defense, Building & Construction, Oil & Gas, Energy & Power, IT
& Telecommunication, Others) By Region, Company Forecast &
Opportunities, 2026” has evaluated the future growth potential of Saudi
Arabia Wires & Cables market and provided statistics & information on
market size, shares, structure and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in the
of Saudi Arabia Wires & Cables market.
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