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Levant Power Cable Market Analysis, Current and Future Trends 2018 – 2024

Author : Rahul Sankrityayan | Published Date : 2019-05-08 

Global Market Insights, Inc. has recently added a new report on Levant Power Cable market which provides a succinct analysis of the market size, revenue forecast, and the regional landscape of this industry.

Levant Power Cable Market size will exceed USD 6 billion by 2024, as reported in the latest study by Global Market Insights, Inc.

Growing government and private funding to refurbish the war affected public assets will drive the levant power cable market size. The Government of Iraq signed a strategic agreement with Siemens to strengthen and upgrade the country’s traditional energy infrastructure with the modern and secured systems. In 2016, Iraq invested USD 358 billion toward construction projects post-civil war.

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  • 115 pages
  • 112 market data tables
  • 10 figures & charts

Rising focus towards the expansion of clean energy with the aim to reduce the dependency on conventional fossil fuel will accelerate the power cable market share. In 2016, Government of Jordan announced the third renewable energy tender to add 200 MW of solar and 100 MW of wind projects. In 2017, Government of Israel had announced the development of country’s largest solar power project having capacity of 310 MW by 2018. The country is also targeting to meet 10% of its electricity demand from the renewable sources by 2020.

MV power cable market is set to exceed USD 2 billion by 2024 owing to its high adaptability across the transmission and distribution applications. In 2016, Egyptian Electricity Transmission Company (EETC) announced an investment of over USD 1.6 billion towards the strengthening of its existing transmission network.

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Growth drivers

  • Growing infrastructural investment
  • Rising electricity consumption
  • Increasing demand for sustainable energy

 Industry pitfalls & challenges

  • Geopolitical situations

Syria power cable market is witnessing significant downturn on account of internal conflicts between government and rebels. However, post-civil war the industry is poised to witness exponential growth subject to growing construction spending toward rebuilding of affected areas.

Growing demand for electricity on account of rising urban population coupled with expansion of T&D network will further augment the power cable market share. In 2017, Turkey Ministry of Energy and Natural Resources announced the development of Dardanelles (Çanakkale) Strait Submarine Cable Project with cumulative transmission capacity of 4 GW. The Government of Iraq has signed strategic agreement with ABB in 2017 towards implementation of new energy transmission systems with an estimated investment over USD 500 million.

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Levant Power Cable Market, By Product

  • Power
  • Control

Levant Power Cable Market, By Voltage

  • HV
  • MV
  • LV

In 2017, the Government of Iraq signed a contract with ABB to deploy new energy transmission systems with a projected investment of over USD 500 million.

By 2024, Levant power cable market from Turkey is set to record a valuation of over USD 2 billion, subject to Turkey Ministry of Energy and Natural Resources’ announcement to develop Dardanelles Strait Submarine Cable Project with 4GW capacity. Because of the region’s appropriate geographical location and promising regulatory frame work, Turkey is also one of the most lucrative investment grounds pertaining to Levant power cable industry.

The above-mentioned data clearly depicts the fact that countries including Jordan, Israel, Egypt, Iraq, and Turkey are emphasizing more on deploying clean energy systems. Thus, the growing demand for efficient transmission and distribution network of high capacity has majorly propelled the expansion of Levant power cable market. These countries are also focusing on facilitating the inter-regional transmission of electricity, which is further complementing the business of high voltage wires & cables in Levant power cable industry.

The global industry players are seen collaborating to expand their global presence. One such instance is of the 2016 merger of Middle East Specialized Cables Co (MESC) with an Egyptian company Al-Mousa Cables. The two companies collaborated to enhance their product penetration in Levant and North African countries. Other renowned Levant power cable market players include Saudi Cables, The Okonite Company, DUCAB Cables, Bahra Advanced Cable Manufacture, and Southwire Company.

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About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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