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Levant Power Cable Market 2019-2024 By Regional Industry Growth & Forecast

Author : Rahul Sankrityayan | Published Date : 2019-06-06 

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.

Construction power cable market is set to expand over 8% owing to increasing infrastructure funding from public and private financial institutions toward development of infrastructural projects. In 2017, Government of Lebanon announced that it is seeking over USD 10 billion from international community to cope with the presence of huge presence of Syrian refugees over the next seven years.

Government initiatives to reduce the dependency on the conventional energy generating sources will foster the Jordan power cable market. The country’s energy demand had grown significantly in the past five years due to substantial economic and population growth. Presently it is heavily dependent on fuel import to satisfy 96% of its energy needs which covers 17.6% of its GDP.

Key players across the Levant power cable market include Bahra, Riyadh Cables, MESC Jordan, Nexans, KEI Limited, Prysmian, The Okonite Company, Southwire Company, Belden, Oman Cables, Saudi Cables, Sumitomo Electric, DUCAB, Nuhas Oman, and El-Sewedy.

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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