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Levant Power Cable Market Insights, Outlook And Forecast Up To 2024

Author : Rahul Sankrityayan | Published Date : 2019-07-10 

Global Market Insights, Inc. has launched a report on Levant Power Cable Market that elucidates an in-depth synopsis of this business vertical over the forecast period. The report is inclusive of the prominent industry drivers and provides an accurate analysis of the key growth trends and market outlook in the years to come in addition to the competitive hierarchy of this sphere.

Refurbishment of aging electrical networks and rising demand for advanced energy matrix has significantly fueled Levant power cable market growth in the recent years. Growing investments toward the infrastructure development among the war-torn regions such as Iraq and Syria has positively driven the business outlook of Levant power cable industry. For the uninitiated, Levant is the imprecisely defined areas of Middle East which includes Israel, Syria, Lebanon, Palestine, Turkey, Cyprus, Egypt, Jordan, and Lebanon.

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The current civil-war condition of these Levant countries has strongly affected the public and private infrastructural assets and has thus encouraged the government to pour in a colossal trillion-dollar investment in these regions. This has strongly uplifted Levant power cable market demand across the regions, primarily to deliver effective transmission and distribution of electricity. A report by Global Market Insights, Inc., predicts Levant power cable market to register a CAGR of 8% over 2017-2024, exceeding a valuation of USD 6 billion over 2017-2024.

Taking into account the governmental investments on energy infrastructure, Iraq in 2016, invested around USD 358 billion in strengthening and upgrading the country’s infrastructure post the civil wars. In addition, the Iraq government has also signed a Memorandum of Understanding in 2016 with Siemens to develop and modernize the country’s energy setup, which has further stimulated the growth of Levant power cable market. Another instance is of Egypt government investing USD 1.6 billion for transmission corridor projects. To meet the rising demand for electricity, the transmission corridor project was initiated by Egypt with an aim to extend its electricity line with the Saudi Arabian grid network. Development of such projects to rebuild the country’s economy to pre-war levels have prominently spurred the growth of Levant power cable industry. As per the estimates given by the United Nation, a projected investment of worth USD 180 billion is required to reconstruct the Syria economy to pre-war levels. Likewise, Iraq is also one of the most affected regions, in which the Anbar province alone is projected to require investment of USD 22 billion for its refurbishment.

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Levant power cable industry is also gaining a significant prominence over the concerns regarding global climatic conditions. The rising impact of GHG and global warming has encouraged the government of these counties to reduce their dependency on conventional energy sources. The encouragement by the regional governments to adopt clean energy generating sources has further fostered Levant power cable industry size. Several governments are seen instigating projects and investments for harnessing renewable energy for their country’s development.  For instance,

Government of Israel, in 2017, announced the development of solar power generation project to meet the rising electricity demand in the region. This plan is recorded as the country’s largest solar power generation project with a capacity of 310 MW. The Israel government has further supported the growth of Levant power cable industry by announcing its aim to meet 10% of its electricity demand from renewable sources over the coming three years.

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In 2016, the Government of Jordan sanctioned its third renewable energy tender to add 100 MW of wind and 200 MW of solar energy generating projects in the country. Currently, 96% of region’s energy demand is satisfied from import activities, but the region’s growing renewable energy projects are foreseen to make positive impact on Levant power cable market shares.

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.

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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