Middle East Cable Market Is Projected To Exceed USD 11.5 Billion By 2023, Growing At 8.4% CAGR

- May 09, 2018-

Electrical cables are composed of two or more wires organized parallel, twisted, braided and bonded together to form an individual assembly. This enables in connecting two devices facilitating the transfer of electrical signals between them. These are extensively used in power and signal circuits for electronic devices. Additionally, they also enable long-distance communication. High voltage products are used for bulk transmission of direct current (DC) or alternating current (AC).

Escalating industrial and construction activities is likely to catalyze cable market demand from 2016 to 2023. Considerable infrastructure activity expectations and extensive national development plans by Gulf Cooperation Council (GCC) government to expand the economies gradually is anticipated to reduce their reliance on oil and gas reserves, and also be recognized on the world stage.

Smart city development around the region such as Lusail City (Qatar), Mohammad Bin Rashid City (UAE), Basra New City (Iraq) and King Abdullah Economic City (KSA) and the infrastructure upgrading is expected to be the vital factors for Middle East cable market growth. Favorable regulatory norms and abundant availability of cheap labor is forecast to fuel the industry over the forecast timeframe.

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