The rapid investments toward the production of electric energy and the burgeoning demand for wires & cables in data centers and the telecom industry are prime factors likely to fuel the GCC Wires and Cables Market in the forecast period, i.e., 2021-26.
However, the market has witnessed its ups and downs, especially after the outbreak of the COVID-19 pandemic. The pandemic resulted in the imposition of lockdown, leading to the shutting down of most production units, which are essential to driving the industrialization of success all around. It further created a delay in the accumulation of products and hindered the overall business rigorously. However, with the gradual upliftment of limitations, the market shall grow exponentially in the forecast period, i.e., 2021-26.
Based on the installation, the underground installation segment is propelling robustly in the region owing to low cost & easy installation. Numerous end-users are shifting their preferences from overhead to underground installation type. Furthermore, the growing demand for wires and cables in multiple verticals, like telecom, energy & power, etc., are also among principal factors likely to propel the underground installation segment growth in the forecast years.
On the other hand, the Commercial Offices & Infrastructure based on End-User Industries are thriving due to the rise in demand for cable networks within the workplaces. The GCC region has 91% mobile internet users and more than 3 Billion homes connected to broadband connections. These factors are leading towards market growth in the forecast years.
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Although the market is witnessing robust growth across various regions, the GCC wires and cables market is rapidly surging in recent years due to factors cited below:
- The growing need for commercial building construction like shopping complexes, hotels, restaurants, residential & corporate units, etc.
- The revitalization of deferred projects after the upliftment of restrictions due to COVID-19
- The development of Smart cities
The major leading players in the GCC Wires and Cables Market are Riyadh Cable, Jeddah CableBahra Cables, Al Fanar Electrical Systems, Dubai Cable, Power Plus Cables, National Cable Industry, Oman Cables Industry (OCI), QICC Cables, Doha Cables.
It owes its steady pace to the swiftly developing investments in various Smart grid projects and up-gradation of power transportation. Furthermore, the surging advancements in delivery systems are also among critical aspects likely to bolster the GCC wires & cables market in the forecast period, i.e., 2021-26.
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