The Middle East and Africa’s (MEA) low voltage cables market is anticipated to reach a value of $2.7 billion by 2020 owing to growth in various sectors of the economy, according to Grand View Research.
The substantial growth in commercial and residential applications is anticipated to help the low voltage (LV) cables market to witness a healthy revenue growth in the Middle East, the report said.
The growth in construction, power, renewable energy, telecommunication lines, airports, and metros are expected to drive the LV cables sector, it said.
The low voltage cables market have witnessed steady growth in demand over the last few years owing to rising applications across industrial and residential areas.
High demand from different application areas such as lighting, automation, video surveillance, infrastructure, fire safety, and sound and security is poised to impel the business opportunities, it said.
Low voltage cables and wiring supports home wiring and cabling infrastructure and digital technologies from telephones to various complex infrastructures like multiple televisions and video streams.
Low voltage cabling is installed to provide support to multiple hardware systems. When it comes to the demand pattern for low voltage cables in Middle East, majority of market share is held by oil and gas. There is a constant requirement for quality assured products.
This factors is anticipated to boost innovation in the market in terms of technology and research and development.