Saudi Arabia Cable Market share set to reach $5bn by 2023

Saudi Arabia Cable Market share set to reach $5bn by 2023
Published: 28 May 2019 - 11:26 a.m.
By: Baset Asaba

Global Market Insights, Inc. has recently added a new report on Middle East Cable Market which provides a succinct analysis of the market size, revenue forecast, and the regional landscape of this industry.

Saudi Arabia market contributed majorly towards the regional revenue share and is anticipated to collect a revenue of $5bn by 2023. The growing number of construction projects will drive middle east cable market size notably over the coming timeline.

The smart city development projects across the regions such as Mohammad Bin Rashid City (UAE), King Abdullah Economic City (KSA), Basra New City (Iraq), and Lusail City (Qatar) will generate profitable demand for cables over the coming years.

In addition, ongoing and planned infrastructure & construction developments, which is estimated to cost around $1trn by 2023 will further boost middle east cable industry trends noticeably.

Rapid urbanization and industrialization across the Middle East region will propel the Middle East Cable Market Size significantly over the coming years. The middle east countries are relieving their economic dependency on gas and oil reserves gradually by focusing on tourism and transportation, which will considerably influence the middle east cable industry share.

Key applications areas of the Middle East cable market are commercial and industrial sectors. Dynamically increasing infrastructure development activities will fuel middle East cable industry size across commercial application, which surpassed a revenue of USD 3.5 billion in 2015. The industrial applications will generate an annual growth rate of 8.5% over the coming period of 2016 to 2023.

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