Levant Power Cable Market - By Product (Power, Control), By Voltage (HV, MV, LV), By Application (Oil & Gas, Construction, Utility, Manufacturing, And Transport) & Forecast, 2023 - 2032

Levant Power Cable Market - By Product (Power, Control), By Voltage (HV, MV, LV), By Application (Oil & Gas, Construction, Utility, Manufacturing, And Transport) & Forecast, 2023 - 2032

Levant Power Cable Market size is poised to witness over 7.6% CAGR from 2023-2032, driven by the modernization and upgradation of existing utility infrastructure to accommodate the escalating energy demands in the region.

With the aging power transmission and distribution systems, there is pressing need to enhance the capacity and reliability of the electrical grids. Additionally, government and private organizations are making massive investments in projects focused on the modernization of the transmission infrastructure to meet the growing demand in the region whilst improving the system resiliency, eliminating diesel resources, and meeting the net zero target and cost reduction. For instance, in September 2022, Oman Electricity Transmission Company, the operator of the nation’s power transmission grid launched a competitive tender for the installation of a subsea power cable to deliver cost-competitive electricity to Masirah Island from the national grid off the country’s eastern seaboard. Such initiatives are likely to augment the industry outlook through 2032.

The overall Levant power cable industry is segmented into voltage, product, application, and country.

The market share from the high voltage segment is poised to gain significant traction from 2023-2032. The increasing focus on strengthening power transmission and distribution networks in the region is surging the need for reliable high-voltage power cables. Additionally, the ongoing implementation of renewable energy projects and the modernization of existing power infrastructure will propel the segment growth.

Levant power cable industry is anticipated to witness high demand from the utility application segment between 2023 and 2032. The rising demand for efficient and reliable power transmission and distribution systems is boosting the need for high-quality power cables as they are essential for the effective delivery of electricity to residential, commercial, and industrial sectors for meeting the growing energy requirements in the region. Moreover, the surge in government initiatives for supporting the development of sustainable energy networks and the modernization of utility infrastructure will foster the segment expansion.

Regionally, Egypt held sizable revenue share of the Levant power cable industry in 2022 and is set to expand at a robust pace through 2032, fueled by the increasing investments in the expansion of power generation capabilities in the country. For instance, in September 2023, the Egypt government reaffirmed its plan to construct a subsea electrical line with Greece for ensuring electricity generated by Egyptian solar installations to serve the nation and the rest of Europe. Additionally, the growing number of ambitious renewable energy projects along with the increased need for reliable and efficient power transmission and distribution systems will accelerate the overall industry expansion.