Middle East And Africa High Voltage Cable Market 2023-2030
MARKET OUTLOOK
Triton Market Research’s report states that the high voltage cable market in the Middle East and Africa is anticipated to progress in value at a compound annual growth rate of 6.09% during the forecast years 2023-2030. Turkey, South Africa, the UAE, Saudi Arabia, and Rest of Middle East & Africa are taken into consideration in the reviewed region.
In the UAE, the government is striving to add renewable energy generating capacity to accommodate rising demand; however, the country presently relies on natural gas. Nevertheless, the nation aims to increase clean energy power generation to match the growing population. Several power projects are thus under development to meet the nation’s electricity needs. Therefore, the rising power demand is set to fuel the high voltage cable market over the forecast period.
In Turkey, the energy sector is among the most promising and developing sectors, attracting private sector investments. As per government reports, electricity consumption is anticipated to rise by around 5.5% by the end of 2023. This has led to various investments in the renewable energy sector to meet the growing demand. For instance, the European Bank for Reconstruction and Development invested heavily in developing the renewable energy sector. Such steps are accelerating the HVC market’s growth.
COMPETITIVE OUTLOOK
The major firms in the high voltage cable market include Furukawa Electric Co Ltd, Hitachi Ltd, Nexans SA, and Dubai Cable Company Pvt Ltd.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook