By 2024, the Levante power cable market will exceed 6 billion USD
According to a recent study by Global Market Insights, in 2024, Levant, from Greece to Egypt, including Syria, Lebanon, Jordan, Israel, and Palestine, will be $ 6 billion. The increasing investment in infrastructure development in war-affected countries (including Syria and Iraq) will drive the size of the Levante power cable market.
More and more government and private funds to renovate war-affected public assets will drive the size of the Levante power cable. The Iraqi government has signed a strategic agreement with Siemens to strengthen and upgrade Iraq's traditional energy infrastructure and modern security systems. In 2016, Iraq invested $ 358 billion in post-civil war construction projects.
In order to reduce the dependence on traditional fossil fuels, so more and more attention to expand the clean energy, which will accelerate the power cable market growth. In 2016, the Jordanian government announced the third renewable energy tender, an increase of 200 megawatts of solar energy and 100 megawatts of wind power projects. In 2017, the Israeli government announced the development of the country's largest solar power project by 2018, with a capacity of 310 megawatts. Israel also plans to meet 10% of domestic electricity demand by renewable energy by 2020.
To 2024 medium voltage power cable market will reach more than $ 2 billion, thanks to the product in the transmission and distribution applications in the high adaptability. In 2016, the Egyptian Electric Power Transmission Company (EETC) announced an investment of $ 1.6 billion to strengthen the existing transmission network.
The Syrian power cable market is falling sharply due to internal conflicts between the government and insurgents. However, after the civil war, with the construction of the affected areas to increase the amount of construction spending, power cable industry will usher in index growth.
With the growing population of the city and the expansion of power transmission and distribution network to bring the growing demand for electricity, which will further expand the power cable market share. In 2017, the Turkish Ministry of Energy and Natural Resources announced the development of the Dardenil Channel submarine cable project, with a cumulative transmission capacity of 4 GW. The government signed a new energy transfer system with ABB in 2017, with an estimated investment of more than $ 500 million.
As the infrastructure of public and private financial institutions increased, bringing the development of infrastructure projects, engineering power cable market will expand more than 8%. In 2017, the Lebanese government announced that it was seeking more than $ 10 billion from the international community to cope with the large number of Syrian refugees in the next seven years.
The government's move to reduce dependence on conventional energy sources will boost the Jordanian power cable market. As a result of the substantial increase in economy and population, the country's energy demand has increased significantly over the past five years. At present, Jordan is heavily dependent on imported fuels to meet 96% of energy demand, accounting for 17.6% of GDP.
The main participants in the Levante power cable market include Arab Bahrain, Arab Riyadh Cable, Jordan MESC, France Nexans, India KEI Limited, Italy Prysmian, Okonite, American Southern Wire, American Belden, Oman Cable, Saudi cable, Sumitomo Electric, Dubai cable, Nuhas Oman and El-Sewedy.