REPORT HIGHLIGHT
Levant Power Cable Market size was valued at USD 4,8705.5 Million in 2022, expanding at a CAGR of 7.8% from 2023 to 2030.
A Levant power cable is a general term that typically refers to electrical cables used in the Levant region for power transmission and distribution. The Levant is a geographical region in the Eastern Mediterranean that encompasses Israel, Jordan, Lebanon, Palestine, and Syria. Power cables are used to transport electrical energy from power-producing sources (such as power plants) to various end-users, including residential, commercial, and industrial consumers, in the Levant region, as in many other regions of the world. These cables are an important part of the electrical infrastructure because they ensure a consistent supply of electricity to serve numerous operations and activities. Power cable characteristics and standards in the Levant region may vary based on the country and its regulations.
Levant Power Cable Market - Market Dynamics:
- Rising adoption of renewable energy sources, particularly solar and wind energy, which require efficient power transmission systems is expected to drive the market growth.
- Renewable energy sources, particularly wind farms, and solar parks can necessitate substantial infrastructure. This infrastructure includes electricity transmission cables that extend from the generation site to substations and, eventually, to customers. As countries in the Levant region transform to renewable energy, existing electrical infrastructure must be upgraded or modified to manage the varying load characteristics of renewables. This may result in an increase in demand for newer, more advanced power lines. According to international energy cooperation, in 2022, renewable energy supply from solar, wind, hydro, geothermal, and ocean rose by close to 8%, meaning that the share of these technologies in total global energy supply increased by close to 0.4 percentage points, reaching 5.5%. Modern bioenergy's share in 2022 increased by 0.2 percentage points, reaching 6.8%. The expansion of the electrical system to remote and underserved areas creates an opportunity for power cable suppliers. However, limited financial resources or shifting budget priorities can cause planned electrical infrastructure projects to be paused or halted.
Levant Power Cable Market - Key Insights:
- As per the analysis shared by our research analyst, the global Levant Power Cable market is estimated to grow annually at a CAGR of around 7.8% over the forecast period (2023-2030)
- The Levant Power Cable industry is projected to grow at a significant rate due to the growing awareness of sustainable growth
- Based on Product type segmentation, Power was predicted to show maximum market share in the year 2022
- Based on Application segmentation, Construction was the leading type in 2022
- On the basis of region, North America was the leading revenue generator in 2022
Levant Power Cable Market- Segmentation Analysis:
- The Global Levant Power Cable Market is segmented on the basis of product type, application, and region.
- The market is divided into three categories based on product type: Power, Data, and Control. Power cable dominates the market. The Levant region, which includes the eastern Mediterranean countries of Cyprus, Israel, Jordan, Lebanon, Syria, and Palestine, has its own set of characteristics when it comes to power and infrastructure, including the power cable market.
- The market is divided into two categories based on application: Oil and Gas, Construction, Utility, Manufacturing, and Transport. The Construction sector dominates the market and is likely to maintain its dominance during the forecast period. The construction industry is a major driver of power cable demand, as infrastructure development demands significant electrical installations. Given the region's geopolitical intricacies, analyzing the Levant Power Cable market with a focus on the construction industry necessitates a comprehensive approach.
Levant Power Cable Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The Asia Pacific region is expected to dominate the growth of the Levant Power Cable Market, due to growing Urbanization also demand for smart grids. Asia Pacific urbanization has increased the need for power cables significantly because of the development of infrastructure, the creation of buildings, and the expansion of electrical networks. Urbanization continues to be a defining megatrend in the Asia-Pacific region. Fifty-four percent of the global urban population, more than 2.2 billion people, live in Asia. By 2050, the urban population in Asia is expected to grow by 50% - an additional 1.2 billion people, predicted by the United Nations Human Settlements Programme. Europe is expected to drive market growth in the forecast period, owing to an increasing focus on infrastructure development, which may attract both local and foreign investments,
Levant Power Cable Market- Competitive Landscape:
The Levant region, which comprises Cyprus, Israel, Jordan, Lebanon, Syria, and Palestine, is distinguished by distinct geopolitical and economic characteristics. The power cable industry, which is critical for infrastructure and growth, reflects these complexities. Analyze the difficulties that new entrants may face. This could include legislative impediments, existing brand domination, capital-intensive requirements, or geopolitical complexities. Look for indications that a company intends to grow its operations, invest in R&D, or enter newer market categories. Also, recognize any significant investments, mergers, acquisitions, or partnerships that have recently occurred or are scheduled to occur. For example, on May 4, 2023, Liban Cables, a Nexans company, the leading provider of advanced cabling systems, solutions and innovative services, has inaugurated the extension of its 600 kW peak solar power system at its Nahr Ibrahim industrial facility, leading to a total output power to 1.2MW at peak with a first of its kind 500kW containerized battery solution.
Recent Developments:
On July 31, 2023, Oman Cables Industry (OCI), along with its strategic partner Prysmian Group, has identified 50 sustainable projects over the next three years and approved dedicated green investments for 2023. OCI aims to contribute effectively to the ambitious target of Prysmian Group: to cut scope 1 and 2 emissions by 47% and scope 3 emissions by 28% by 2030, compared to the baseline of 2019.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL LEVANT POWER CABLE MARKET KEY PLAYERS
- Liban Cables
- El-Sewedy Cables
- MESC Jordan
- Prysmian
- Nexans
- Belden
- KEI Limited
- Southwire Company
- Sumitomo Electric Industries
- The Okonite Company
- Oman Cables
- Riyadh Cables
- Saudi Cables
- DUCAB Cables
- Nuhas Oman
- Bahra Advanced Cable
GLOBAL LEVANT POWER CABLE MARKET, BY PRODUCT TYPE
GLOBAL LEVANT POWER CABLE MARKET, BY APPLICATION
- Oil and Gas
- Construction
- Utility
- Manufacturing
- Transport
GLOBAL LEVANT POWER CABLE MARKET, BY REGION
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA