Saudi Arabia and GCC Medium Voltage Cable Accessories Market Size, Share, Competitive Landscape and Trend Analysis Report by Product Type, Technology, Installation ,Voltage Range, By Industry Vertical : Global Opportunity Analysis and Industry Forecast, 2017-2031

Saudi Arabia and GCC Medium Voltage Cable Accessories Market Research, 2031 

The Saudi Arabia and GCC medium voltage cable accessories market size was valued at $1,825.5 million in 2016, and is projected to reach $5,190.7 million by 2031, registering a CAGR of 7.26%. 

According to Vaishnavi Mate Lead Analyst, Semiconductor and Electronics, at Allied Market Research, the medium voltage cable accessories market is expected to showcase significant growth during the forecast period of 2022-2031. The report contains a thorough examination of the market size, medium voltage cable accessories market trends, key market players, sales analysis, major driving factors, and key investment pockets. The report on the global medium voltage cable accessories market provides an overview of the market as well as market definition and scope. 

Medium voltage cable accessories range from 3.3KV to 33kV. These cable accessories are specially designed for stress control mechanism for enhanced product performance and to maintain high network reliability. Medium voltage power cable are an integral part of any electricity distribution network, performing similar basic functions as that of medium voltage cables for which they are installed. Some of the critical factors considered for designing medium voltage cable accessories are insulation material, control of electric stress, protection from environment, and cable connection. 

Saudi Arabia and GCC medium voltage cable accessories market growth is expected to witness growth during the forecast period, owing to extensive investments in the construction sector for infrastructural development. The Saudi Arabia and GCC medium voltage cable accessories market analysis is expected to be driven by increasing investments by governments to develop smart electricity grids that fulfill the exponentially increasing demand for electricity. Moreover, surge in installation of underground cables boost the demand for medium voltage cable accessories. Considering these factors, the Saudi Arabia and GCC medium voltage cable accessories market outlook is estimated to experience a steady growth in the future. 

Surge in focus on harnessing renewable sources of energy and rise in industrialization are some of the other drivers for the Saudi Arabia and GCC medium voltage cable accessories market growth. However, high failure rate of medium voltage cable accessories acts as a major restraint for the market growth. Furthermore, rise in use of e-mobility and upsurge in number of medium voltage cable connectors provide lucrative Saudi Arabia and GCC medium voltage cable accessories market opportunity.  

Segment Review 

The Saudi Arabia and GCC medium voltage cable accessories industry is segmented on the basis of product type, technology, installation, and industry vertical. On the basis of product type, it is fragmented into cable joints & splice, connectors, terminations, and other product types. The cable joints & splice segment dominated the medium voltage cable accessories industry, in terms of revenue in 2016, and is expected to follow the same trend during the forecast period. On the basis of technology, the market is segregated into heat shrink, cold shrink, and pre-molded terminations. The heat shrink segment dominated the market, in terms of revenue in 2016, and is expected to follow the same trend during the forecast period. By installation, the market is categorized into overhead, underground, and submarine. The overhead segment dominated the market in terms of revenue in 2016, however, the submarine segment is estimated to witness high growth rate during the forecast period. By industry vertical, the market is divided into railways, construction, private utilities, cement, marine, government utilities, oil & gas, healthcare, fertilizer, steel, and others. The government utilities segment accounted for the highest market share in 2016, and the construction segment is expected to grow at a high CAGR from 2017 to 2031. 

Competition Analysis 

Competitive analysis and profiles of the major Saudi Arabia and GCC medium voltage cable accessories players that have been provided in the report 3M, Behr Bircher Cellpack BBC AG, Belden Inc. (Alpha Wire), CEEPOWER Co., Ltd., Cleveland Cable Company, Densun (Yamuna), EL Sewedy Electric Company, Furukawa Electric Co., Ltd., Leoni AG, LS Cable & System Ltd., Nexans, Prysmian Group (General Cable), Raychem RPG Private Limited, Riyadh Cable Group, Sumitomo Electric Industries, Ltd., TE Connectivity. These key players adopt several strategies such as new product launch and development, acquisition, partnership and collaboration and business expansion to increase the Saudi Arabia and GCC medium voltage cable accessories market share during the forecast period. 

Country Analysis 

Country-wise, the Saudi Arabia acquired a prime share in the Saudi Arabia and GCC medium voltage cable accessories market and is expected to grow at a significant CAGR during the forecast period of 2016-2031. Owing to increased construction activities, establishment of business centers, industry and infrastructure development programs that boosted the demand for medium voltage cables across the Kingdom of Saudi Arabia. Further, government initiatives such as Saudi Vision 2030 and shifting focus of the Saudi government to tourism and transportation will have a positive impact on the growth of the Saudi Arabia and GCC medium voltage cable accessories market forecast. 

Top Impacting Factors 

The significant factors impacting the Significant impacting factors in the Saudi Arabia and GCC medium voltage cable accessories market include increase in investments by governments to improve power grid, growth in investments in construction sector, and surge in number of data centres. However, high failure rate of medium voltage cable accessories is expected to hinder the market growth.  Each of these factors is anticipated to have a definite impact on the market during the forecast period.   

Impact of Covid-19 Outbreak  

Emergence of COVID-19 has declined growth rate of the market in 2019 and the market is estimated to witness slow growth by the end of 2022. The market was primarily hit by several obstacles created amid the COVID-19 pandemic for the construction industry including availability of resources, health and safety measures, deliverables, contractual obligations, and project delays or cancellations.  

Historical Data & Information  

The Saudi Arabia and GCC medium voltage cable accessories market is highly competitive, owing to the strong presence of existing vendors. Vendors of the Saudi Arabia and GCC medium voltage cable accessories market with extensive technical and financial resources are expected to gain a competitive advantage over their competitors because they can cater to market demands. The competitive environment in this market is expected to increase as technological innovations, product extensions, and different strategies adopted by key vendors increase. 

Key Developments/Strategies  

3M, Compaq International (P) Limited, Nexans, NKT A/S, Phoenix Technology Group Co., Ltd., Raychem AG are the top 5 companies holding a prime share in the Saudi Arabia and GCC medium voltage cable accessories market. Top market players have adopted various strategies, such as product launches, contracts, and others to expand their foothold in the Saudi Arabia and GCC medium voltage cable accessories market. 

• In December 2021, Leoni AG has signed a binding agreement with BizLink, an international provider of solutions for cable and connectivity services, for the sale of the Leoni Industrial Solutions business group.   
• In March 2022, Madeco by Nexans has reached a substantial agreement with Sigdo Koppers Ingeniera y Construcción SA to deliver cabling solutions for the Horizonte wind farm as part of its ongoing efforts to advance the growth of renewable energies. 

Key Benefits for Stakeholders 

• This study comprises an analytical depiction of the market size along with the current trends and future estimations to depict the imminent investment pockets. 
• The overall market analysis is determined to understand the profitable trends to gain a stronger foothold. 
• The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis. 
• The current Saudi Arabia and GCC medium voltage cable accessories market forecast is quantitatively analyzed from 2021 to 2031 to benchmark financial competency. 
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the Saudi Arabia and GCC medium voltage cable accessories market. 
• The report includes the market share of key vendors and Saudi Arabia and GCC medium voltage cable accessories market trends. 

  Saudi Arabia and GCC Medium Voltage Cable Accessories Market Report Highlights