Levant power cable market to witness significant gains through post-war economic growth, Turkey to emerge as a major contributor

Levant power cable market caters to the development of transmission and distribution of electricity in the war-torn regions such as Iraq, Syria, Israel, Cyprus, Jordan, Lebanon, Palestine, Egypt, and Turkey. The recent civil-war situation across Levant countries has strongly impacted the private and public assets of these countries, the reconstruction of which required the government to make trillion-dollar investments. These strategic investments, many of which are still in continuum, are expected to uplift the growth of levant power cable market.

Syria Cable Market Size, By Application, 2016 (USD Million)

Levant basically refers to the countries of eastern Mediterranean. The governments of these nations have introduced several funding programs to refurbish the regions affected by wars. For instance, in 2016, Iraq invested USD 358 billion in the construction projects to be developed post the wars. For strengthening and upgrading the country’s energy infrastructure, the Iraq government in 2016, signed a strategic agreement with Simens, which has strongly impacted the growth of Levant power cable market. A report published by Global Market Insights, Inc., states Levant power cable industry to grow at a CAGR of 8% over 2017-2024. Having stood at a market valuation of USD 3 billion in 2016, Levant power cable market is expected to double its gains by garnering a valuation of over USD 6 billion by 2024.

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Below mentioned are regional trends which have influenced the growth of Levant power cable industry

Jordan

Over the past few years, the country’s energy demand has increased significantly, subject to significant economic growth and rise in population. Currently, Jordan’s energy needs are depended majorly on import activities which satisfy up to 96% of the region’s energy requirement. The Government of Jordan has therefore initiated renewable energy projects in a bid to reduce their dependence on conventional energy sources. In 2016, the government of Jordan sanctioned a tender to augment 100 MW of wind and 200 MW of solar power projects. Such favorable governmental initiatives have strongly influenced the growth of Levant power cable industry from Jordan.

Israel

Levant power cable market is expected to depict remarkable growth trends in Israel, as the country is targeting to meet 10% of its power generation demand from renewable sources by 2020. The Israel government has further supported Levant power cable growth by announcing the country’s largest power generation project from solar energy, which is estimated to have a capacity of 310 MW by 2028.

Syria

Levant power cable industry is expected to witness a considerable turmoil from Syria. The internal conflicts and civil wars within the country have significantly hampered Syria’s economic growth. However, post the Civil War, the country has witnessed an increase in spending toward the rebuilding and construction of the affected areas. This expenditure is expected to depict considerable growth in Levant power cable market from Syria.

Turkey

Turkey has also been one of the lucrative grounds for the investors of Levant power cable market, given the region’s appropriate geographical location and favorable regulatory framework. Turkish energy industry of late has witnessed a remarkable growth, which has subsequently led to an incorporation of a chain of governmental regulations that have proved to be beneficial for Levant power cable market expansion in the region. Continued privatization of the energy sectors has further increased the competition in the business space.  With a significant progression across transport communication and energy sectors, Levant power cable market from Turkey is forecast to record a valuation of USD 2 billion by the end of 2024.

Cyprus

Cyprus is another prominent region which is slated to experience a strong hold in the levant power cable market over the coming years. Strong initiatives undertaken by the regional government toward deploying more number of offshore gas reserves in the country, is expanding the regional market outlook. Garnering a revenue of USD 8 million in 2016, Cyprus is expected to contribute significantly toward the overall levant power cable industry share over 2017-2024.

Prominent Levant power cable industry players include Sumitomo Electric Industries, Middle East Specialized Cables Co., Liban Cables, Oman Cables, Prysmian Group, KEI Limited, The Okonite Company, Bahra Advanced Cable Manufacture, Elsewedy Electric, Nuhas Oman, Southwire Company, LLC., DUCAB Cable, Riyadh Cables, Belden, Saudi Cable, and Nexans.

Author Name : Ojaswita Kutepatil