Levant Power Cable Market Size

Levant Power Cable Market Size

Levant Power Cable Market size was valued at over USD 5.3 Billion in 2023 and is set to grow at a rate of over 5.8% by 2032. Rising investments from public and private institutions coupled with regulatory provisions that cater to the rapid expansion of smart grid networks will positively influence the cable business outlook.

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Favorable reforms in-line with large-scale renewable integration favored by the upgrading of the existing grid networks to sustain the emerging electricity demand will comprehensively enhance product penetration.

Owing to the favorable economic & political scenario, smart grid deployment projects mark significant growth potential in the near future, which will have a subsequent impact in the cables industry. The growing construction spending has a direct impact on electricity demand. Over the years, acceleration in infrastructure developmental activities has significantly affected the electricity consumption pattern. A continuous & reliable power supply is considered a fundamental factor required to boost investments in the infrastructure sector, thereby impelling the market progress.

The region’s continuous & consistent efforts to generate income from other sources apart from oil & gas have benefitted the expansion of other sectors including tourism & trade, which are positively proliferating the increasing demand for electricity across the region. In addition, various private & public investments favoring the expansion & development of electrical networks owing to the rising energy demand will sway the industry landscape.

For instance, in March 2022, the Asian Infrastructure Investment Bank (AIIB), in association with Osmangazi Elektrik Da??t?m A? (OEDA?), an electricity distribution company, offered the first Turkish-lira-denominated non-sovereign loan of USD 75 million for the rehabilitation, expansion & efficiency improvement of electricity distribution networks across Osmangazi, a landlocked area in the western part of Turkey. The favorable industry outlook toward the revamping & upgrading of existing electrical networks through the integration of smart technologies coupled with the adoption of new establishments will foster industry landscape.