18
Aug
The size of the cable market in the Middle East will exceed 10 billion US dollars
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According to the Global Market Insights report, the size of the cable market in the Middle East will exceed US$9.5 billion in 2022 and is expected to exceed US$10 billion in 2023, with a CAGR of 8% from 2023 to 2032.
The surge in demand is underpinned by explosive growth in the telecom sector and data technology, the Global Market Insights report said.
Meanwhile, a study by Grand View Research indicates that the global wire and cable market size is expected to be USD 202.05 billion in 2022, with a compound annual growth rate (CAGR) of 4.2% expected from 2023 to 2030.
Rising urbanization and growing infrastructure across the globe are some of the major factors driving the market.
The above factors affect the electricity and energy demand in the commercial, industrial and residential sectors. Rising investments in smart upgrades of transmission and distribution systems and smart grid development are expected to drive market growth.
The surge in demand is underpinned by explosive growth in the telecom sector and data technology, the Global Market Insights report said.
Meanwhile, a study by Grand View Research indicates that the global wire and cable market size is expected to be USD 202.05 billion in 2022, with a compound annual growth rate (CAGR) of 4.2% expected from 2023 to 2030.
Rising urbanization and growing infrastructure across the globe are some of the major factors driving the market.
The above factors affect the electricity and energy demand in the commercial, industrial and residential sectors. Rising investments in smart upgrades of transmission and distribution systems and smart grid development are expected to drive market growth.
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