Dublin, Jan. 21, 2024 (GLOBE NEWSWIRE) -- The "Middle East & Africa Heat Shrink Tubing Market Forecast to 2030 - Regional Analysis - by Voltage; Material; and End User" report has been added to ResearchAndMarkets.com's offering.
The Middle East & Africa heat shrink tubing market is projected to exhibit significant growth, ascending from US$ 145.90 million in 2022 to an esteemed US$ 192.06 million by 2030, with a 4.7% CAGR from 2022 to 2030. This growth is substantially stimulated by the burgeoning telecommunications, oil & gas, and the electrical and electronics industries spread across the region.
In an extensive analysis of pivotal sectors, our latest research sheds light on the monumental increase in automotive sales, which in turn, is kindling the demand for heat shrink tubing. The integration of complex electronic systems in modern vehicles bolsters market growth, as evident from the spike in vehicle sales within the Middle East & Africa, especially noted in South Africa and Turkey.
The Heat Shrink Tubing Market in the Power Sector
The region is not only steering ahead in the automotive realm but is also charging forward with investments in the power industry. Increasing renewable energy projects and the initiation of nuclear plants in the UAE and other countries are clear indicators of this forward momentum. Dubai's goal of achieving 75% clean energy by 2050, and the renewable energy targets set by several countries for 2030, amplify the demand for efficient and reliable energy infrastructure, significantly driving the need for quality heat shrink tubing solutions.
Segmentation of the Middle East & Africa Heat Shrink Tubing Market
A segment-wise dissection of the market reveals that low voltage heat shrink tubing retains the majority share, praised for its extensive applications in various sectors. Similarly, polyolefin continues to lead among material segments, renowned for its impressive electrical and physical properties.
- By Voltage: Low Voltage (less than 5kV) dominates the market.
- By Material: Polyolefin stands as the material of choice.
- By End User: Utilities segment constitutes the largest market share.
The research further categorizes the market across different end-user sectors, identifying utilities, energy, and infrastructure/building construction as pivotal to the heat shrink tubing demand. The utilities sector itself is segmented into electricity, natural gas, steam supply, water supply, and sewage removal, offering a comprehensive view of the industry's scope.
The geospatial analysis of the market segments the Middle East & Africa region into South Africa, Saudi Arabia, UAE, and other territories, with South Africa leading the market in 2022. This granular understanding allows stakeholders to pinpoint strategic opportunities within the market landscape.
Key Market Influencers
The ongoing advancements fostered by leading companies such as 3M Co, HellermannTyton Ltd, Molex LLC, Sumitomo Electric Industries Ltd, and TE Connectivity Ltd create a robust environment for the heat shrink tubing market in the Middle East & Africa. The innovation-driven approach by these companies ensures consistent market growth and sustained industrial demands.
The comprehensive research publication provides an all-encompassing view of the market trends, forecasts, and growth drivers propelling the Middle East & Africa heat shrink tubing industry. It presents an indispensable resource for entities operating or looking to venture into this market.
A selection of companies mentioned in this report includes
- 3M Co
- HellermannTyton Ltd
- Molex LLC
- Sumitomo Electric Industries Ltd
- TE Connectivity Ltd
For more information about this report visit https://www.researchandmarkets.com/r/mbubi
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