Dublin, Dec. 11, 2024 (GLOBE NEWSWIRE) -- The "Kuwait Wires And Cables Market | Share, Companies, Analysis, Trends, Size, Revenue, Value, Industry, Forecast & Growth | Market Forecast By Voltage, Products, Installations, Materials, Applications And Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
The Kuwait wires and cables market has experienced significant growth in recent years, driven by substantial government investments in infrastructure. In 2023, Kuwait allocated $27.6 billion to infrastructure projects, with an additional $1.4 billion set aside for 2024-2025.
Key projects include the expansion of Kuwait International Airport to increase passenger capacity to 25 million and the development of a metro rail network in Kuwait City to ease road congestion and improve urban mobility.
The ongoing improvement in Kuwait's infrastructure and residential sectors, under the Vision 2035 initiative, is expected to further boost demand for cables and wires. Notably, the government's commitment to large-scale housing projects, valued at approximately USD 135 billion, including the expansion of Saad Al Abdullah, South Sabah Al Ahmad, and East Sabah Al Ahmad, will drive growth in the construction sector and, consequently, elevate the demand for cables and wires.
Kuwait Wires and Cables Market Overview
According to the research, Kuwait Wires and Cables Market revenue size is projected to grow at a Revenue CAGR of 5.7% during 2024-2030. This growth can be attributed to government initiatives aimed at promoting residential and commercial development, nearly $45 billion investment in allocations to build new cities and develop its infrastructure which are expected to drive the demand for wires and cables in the years ahead.
Furthermore, Kuwait has approved 239 projects with a combined value of around $3.15 billion for the new fiscal year and also revealed a four-year plan for 2023-2027, which included 107 major projects covering all economic, social, entertainment, and human resource fields by 2027, and would drive robust demand for wires and cables in the Kuwait market during the forecast period.
Kuwait Wires and Cables Market Segmentation
Market Segmentation by Voltage
In 2023, the low voltage segment dominated the Kuwait wires and cables market, driven by high demand across the residential and commercial sector, security, building and construction power distribution, and infrastructure sectors. Additionally, the Public Authority for Housing and Welfare announced plans to construct 250,000 housing units over the next decade and increasing the need for low voltage cables.
Market Segmentation by Cable
In 2023, power cables held the highest revenue share in the Kuwait cables segment, driven by their essential role in extensive infrastructure and power projects. Significant investments in power generation, transmission, and distribution networks, spurred by Kuwait's development plans and urbanization, fuel this demand. This trend is expected to continue, supported by economic growth under the Kuwait Vision 2035 development program. The $100 billion five-year development plan is set to further boost demand, opening avenues for future projects, further bolstering the demand for power cables and securing their market dominance.
Market Segmentation by Application
Power utilities dominate the applications segment of Kuwait's wires and cables market due to significant investments in national power infrastructure upgrades and expansions. Rising electricity demand, driven by rapid urbanization and industrial growth, along with large-scale projects like new power plants and grid expansions, boosts the need for wires and cables. Additionally, the expansion of residential suburbs such as Saad Al Abdullah, South Sabah Al Ahmad, and East Sabah Al Ahmad will increase housing supply and further drive market growth in the coming years.
Kuwait Wires and Cables Market Opportunity Assessment
Key Attractiveness of the Report
- 10 Years Market Numbers.
- Historical Data Starting from 2020 to 2023.
- Base Year: 2023
- Forecast Data until 2030.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
Key Highlights of the Report:
- Kuwait Wires and Cables Market Overview
- Kuwait Wires and Cables Market Outlook
- Kuwait Wires and Cables Market Forecast
- Historical Data and Forecast of Kuwait Wires and Cables Market Revenues for the Period 2020-2030F
- Historical Data and Forecast of Kuwait Wires and Cables Market Revenues, By Voltage, for the Period 2020-2030F
- Historical Data and Forecast of Kuwait Wires and Cables Market Revenues, By Cables, for the Period 2020-2030F
- Historical Data and Forecast of Kuwait Wires and Cables Market Revenues, By Application, for the Period 2020-2030F
- Market Drivers and Restraints
- Key Performance Indicators
- Kuwait Wires and Cables Market Revenue Share, By Companies, 2023
- Key Competitors Analysis
- Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Kuwait Wires and Cables Market Overview
3.1 Kuwait Wires and Cables Market Revenues, 2020-2030F
3.2 Kuwait Wires and Cables Market Industry Life Cycle
3.3 Kuwait Wires and Cables Systems Market-Porter's Five Forces
4. Kuwait Wires and Cables Market Dynamics
4.1. Impact Analysis
4.2. Market Drivers
4.3. Market Restraints
5. Kuwait Wires and Cables Market Overview, By Voltage
5.1 Kuwait Wires and Cables Market Revenue Share and Revenues, By Voltage
5.1.1 Kuwait Wires and Cables Market Revenue, By Low Voltage
5.1.2 Kuwait Wires and Cables Market Revenues, By Medium Voltage
5.1.3 Kuwait Wires and Cables Market Revenues, By High Voltage
5.1.4 Kuwait Wires and Cables Market Revenues, By Extra High Voltage
6. Kuwait Wires and Cables Market Overview, By Cables
6.1 Kuwait Wires and Cables Market Revenue Share and Revenues, By Cables
6.1.1 Kuwait Wires and Cables Market Revenues, By Power Cables
6.1.2 Kuwait Wires and Cables Market Revenues, By Coaxial Cables
6.1.3 Kuwait Wires and Cables Market Revenues, By Fibre Optic Cables
6.1.4 Kuwait Wires and Cables Market Revenues, By Signal and Control Cables
6.1.5 Kuwait Wires and Cables Market Revenues, By Telecom and Data Cables
7. Kuwait Wires and Cables Market Overview, By Applications
7.1 Kuwait Wires and Cables Market Revenue Share and Revenues, By Applications
7.1.1 Kuwait Wires and Cables Market Revenues, By Commercial
7.1.2 Kuwait Wires and Cables Market Revenues, By Residential
7.1.3 Kuwait Wires and Cables Market Revenues, By Power Utilities
7.1.4 Kuwait Wires and Cables Market Revenues, By Industrial
7.1.5 Kuwait Wires and Cables Market Revenues, By Others
8.Kuwait Wires and Cables Market Opportunity Assessment
8.1 Kuwait Wires and Cables Market Opportunity Assessment, By Voltage
8.2 Kuwait Wires and Cables Market Opportunity Assessment, By Cables
8.3 Kuwait Wires and Cables Market Opportunity Assessment, By Applications
9. Kuwait Wires and Cables Market Key Performance Indicators
10. Kuwait Wires and Cables Market- Competitive Landscape
10.1 Kuwait Wires and Cables Market Revenue Share, By Companies
10.2 Kuwait Wires and Cables Market Competitive Benchmarking, By Technical Parameters
10.3 Kuwait Wires and Cables Market Competitive Benchmarking, By Operating Parameters
11. Company Profiles
- Elsewedy Electric
- Alfanar Group
- MESC
- Bahra Cables
- Prysmian Group
- Gulf Cables & Electrical Industries Group Co.
For more information about this report visit https://www.researchandmarkets.com/r/42kmr1
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