(MENAFN) Saudi Arabia is set to make an investment worth USD100 billion in the power sector by the year of 2020, according to reports, Saudi Gazette reported.
The Middle East power cables market underwent significant growth over the past decade due to large investments in the power, oil and gas, infrastructure and construction sectors.
The private sector's involvement in power generation is forecast to increase from 7.4 percent to over 17 percent by 2020, with KSA alone expected to make an investment that will amount around USD100 billion.
The cable market is forecast to witness a growth up to USD9.22 billion in 2020 from earned revenues of USD5.81 billion in 2014, according to Frost & Sullivan new analysis.
"The GCC interconnection power grid project, which has been drawing huge investments from all participating countries, will drive the need for power cables," Frost & Sullivan Energy & Environmental Consultant said.
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