The cable and metals sectors are at a pivotal moment, facing the dual challenge of meeting escalating demand while adopting environmental stewardship. The International Energy Agency forecasts a monumental 400% surge in demand for critical metals such as lithium, cobalt, nickel, and copper by 2040, fueled by the growth of electric vehicles, battery storage, and electrical networks. Addressing this demand sustainably is a multifaceted challenge that necessitates decisive action and inventive solutions.
Companies must overhaul their supply chains to enhance resilience and reduce carbon footprints. Adopting a circular economy model is now essential, reconfiguring the entire value chain to minimize waste and maximize efficiency. In the Middle East, the $10.9 billion cable market is set for substantial expansion, driven by infrastructure developments and the need for energy-efficient technologies.
Innovation is crucial. Advances in nanotechnology improve cable efficiency, while AI and automation streamline production and cut waste. Recent research indicates that enhanced recycling technologies could potentially fulfill between 5.2% and 7.2% of the EU's demand for critical metals like lithium, cobalt, nickel, and copper in new batteries by 2030.
The UAE is spearheading green hydrogen in metal production, targeting 1.4 million tonnes annually by 2031 and scaling up to 15 million tonnes by 2050. This strategic initiative strengthens the country's foothold in the global hydrogen market and supports low-carbon local industries.
Industry leaders must spearhead change by leveraging innovation, investing in sustainable technologies, and fostering cross-sector collaboration. Forming partnerships with governments, policymakers, investors, and consumers will build a supportive ecosystem that accelerates the transition to a circular economy.
The path forward is evident, and the urgency to act has never been more pressing. Our industry has a singular opportunity to lead the global energy transition, but it will demand bold action and a readiness to embrace change for a sustainable future.
