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The India - Electric Wire And Cable Market size is estimated to grow at a CAGR of 4.63% between 2022 and 2027. The market size is forecast to increase by USD 2,189.92 million. The growth of the market depends on several factors, such as growth in renewable power generation in India, the expansion and revamping of transmission and distribution (T&D) infrastructure in India, and the increase in investment in metro railways.
This report extensively covers market segmentation by end-user (railway, power, construction, telecom, and others) and type (power cable and specialty cable). It also includes an in-depth analysis of drivers, trends, and challenges.
Electric Wire and Cable Market in India Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
One of the main factors that is significantly contributing to the growth of the electric wire and cable market in India is the substantial growth of renewable power generation in the region. As a result, there is an increase in demand for efficient, durable, and technologically advanced wiring solutions across the region.
Moreover, there is an increased requirement for reliable interconnections and transmission systems. fuelled by the expansion of solar and wind energy installations across the nation. As a result, the demand for electric wires and cables has surged as they are an essential component of these energy networks, enabling the seamless transfer of generated electricity to distribution grids and end consumers. Hence, such factors are expected to drive India electric wire and cable market growth during the forecast period.
There is increasing adoption of High-voltage direct current (HVDC) underground power cables as they are considered the best option for long-distance and high-voltage safe power transfer. The main advantage of HVDC power systems is that they offer a reliable option for long-distance bulk power delivery.
Moreover, several energy products are announced by the European Commission for the construction of cross-border infrastructure to create an internal energy market and enhance the security of the energy supply. As a result, it will fuel the demand for high-voltage direct current (HVDC) underground power cables for the transfer of high loads of electricity across the country. Hence, such factors are positively impacting the market which in turn will drive the India electric wire and cable market growth during the forecast period.
The electric wire and cable market in India highly depends on materials such as copper and aluminum for the efficient conduction of electricity. the price of these raw materials is influenced by several factors such as supply-demand imbalances, geopolitical tensions, and economic conditions.
Moreover, such factors are fluctuating the prices of these raw materials which in turn is impacting the cost structure of cable production, resulting in pricing inconsistencies, and profitability concerns. As a result, several manufacturers find it challenging to maintain stable pricing for their products, creating hindrances in forecasting and budgeting. Hence, such factors are expected to hinder the India electric wire and cable market growth during the forecast period.
The railway segment is estimated to witness significant growth during the forecast period. One of the main countries with the largest railway network in the world after Russia and China is India. The Indian railway network includes 126,366 km of tracks covering a distance of 67,956 km. Factors such as the expansion and modernization of the country's railway network is significantly contributing to the growth of this segment.
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The railway segment was the largest segment and was valued at USD 2,070.06 million in 2017. There is an increasing investment by the Indian government in the railway sector with the goal of improving connectivity and enhancing transport infrastructure, resulting in an increase in demand for electric wires and cables. Furthermore, the electrification of railway tracks is fuelling the demand for electric wire and cable in the region. Furthermore, there is a growing focus by the Indian government on renewable energy sources which has further fuelled the demand for electric wires and cables in the railway segment, as solar panels are being increasingly installed in railway stations and on rooftops of trains. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the India electric wire and cable market growth during the forecast period.
Type Segment Analysis:
Based on type, the segment is classified into power cable and specialty cable. A power cable can be referred to as an electrical cable that is made of one or more electrical conductors that are usually held together by a sheath. The main advantage of a power cable is that it can be buried in the ground, run overhead, or exposed as permanent wiring within buildings. Some of the main classifications of power cables include low-tension cables (LT cables) high-tension cables (HT cables) low-tension cables (LT cables). Factors such as the continuous flow of investments by the government of India into strengthening the national power transmission infrastructure are fuelling the growth of the segment which in turn will drive the market growth in India during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Apar Industries Ltd: The company offers electric wire and cables such as UNIDAC anti-theft cables, instrumentation, and signaling cables.
Cable Corporation of India Ltd: The company offers electric wire and cables such as special HRPVC grade PVC cables and 3.3 kv grade cables.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Diamond Power Infrastructure Ltd., Finolex Cables Ltd., Gupta Power Infrastructure Ltd., Havells India Ltd., KEI Industries Ltd., Lapp Holding SE, LS Corp., Panasonic Holdings Corp., PLAZA CABLES, Polycab India Ltd., RR Kabel, Sark Cables Pvt. Ltd., Sterlite Power Transmission Ltd., Syska Led Lights Pvt. Ltd., Traco Cable Co. Ltd., Universal Cables Ltd., V Guard Industries Ltd., and Vindhya Telelinks Ltd.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The India electric wire and cable market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
India Electric Wire And Cable Market Scope |
|
Report Coverage |
Details |
Page number |
135 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.63% |
Market growth 2023-2027 |
USD 2,189.92 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.08 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Apar Industries Ltd., Cable Corporation of India Ltd., Diamond Power Infrastructure Ltd., Finolex Cables Ltd., Gupta Power Infrastructure Ltd., Havells India Ltd., KEI Industries Ltd., Lapp Holding SE, LS Corp., Panasonic Holdings Corp., PLAZA CABLES, Polycab India Ltd., RR Kabel, Sark Cables Pvt. Ltd., Sterlite Power Transmission Ltd., Syska Led Lights Pvt. Ltd., Traco Cable Co. Ltd., Universal Cables Ltd., V Guard Industries Ltd., and Vindhya Telelinks Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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