Electric Wire And Cable Market Analysis India - Size and Forecast 2024-2028

India Electric Wire and Cable Market Size 2024-2028

The India Electric Wire And Cable Market size is estimated to grow by USD 2.14 billion, at a CAGR of 4.36% between 2023 and 2028. In the dynamic electric wire and cable market, several key trends and growth factors are shaping its trajectory. Notably, the renewable power generation sector in India is experiencing significant growth, driving the demand for electric wires and cables. This trend is further bolstered by the increasing sales of High Voltage Direct Current (HVDC) power cables, which are essential for transmitting electricity over long distances efficiently. Additionally, compliance with stringent government regulations regarding electric wires and cables is a critical challenge and trend in the market. These regulations ensure safety and quality, ultimately benefiting consumers and the industry as a whole. Thus, the market is poised for growth, with renewable energy, HVDC cables, and regulatory compliance being the key drivers and challenges.

What will be the Size of the Market During the Forecast Period?

Market Forecast 2024-2028

To learn more about this report,  Request Free Sample

Market Dynamics

The market is characterized as moderately competitive, analyzed through metrics like the Herfindahl index. This sector sees significant export potential amidst evolving trade relations and considerations of duties and tariffs. In the telecommunication sector, expansion is driven by increasing Internet subscribers and improving Internet penetration, facilitated by smart grid technology and ongoing infrastructure development. Consulting firms like BlueWeave Consulting provide strategic insights into leveraging sustainable energy sources for urban transportation. The market is witnessing a shift towards smart upgrading with advancements in Smart grids utilizing both underground and submarine cables. As the telecommunications industry progresses with 5G, attention also focuses on the low voltage segment and optimizing high voltage wires for enhanced connectivity and efficiency.

Key Market Driver - Growth in renewable power generation in India

One of the main factors that is significantly contributing to the growth of the market 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 increased 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 market research and growth during the forecast period.

Significant Market Trends - Increase in sales of HVDC power cables

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 market growth and forecasting during the forecast period.

Major Market Challenge - Volatility in raw material prices of electric wire and cable

The 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 market growth analysis during the forecast period.

Market Segmentation  

End-user Segment Analysis 

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.

Get a Customised Report as per your requirements for FREE!

The railway segment was the largest segment and was valued at USD 2.12 billion in 2018. 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 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 market growth during the forecast period.

Who are the Major Market Companies?

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.  

Segment Overview

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.

• End-user Outlook
  • Railway
  • Power
  • Construction
  • Telecom
  • Others
• Type Outlook 
  • Power cable
  • Specialty cable

Market Analyst Overview

The market is dynamic and crucial across various sectors, including telecommunications, aerospace, defense, and renewable energy. Telecom operators rely on telecom towers and data channels for efficient telecommunications transmission in both residential and commercial buildings. In infrastructure projects, such as smart cities and rural area developments, the demand for reliable electric infrastructure and technological advancements in grid networks is escalating. The market caters to diverse needs from solar and wind power applications to oil and gas and consumer electronics, Communication technologies driving innovation in polymer optic fiber products and multiple wires configurations. With rising urbanization and energy demands, initiatives in Medium Voltage and Extra High Voltage segments are expanding, facilitated by advancements in fiber optic cable and underground installation technologies amidst increasing 5G progress.

Request PDF sample

What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2024 and 2028
• Precise estimation of the market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across India
• A thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of the companies

We can help! Our analysts can customize this market research report to meet your requirements. Get in touch