India Electric Wires and Cables Market Size Set to Grow at a Steady CAGR of 4.22% Touching USD 2.82 Billion by 2029

Published | 27 November 2023

India electric wires and cables market is flourishing because of an increasing implementation of smart grid technology and the rising infrastructure development.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India electric wires and cables market size at USD 2.2 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the India electric wires and cables market size to grow at a steady CAGR of 4.22% reaching a value of USD 2.82 billion by 2029. Major growth drivers for the India electric wires and cables market include the rising focus on sustainable energy sources, supported by the expansion and modernization of transmission and distribution (T&D) infrastructure necessary for efficiently delivering renewable energy across the country. This is complemented by significant efforts to expand and modernize the transmission and distribution (T&D) infrastructure, which is essential for effectively distributing renewable energy throughout the nation. Also, the increasing trend of investing in metro railways to improve urban transportation and alleviate congestion issues due to urban population growth is contributing to market expansion. These investments in metro railways and smart grid projects are also expected to have a positive impact on the global demand for wires and cables. As various industries and infrastructure sectors, such as power, telecommunications, residential, and commercial, continue to expand, the wire and cable industry is poised for growth. Another growing force is the growing focus on renewable energy sources is creating opportunities for cables used in solar and wind power applications, along with specialized segments like oil and gas and railways. Wires and cables serve a wide range of applications, including consumer electronics, utilities, material handling, automotive, and entertainment. The industry's overall outlook is optimistic, driven by the necessity for expanded grid networks and improvements in electric infrastructure. However, high cost of raw materials is anticipated to restrain the overall market growth during the forecast period.

India Electric Wires and Cables Market – Overview

The India electric wires and cables market involves manufacturing, distributing, and selling various electrical wires and cables used for power, data, and telecommunications transmission. The electric wires and cables industry covers a wide range, including wires and cables for power transmission, telecommunications, residential and commercial buildings, and industrial applications, playing a crucial role in supporting India's electrical infrastructure and technological advancements to meet increasing energy demands. Wires are single metal conductors for electric current, while cables consist of multiple wires enclosed in plastic or rubber for signal transmission, utilizing materials like copper, aluminum, plastics, and alloys. They find applications in industries such as defense, oil and gas, and automotive, with rising demand driven by the growing number of residences and houses, particularly in developing countries. The domestic wires and cables industry has experienced significant growth due to government efforts to expand electricity access and increased activity in the housing sector. The Indian electric wire and cable market holds potential for further growth, supported by government-backed infrastructure projects and investments.

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Impact of COVID-19 on India Electric Wires and Cables Market

COVID-19 pandemic adversely affected the India electric wires and cables market. With lockdowns and restrictions in place, several construction and infrastructure projects were delayed or halted, leading to reduced demand for wires and cables. Disruptions in the supply chain, including the availability of raw materials and transportation challenges, affected manufacturing and distribution. The economic downturn resulted in budget cuts for many projects, further affecting the market. However, the increasing emphasis on digitization and remote work drove demand for high-speed internet and telecommunications, partially offsetting the decline. The market is gradually recovering as restrictions ease and infrastructure projects resume.

India Electric Wires and Cables Market – By Voltage

By voltage, the India electric wires and cables market is divided into Low Voltage, Medium Voltage, High Voltage, and Extra High Voltage segments. The high voltage segment holds the highest share in the India electric wires and cables market by voltage. The growing adoption of High-voltage direct current (HVDC) underground power cables is driven by their effectiveness in long-distance, high-voltage power transmission. HVDC systems offer a reliable solution for efficient bulk power delivery over extended distances. Additionally, the European Commission's initiatives to enhance cross-border infrastructure and establish an internal energy market will boost demand for HVDC underground power cables in India. These cables facilitate the transfer of large electricity loads across the nation, positively impacting the market. As a result, the India electric wire and cable market is expected to experience growth during the forecast period due to these factors.

Competitive Landscape

Major players operating in the India electric wires and cables market include Apar Industries Ltd, Cable Corporation of India Ltd, Diamond Power Infrastructure Ltd, Finolex Cables Ltd, Havells India Ltd, KEI Industries Ltd, Lapp Holding SE, LS Corp., and Polycab India Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India Electric Wires and Cables Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India Electric Wires and Cables Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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