India’s Electric Wire and Cable Market to Grow by USD 2.14 Billion (2024-2028), AI Impact and Renewable Power Growth Driving Revenue–Technavio Report

NEW YORK, Oct. 21, 2024 /PRNewswire/ — Report on how AI is redefining market landscape- The global electric wire and cable market in India  size is estimated to grow by USD 2.14 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 4.36%  during the forecast period. Growth in renewable power generation in India is driving market growth, with a trend towards increase in sales of HVDC power cables. However, compliance with government regulations for electric wires and cables  poses a challenge. Key market players include 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..

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Key Market Trends Fueling Growth

The Indian electric wire and cable market is expected to grow significantly during the forecast period due to the increasing adoption of high-voltage direct current (HVDC) underground power cables for long-distance and high-voltage power transfer. HVDC systems provide a reliable and efficient solution for bulk power delivery, especially in cross-border infrastructure projects. These projects require large amounts of electricity to be transferred between countries, making HVDC cables a preferred choice. Additionally, HVDC cables are lighter and more compact than their alternating current (AC) counterparts, making them ideal for submarine power transmission and offshore wind projects. The growth of renewable energy, particularly in the wind sector, is also expected to boost the demand for HVDC power cables in India. Therefore, the market for electric wires and cables in India is poised for growth, driven by the increasing adoption of HVDC technology for long-distance power transmission. 

The Electric Wire and Cable market in India is witnessing significant growth due to increasing trends in connectivity and the proliferation of data channels. As the second-largest producer of cables in the world, Indian companies like Finolex and Polycab are leading the charge. The telecom, power distribution, aerospace and defense, aircraft manufacturing, electronics, and renewable energy sectors are key consumers. The infrastructure development in sectors like renewable energy, metro railways, urban transportation, and congestion issues require expansion and modernization, driving demand for electric infrastructure. BlueWeave Consulting, a strategic consulting and research firm, predicts continued growth in the market due to energy demands and the shift towards sustainable energy sources. The overall outlook is positive, with opportunities in power transmission, data transmission, telecommunications transmission, and electrical infrastructure. Single metal conductors and multiple wires carry electric current in wires, while cables consist of insulated conductors for power and data transmission. 

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Market Challenges

The electric wire and cable market in India faces significant challenges due to stringent safety regulations and varying technical specifications for manufacturing and exporting products. Regulatory bodies such as ANSI, IEC, and IEEE set the rules and standards, which impact vendors’ profitability. These regulations vary based on circuit voltage, temperature rating, and environmental conditions. Compliance with these regulations increases production costs, particularly for vendors targeting exports. As a result, the electric wire and cable market growth in India may be hindered during the forecast period due to these factors.The Electric Wire and Cable market in India is growing due to rising urbanization and infrastructure development. However, challenges include complex internal energy markets, requiring joint ventures and license agreements. Smart upgrading and grid modernization through smart grids and underground cables are key trends. Undersea cables and high voltage wires for 5G progress are in demand. The market is moderately competitive, with a Herfindahl index of 1500. Export potential is high, but trade relations, duties, and distance impact competitiveness. India’s increasing internet subscribers and penetration boost fiber optic cable demand. Telecom operators and towers require extensive cabling. Infrastructure projects in rural areas and smart cities also offer opportunities. Low voltage segment growth is driven by electronic devices. Overhead and underground installation methods continue to coexist.

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Segment Overview 

This electric wire and cable market in India report extensively covers market segmentation by

End-user 1.1 Railway1.2 Power1.3 Construction1.4 Telecom1.5 OthersType 2.1 Power cable2.2 Specialty cableGeography 3.1 APAC

1.1 Railway-  The Electric Wire and Cable market in India is growing steadily due to increasing electricity demand and infrastructure development. Key players include Birla Electicals, Finolex Cables, and L&T Construction. The government’s “Power for All” initiative and Smart City projects are major drivers. Import duties on cable imports have been increased to boost local production. The market is expected to reach USD15.2 billion by 2023, growing at a CAGR of 11.5%.

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Research Analysis

The Electric Wire and Cable Market in India is moderately competitive, with numerous domestic and international players. The Herfindahl index indicates a healthy level of competition, ensuring a diverse range of offerings. India’s export potential in this sector is significant due to its large production capacity and competitive labor costs. Trade relations with key markets like the US, Europe, and the Middle East provide opportunities for growth. Duties, tariffs, and distance can impact import and export activities. With over 700 million internet subscribers and increasing internet penetration, the demand for communication cables is surging. Smart grid technology, infrastructure development, and the expansion and modernization of sectors like renewable energy, metro railways, and urban transportation are driving the demand for high-quality wires and cables. BlueWeave Consulting, a strategic consulting and research firm, predicts the market’s growth, driven by the adoption of sustainable energy sources, smart upgrading, smart grids, and the implementation of underground and submarine cables. The market is also witnessing advancements in low voltage segments and high voltage wires, as well as the progress of 5G communication technologies.

Market Research Overview

The Electric Wire and Cable Market in India is moderately competitive with a Herfindahl index of around 0.18, indicating a decent level of competition among domestic and international players. India’s export potential in this sector is significant due to its second-largest production capacity in the world. Trade relations with key markets like the US, China, and the UAE are crucial for the industry’s growth. Duties, tariffs, and distance are key factors affecting exports. With over 700 million internet subscribers and increasing internet penetration, the demand for electric wires and cables in telecom and power distribution sectors is surging. Infrastructure development projects in sectors like smart cities, renewable energy, metro railways, and urban transportation are major growth drivers. The market caters to various sectors, including power, telecommunications, residential, commercial, renewable energy sources, railways, consumer electronics, utilities, material handling, entertainment, and grid networks. Key materials used in the production of wires and cables include copper, aluminum, plastics, and alloys. The overall outlook for the Electric Wire and Cable Market in India is positive, driven by infrastructure development, energy demands, and digitization. Companies like Finolex, Polycab, and BlueWeave Consulting are playing a significant role in the expansion and modernization of the industry, focusing on sustainable energy sources and smart grid technology. However, challenges such as transportation challenges, economic downturn, and budget cuts can impact the market’s growth.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

End-userRailwayPowerConstructionTelecomOthersTypePower CableSpecialty CableGeographyAPAC

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio