The electric wire and cable market in India were valued at almost $5 billion in 2015 and is expected to surpass $9 billion by 2020, says Technavio.
Technavio has announced its latest market research report on electric wire and cable during the forecast period, 2016-2020. This market analysis, under the engineering tools vertical, discusses the major drivers and key emerging trends that will influence the growth of the electric wire and cable market in India during the forecast period. Some of the top vendors listed in this industry analysis include Finolex Cables, Havells India, KEI Industries, and Polycab Wires.
“The smart grid market will promote the convergence of analog or digital information and computer-based remote control and automation to electricity networks. These grids are designed to deliver an economical, sustainable, and secure electricity supply by intelligently integrating the actions of end-users efficiently. These grids consist of automated software and electronic hardware such as meters, switches, and relays that ensure stable transmission and distribution of electricity over a network. The development of the smart grid network in India will boost the demand for electric wires and cables,” says Anju Ajaykumar, a lead analyst at Technavio for research on engineering tools.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Growth in renewable power generation in India
The commercialization of renewable energy across the country will boost the demand for electric wire and cables in the region. India is slowing adopting modern technology and is on the verge of integrating regional grids to form a nationwide electric grid network to allow a seamless flow of electricity. The country is witnessing an extensive infrastructure development activities for T&D networks. In 2015, it was estimated that India accounts for total renewable energy capacity of over 34 GW and produces around 7% electricity to meet the electricity demand of the country as per MNRE. The Government of India is taking various initiatives to promote the use of sustainable and renewable energy sources in the country.
Expansion and revamping of T&D infrastructure in India
The exponential growth in power generation infrastructure is boosting the demand for power cables in the market. The rapid industrial development and urbanization in the country are boosting the requirement for stable and efficient electricity supply and networks across the region. One of the major factors that are expected to propel the growth of the electric wire and cable market in India is rural electrification. This industry is expected to attract more investment as the government’s goal is to provide electricity to every home by 2020.
Increase in investment in metro railways
The increasing projects initiated for the development of metro railway projects in India is easing congestion in streets. These projects are also generating business opportunities for helping the inadequate public transport system to speed up. Rapid urbanization and growing concern over pollution have increased the investment toward metro rails for urban mass transportation. Such development activities will attract many Indian and foreign companies to take advantage of these huge investment opportunities.
Other prominent vendors identified in this report are Cable Corporation of India, Apar Industries Limited, Cords Cable Industries, KEC International, LS Cable India, Shilpi Cable Technologies, Universal Cable, and V-Guard Industries.
This research report includes an in-depth analysis, market shares and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Electric Wire and Cable Market in India 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Low Voltage Cable Market 2016-2020
- Global High-Temperature Superconducting Wires Market 2016-2020
- Global Industrial Ethernet Cables Market 2016-2020
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