India Wire and Cable Market is Expected to Grow Revenue up to USD 42221.8 Million By 2030 with a Growing CAGR of 16.60% | Infinium Global Research

The India Wire and Cable Market are experiencing remarkable growth, driven by the expansion and revamping of transmission and distribution (T&D) infrastructure. The government's commitment to investing INR 2.6 lakh crore in the development of T&D infrastructure, coupled with initiatives like the UDAY scheme and ambitious renewable energy targets, propels the demand for electrical wires and cables. The India wire and cable market was valued at USD 12515.5 Million in 2022 and is expected to reach USD 42221.8 Million by 2030 and grow at a CAGR of 16.60% over the forecast period.

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Government Initiatives Fueling Growth

The Government of India's investment of INR 2.6 lakh crore for the five-year period ending FY2022 is a key catalyst for the growth of the wire and cable market. Initiatives like the UDAY scheme and the aim to generate 100 GW of solar energy by 2022 further contribute to the surging demand for electrical wires and cables in the country.

Favorable Policies Driving Demand

Increasingly favorable government policies, including Power for All and 'Smart City' projects, are boosting large-scale growth in infrastructure, telecom, power generation, T&D, engineering, and automotive sectors. This surge in demand, however, introduces higher competitiveness in the market, potentially impacting product pricing.

Key Players Shaping the Market

The India Wire and Cable Market boast influential players such as Havells India Ltd., KEI Industries Ltd., Polycab India Limited, Hitachi Metals, Ltd., and Birla Cable LTD. These industry leaders are pivotal in steering the market's trajectory.

Transmission and Distribution Sector's Ongoing Focus

The Central Electricity Authority's (CEA) National Electricity Plan (NEP) outlines a blueprint for developing transmission systems to meet the increasing power generation and demand in India. The T&D sector, set to remain in focus, aligns with the government's substantial expenditure plans, ensuring the growth of the wire and cable industry.

Unprecedented Growth in the Electrical Industry

The wires and cables market in India, constituting nearly 40% of the electrical industry, experiences unprecedented growth. Policy and regulatory initiatives, along with government schemes like UDAY, DDUGJY, IPDS, and Saubhagya, contribute to the sector's robust expansion.

Anticipated GDP Growth and Electricity Demand Surge

The Institute for Energy Economics and Financial Analysis (IEEFA) forecasts a doubling of India's GDP over the next decade, growing at 7% annually. This growth is paralleled by a doubling of electricity demand, indicating a sustained need for quality electrical infrastructure.

Challenges and Opportunities

While the wire and cable market faces challenges such as global competition, price unpredictability of raw materials, and delays in project execution, it continues to be a highly attractive market. Companies are adapting to changing demand levels, focusing on meeting requirements for renewable sources, oil and gas, railways, and specialized segments.

Cable and Wire Fair 2019: A Hub for Industry Advancement

Cable and Wire Fair 2019 provides a platform for industry players to network and exhibit their latest products. With approximately 200 exhibitors from 25 countries, the event facilitates knowledge-sharing and innovation, showcasing the industry's latest and upcoming products.

Future Prospects and Market Expansion

The wire and cable industry in India is poised for significant expansion. Global investors recognize India's potential market for high and extra-high voltage cables, intending to increase investments through collaborations with Indian manufacturers. The industry anticipates heightened demand for cables in renewable energy, electric vehicles, and the establishment of EV charging infrastructure.

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=> Comprehensive analysis of regional markets of India wire and cable.

=> Complete coverage of all the product types and application segments to analyze the trends, developments, and forecast of market size up to 2030.

=> Comprehensive analysis of the companies operating in this market. The company profile includes an analysis of the product portfolio, revenue, SWOT analysis, and the latest developments of the company.

=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus on to invest, consolidate, expand, and/or diversify.

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