NEW YORK, April 26, 2021 /PRNewswire/ --
The electric wire and cable market in India by end-user (railway, power, construction, telecom, and others) and type (power cable and specialty cable) has been added to Technavio's offering. The electric wire and cable market in India is expected to grow by USD 1.65 billion, at a CAGR of almost 4% during 2021-2025.
In 2020, the rapid spread of COVID-19 had a severe impact on the manufacturing operations across major industries, including aerospace, IT and telecom, electrical equipment, and construction in India. This coupled with economic uncertainty in several states led to disruptions in the production and supply in the wire and cable industry. However, the market is expected to recover and register a 3.25% year-over-year growth in 2021 with the resumption of manufacturing activities across various sectors.
The market is expected to be driven by factors such as the growth in renewable power generation in India, the expansion and revamping of T&D infrastructure in India, and increasing investments in metro railways.
Electric Wire and Cable Market in India: Opportunities
The Government of India has been investing significantly in infrastructure development plans over the past few years. For instance, the country allocated extra funds for the development of the railway sector in its 2019 annual budget. Also, the Ministry of Power (India) is making significant investments to electrify all villages in the country by 2021. Moreover, the increasing demand for uninterrupted power supply and the rising emphasis on renewable power is expected to provide several growth opportunities for market vendors during the forecast period.
Electric Wire and Cable Market in India: Segmentation by End-user
Based on the segmentation by end-user, the market generated maximum revenue in the railway segment in 2020. Indian Railways is the single largest employer in the country and the 8th largest employer in the world. Over the years, the Government of India has continuously worked on strengthening the growth of the railway sector. For instance, the Vision 2024 initiative by the Indian government is expected to achieve a freight loading target of 2024 MT by 2024. This is expected to attract investments of around USD 190 billion over the next 5 years. Many such developments are expected to drive the growth of the market in the railway segment during the forecast period.
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Electric Wire and Cable Market in India: Major Vendors
Apar Industries Ltd.
The company offers various types of cables including MV/HV XLPE insulated power cables, LV XLPE insulated power cables, LV & MV aerial bunch cables, screened and instrumentation cables, concentric core (anti-theft) cables, and others.
Finolex Cables Ltd.
The company offers electric wires and cables which are manufactured using more than 99.97% pure electrolytic grade, bright annealed bare copper with more than 100% conductivity.
Havells India Ltd.
The company offers domestic and industrial switch gears, electrical wiring accessories, industrial motors, pumps, capacitors, domestic cables, and industrial underground cables. The company offers electric wire and cables under the brand, Havells.
KEI Industries Ltd.
The company is involved in the manufacturing, sale, and marketing of power cables such as low tension, high tension, and extra-high voltage (EHV), control and instrumentation cables, specialty cables, elastomeric / rubber cables, submersible cables, flexible and house wires, and winding wires. The company offers various types of electric wire and cables such as EHV cables up to 400 kV and high voltage cables.
Polycab India Ltd.
The company offers a wide range of electrical wires and cables including mv power cables, mv single-core power cable, lv power cable, lv control cable, and others.
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Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by End-user
Market Segmentation by Type
Customer landscape
Vendor Landscape
Vendor Analysis
Appendix
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