Increasing Investment in Electrification to Drive India Insulated Wire and Cable Market at 10% CAGR until 2023
Rising public
spending on transportation sector, growing manufacturing sector under Make in
India initiative, and increasing demand for power from rural and Tier-II &
Tier-III cities to uplift India insulated wire and cable market through 2023
According
to TechSci Research report, “India
Insulated Wire and Cable Market By Type, By Rating, By Product
Installation, Competition Forecast & Opportunities, 2013 – 2023’’,
insulated wire and cable market in India is projected
to grow at a CAGR of 10.3%during 2018 - 2023. Growth in the market can be
attributed to increasing investments by the government in public transportation,
such as railways, metros, etc., in addition to increasing number of government
initiatives, including Deendayal Upadhyaya Gram Jyoti Yojana, Smart Cities
Mission and Make in India, which are driving the power sector in the country,
consequently, boosting demand for insulated wires and cables. Moreover, growing
real estate and construction sectors and increasing focus towards renewable
energy sources would fuel the country’s insulated wire and cable market during
the forecast period.
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In terms of wire and cable type, XLPE (Cross Linked
Polyethylene) insulated wire and cable segment is expected to witness the
fastest growth in the coming years, owing to surging acceptance of XLPE cables
in power sector due to their higher heat resistance and ability to transmit
high voltage power, and increasing laying of power transmission lines across
the nation. High voltage insulated wire and cable segment is also anticipated
to exhibit the fastest CAGR over the coming years, on the back of increasing
adoption of high voltage power cables in power sector, industrial plants and
smart cities being developed across the country. West India is the largest demand generating region in
India insulated wire and cable market, owing to high demand from manufacturing and
transportation sectors and increasing development of residential and commercial
buildings in the region.
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“Growing investment by the government in the electrification of villages
across the nation and increasing demand for uninterrupted power supply from
Tier-II & Tier-III cities is driving the insulated wire and cable market in
India. Moreover, growing number of electronic devices per household and rising
demand for power from transportation sector is likely to aid the market over
the course of next five years”, said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“India Insulated
Wire and Cable Market By Type, By Rating, By Product Installation, Competition
Forecast & Opportunities, 2013 – 2023” has analyzed
the potential of insulated wire and cable market, and provides statistics and
information on market size, shares and trends. The report will suffice in
providing the intending clients with cutting-edge market intelligence and help
them in taking sound investment decisions. Besides, the report also identifies
and analyzes emerging trends along with essential drivers and key challenges
faced by India insulated wire and cable market.
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