India Electrical Materials Market to Surpass USD 9714.33 Million in the Next Five Years
Increasing construction
activities and growing real estate sector to drive India electrical materials
market through the forecast period.
According
to TechSci Research report, “India
Electrical Materials Market By Type (Circuit Breakers, Light Switches,
Plugs & Sockets, Voltage Switcher, Cable Management, Cable Duct, Electrical
Conduit, Others), By End User (Industrial, Commercial, Residential), By Region,
Competition, Forecast & Opportunities, FY2026”, India electrical
materials market was valued at USD 5969.13 Million in FY2020 and is projected
to grow at double digit CAGR of 17.88% during the forecast years, to reach USD
9714.33 Million through FY2026.
Major factor driving the market are increasing construction activities and
surging use of electrical materials in industries including cement industry,
mining, powerplant, among others.
Growing
real estate sector is strengthening demand for electrical materials in India.
The growth of this sector is well complemented by increasing corporate
environment and demand for office space as well as urban and semi-urban
accommodations. However, economy slowdown in 2019-2020 and lack of skilled
manpower can hinder the growth of the India electrical materials market.
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Industrial sector is the largest demand generating sector for electrical
materials. Industrial sector accounted for a share of over 62.61% in India
electrical materials market in 2020. The Indian government and the various
state governments seem to making rapid progress in industrial sector. Over the
next 5-10 years, industrialization in India is likely to continue its growth
momentum, which is expected to create significant opportunities for electrical
materials in the industrial sector.
Anchor Electricals Pvt. Ltd.,
Legrand India Pvt. Ltd., Havells India Ltd., GM Modular Pvt. Ltd., Honeywell
Electrical Devices and Systems India Ltd., Schneider Electric India Pvt. Ltd.,
Philips Lighting India Limited, Wipro Enterprises Private Ltd., ABB India
Limited, GoldMedal Electricals Pvt. Ltd., and Polycab India Limited. etc. are
some of the leading players operating in India electrical materials market.
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“Northern
region is the dominant region in India electrical materials market accounting
for a share of 30.65% in 2020. Northern region is undergoing massive
construction developments, with hundreds of residential & commercial
buildings being constructed. The Indian government in its effort to revive the residential
market especially in the excess supply region of North India has provided
several incentives for boosting the affordable housing segment. These
incentives have led to significant growth in FY2019-20 in the affordable
housing segment. As a result, demand for electrical materials has grown in the
region and will continue to grow over the forecast period once the adverse
impact on demand due to COVID-19 subsides.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based India
management consulting firm.
“India Electrical Materials Market By Type (Circuit
Breakers, Light Switches, Plugs & Sockets, Voltage Switcher, Cable
Management, Cable Duct, Electrical Conduit, Others), By End User (Industrial,
Commercial, Residential), By Region, Competition, Forecast & Opportunities,
FY2026”, has evaluated the future growth potential of India electrical
materials market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in India electrical materials market.
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