|
Forecast Period
|
2023-2028
|
|
Market Size (2022)
|
USD 12.51 Billion
|
|
CAGR (2023-2028)
|
5.05%
|
|
Market Size (2028)
|
USD 16.96 Billion
|
|
Fastest Growing Segment
|
PVC
|
|
Largest Market
|
South India
|
India Insulated Wire
and Cable Market is anticipated
to grow at a high CAGR in the forecast period 2024-2028 due to the increased
investments in smart grid projects and upgradation of power transmission and
distribution systems, rising investments in underground cables and government’s
emphasis on pushing renewable energy.
A non-conductive
material that is resistive to an electric current makes up an insulated wire or
cable. It encloses and safeguards the cable or wire inside. The safety of an
insulated wire is typically required at high operating temperatures for
equipment like fire alarms, heating devices, automobiles, and other items. The
insulation of the wire affects both its efficiency and safety. This type of
insulated wire is typically joined by a conductor that has been covered with a
heat-resistant organic resin, such fluoro-resin, etc.
Wide Expansion of Power
Transmission and Distribution Infrastructure
The transmission and
distribution infrastructure continues to remain in focus, especially, with the
outlay of INR 2.6 lakh crore announced by the Government for the five-year
period ending 2021. There is a sharper focus on high voltage transmission lines
along with the Government’s aims to provide 24*7 power, which is opening
opportunities in the India Insulated Wire and Cable Market. DISCOMS which have
joined the UDAY scheme are expected to improve their T&D infrastructure
through renewed investments. The government’s target of generation of 100 GW of
solar energy by 2022 and measures such as excise duty exemption for
ferro-silicon magnesium used for manufacturing components for wind-operated
electric power generators have augmented the demand for insulated wires and
cables.
Rising Demand for
Renewable Energy
Reduce its
dependence on fossil fuels, the Indian government is researching green energy
technology. The number of wind farms and solar farms being built is growing,
which raises the need for insulated lines and cables. Furthermore, it is
anticipated that the deployment of subterranean cables and wires for power
distribution will speed up market growth due to the emergence of offshore
renewable technologies, such as offshore wind farms. The increased need for
renewable energy will cause the insulated wires and cables market to grow
faster in India.
Surge in Number of
Data Centres
Data centres are
essential for IT services, communication, and networking. Data centres heavily
rely upon data storage and routing traffic through them. Due to the growth of
big data, data centres are now in great demand, and the emergence of Big Data
is contributing to the exponential growth of qualitative and reliable data
centres that would cost billions of dollars. The growing count of data centres
for increased availability, security, and affordable connectivity of IT
infrastructure would surge the requirement of insulated wires and cables across
the country.
Increasing Infrastructural Development
A growing population
along with the surging demand for electricity is driving the growth of the India
insulated wire and cable market. With growing urbanisation and escalating
investments in infrastructure and construction projects, there is development
in financing and impact of technology. The need for resilience and
sustainability, is likely to boost the market growth of insulated wire and
cable across the country over the forecast period. Moreover, technological
advancements along with the growing trend for intensified networking and
miniaturisation are likely to influence the market across the country as
digitalisation shifts the connection technology environment. Moreover, the
trend for system solutions and the production is becoming modular and flexible
which is further boosting the market growth of insulated wire and cable across
the country.