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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