As the data analysis of the market shows, in past few years, India has been working on the infrastructures of different types of industry including wire and industrial cable to become one of the main manufacturing countries in this field.
A wire is a piece of metal that is used to carry electrical current, on the other hand, a cable contains many wires inside plastic or rubber that are used to carry electrical signals.
Copper, aluminum, plastic and alloys are the materials used to make these wires and cables.
They are widely used in defense and gas, oil, automotive and other industries.
Today, the use of wires and cables is increasing due to the increasing number of residences and houses in developing countries.
The domestic cable and wire industry has seen strong growth over the past five years, largely thanks to the government's focus on providing electricity to all and a gradual recovery from the real estate market.
The Indian wire and cable market is expected to grow at USD 1.65 billion during 2021-2025, and the market growth will accelerate at a CAGR of 3.80%.
The development of government and investment infrastructure projects is driving the growth of the wire and cable market in India.
The market is expected to be driven by factors such as growth in renewable power generation in India, expansion and renovation of transmission and distribution infrastructure in India, and rising investment in metros.
Rising investments in smart grid projects and upgrading of transmission and distribution systems are also estimated to drive the global demand for wires and cables.
Large investments in smart grid technologies have led to increasing demand for grid interconnection.
In addition, increased investment in underground cables and growth in renewable energy will drive wires and cables in use.
The demand for wires and cables is directly dependent on the growth in production and infrastructure within the electricity, telecommunications, residential and commercial sectors.
Therefore, government initiatives in various aspects like electricity, housing, infrastructure and digitization are sure to bring a lot of business to the wire and cable industry in the foreseeable future.
Likewise, with the government's emphasis on bringing renewable energy to the fore, the industry is now looking to supply cables for solar and wind energy applications in addition to oil and gas, rail and other specialist sectors.
Wire and cables are used in a wide variety of applications, including consumer electronics, utilities, material handling, automotive, and entertainment/leisure.
The growing trend of expansion of the existing grid network, coupled with the lack of efficient power infrastructure, will drive the industry outlook beyond the expected timeline.
