Technology

Wire and cable market in India to expand at 15.61 pc CAGR by '20

MUMBAI: Industry experts forecast the global electric wire and cable in India market to expand at a CAGR of 15.61 per cent during 2016-2020.

Electric Wire and Cable in India Market Research Report covers the market landscape and its growth prospects over the coming years and discussion of the key vendors effective in this market.

The report, by Market Reports World, contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the Electric Wire and Cable in India industry.

Following companies were the key players covered in the market report: Finolex Cables, KEI Industries, Havells India, and Polycab Wires. Other prominent vendors in the India market are: Cable Corporation of India, Cords Cable Industries, Apar Industries Limited, KEC International, LS Cable India, Shilpi Cable Technologies, Universal Cable, and V-Guard Industries.

One of latest trends in the India market is increase in sales of HVDC power cables. HVDC underground power cables have become viable options for long distance and high-voltage safe power transfer. HVDC power systems provide a viable option for long distance bulk power delivery. The European Commission has selected 43 major energy projects to build cross-border infrastructure to create an internal energy market and enhance the security of energy supply. For these projects, high loads of electricity would be required to be transferred from one country to another. HVDC cables are expected to become a viable option for such assignments in the future. India is likely to follow this trend during the forecast period. In addition, these HVDC light cables find preference over their AC counterparts, especially in submarine power transmission, due to their lightweight and dimensions.

According to the report, one of the primary drivers in the market is growth in renewable power generation in India. A huge emphasis is given to the commercialisation of renewable energy worldwide, which will create an enormous demand for electric wire and cables. This is because most of these renewable energy resources are set up in places where proper T&D infrastructure is not available. Future expansion of existing networks worldwide is also expected. These expansion activities are fueled by emerging economies such as India, which are on the threshold of integrating regional grids to form a nationwide electric grid network to allow a seamless flow of electricity. All this calls for extensive T&D infrastructure development activities.

Further, the report states that one major challenge in the market is compliance to regulations. Electrical wire and cable manufacturers in India are required to comply with various safety rules and regulations for the installation of power cable systems. These regulations are scripted and decided by regulatory bodies such as American National Standards Institute (ANSI), International Electrotechnical Commission (IEC), and Institute of Electrical and Electronics Engineers (IEEE). The rules vary depending on the circuit voltage, temperature rating, and environmental conditions.

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