India Electrical Materials Market By Type (Cable Management, Circuit Breakers, Electrical Conduit, Plugs & Sockets, Light Switches, Voltage Switcher, Cable Duct, Others), By End User (Commercial, Industrial, Domestic), By Region, Competition, Forecast & Opportunities, 2031F
Published Date: December - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Power | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationIndia Electrical Materials Market By Type (Cable Management, Circuit Breakers, Electrical Conduit, Plugs & Sockets, Light Switches, Voltage Switcher, Cable Duct, Others), By End User (Commercial, Industrial, Domestic), By Region, Competition, Forecast & Opportunities, 2031F
India Electrical Materials market was valued at USD 6550.3 million in 2022 and is anticipated to project robust growth during the forecast period, registering a CAGR of 13.82% through the forecast period.
Every construction project that involves connecting residential, commercial, or industrial structures to an electrical power source must include electrical materials as vital components and building blocks. A modest home circuit or a major industrial facility might both have electrical components of various sizes. These materials should have the lowest electrical conductivity possible. They are utilized for the production of conductors for all varieties of windings found in electrical machines, apparatus, and gadgets, as well as for the distribution and transmission of electrical energy.
Impact of Covid-19 Enhance the Market of Electrical Materials
The pandemic has raised demand for vital electrical components utilised in crucial infrastructure and healthcare institutions, including cables, lines, and transformers. To support in the fight against COVID-19, the government has also promoted the provision of vital electrical materials. The pandemic also affected a number of companies and their plans for company expansion, which hindered the development of the nation's electrical materials industry as a whole. Owing to a shortage of financial resources inside companies, strategies including mergers and acquisitions, partnerships, and other resource collaborations have been postponed.
Increasing Demand for Electricity
India's population expansion, urbanisation, industrialisation, and rising affluence have all contributed to the country's fast increase in power consumption. As a result of this, India's need for electrical components, such as transformers, switchgear, electrical cables, and equipment for power transmission and distribution, has increased significantly . India's growing population is one of the key factors contributing to the country's rising need for power. India presently has the greatest population in the world and over the projected period, it is anticipated that this trend would continue. The need for energy to run homes, companies, and industries rises as the population grows.
Increase Usage of Renewable Energy
The Indian market for electrical materials is significantly influenced by renewable energy. India has set a goal to raise its renewable energy capacity from its present level to 817 GW by 2030, which is a huge increase. India generated 11664.17 MW of renewable energy nationwide between April 2022 to January 2023, and 121549.52 MW nationwide. . With a capacity of 21183.82 MW installed, Rajasthan is leading the market, followed by Gujarat with 18866.36 MW. The demand of the renewable energy market in India is expected to enhance the demand for electrical materials, as renewable energy sources require specialized electrical components and infrastructure.
Government Policies and Regulations
Government rules and regulations have a significant impact on the market for electrical materials in India, which might limit its potential for expansion. Manufacturers and investors may find it difficult to invest in the market due to policy ambiguity and inconsistency, which can lead to uncertainty. Price hikes brought on by the rising import taxes on electrical components have hampered the growth of the sector. Furthermore, it has made it challenging for SMEs to compete with bigger businesses that have greater access to raw materials and components.
Challenges
Government rules and regulations strongly restrict the market for electrical materials in India, which may have an impact on the industry's potential for growth. Uncertainty caused by policy ambiguity and inconsistency might discourage manufacturers and investors from making market investments. Price hikes caused by the rising import duty on electrical materials have impeded industrial growth. Furthermore, it has made it challenging for SMEs to compete with bigger businesses that have greater access to raw materials and components.
Recent Developments & Investments
- Budget 2023 focused
on affordable housing sector which helps to boost the infrastructure
sector. The budget for the Pradhan Mantri Awas Yojana (PMAY) was raised
66% from the previous year. The country's finance minister also announced
the Urban Infrastructure Development Fund (UIDF), which would be used to
improve urban infrastructure in Tier 2 and Tier 3 cities.
- In accordance with the funding
allotted for the ministries of civil aviation, communications, housing and
urban affairs, new & renewable energy and power, ports, and green and
urban infrastructure in the Budget 2023. It comes out that infrastructure
accounts for 2.5% of GDP and 16.6% of overall spending. Infrastructure
received a higher allocation in the budget for the previous year, which
was 14.1% of total spending and 2.151% of GDP. 18% of all government
spending is allocated for infrastructure in the budget 2023–24, or USD
100.77 billion.
- In Union Budget 2022-23
- The Ministry of Housing and Urban
Affairs received USD 9.85 billion from the Union Government to construct
housing for both urban and rural residents.
- The government has allotted USD
130.57 billion to upgrade the infrastructure sector, providing it with a
considerable boost nationwide.
- India is expected to construct
43,000 houses each day till 2022 in order to achieve the objective of
providing housing for everyone by that time. The Pradhan Mantri Awas
Yojna (PMAY-Urban) plan has authorized 122.69 lakh residences as of
August 22, 2022.
- The government gave the Department
of Telecommunications a grant of USD 10.87 billion to support the
development and upkeep of the nation's telecom infrastructure.
- From April 2000 and June 2022,
Foreign Direct Investment (FDI) stood at USD 26.22 billion and USD
28.64 billion, respectively, in the construction development of
the townships, housing, built-up infrastructure, and construction
development projects and construction infrastructure activity
sectors.
- The governments of UAE and India signed a contract in October 2021 to build infrastructure in Jammu and Kashmir, including industrial parks, IT towers, multifunctional towers, logistics centres, medical colleges, and specialised hospitals. Therefore, the market is expected to rise during the forecast period and maintain a high CAGR during 2024-2031F.
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Market Segmentation
The India Electrical Materials market is divided into type and end user. Based on the type, the market is divided into cable management, circuit breakers, electrical conduit, plugs & sockets, light switches, voltage switcher, cable duct, and others. Based on end user, the market is segmented into commercial, industrial, and domestic. The market analysis also studies the regional segmentation to devise regional market segmentation, divided among North, South, West and East.
Company Profiles
Havells India Ltd, Wipro Enterprises (P) Ltd, Polycab India Limited, Panasonic Life Solutions India Pvt. Ltd, GM Modular Pvt. Ltd, ABB India Limited, Schneider Electric India Pvt. Ltd., Goldmedal Electricals Pvt. Ltd., Signify Innovations India Limited (Philips Lighting India Limited), Novateur Electrical & Digital System Pvt. Ltd, Honeywell Electrical Devices and Systems India Ltd. are among the major players that are driving the growth of the India Electrical Materials market.
|
Attribute |
Details |
|
Market
Size Value in 2022 |
6,550.3
million |
|
Revenue
Forecast in 2031 |
20,322.7
million |
|
Growth
Rate |
13.82% |
|
Base
Year |
2022 |
|
Historical
Years |
2018 –
2021 |
|
Estimated
Year |
2023 |
|
Forecast
Period |
2024
– 2031 |
|
Quantitative
Units |
Revenue in
USD Million and CAGR for 2018-2022 and 2023E-2031F |
|
Report
Coverage |
Revenue
forecast, company share, competitive landscape, growth factors, and trends |
|
Segments
Covered |
Type End User |
|
Regional
Scope |
North,
South, West, and East. |
|
Key
Companies Profiled |
Havells India
Ltd, Wipro Enterprises (P) Ltd, Polycab India Limited, Panasonic Life
Solutions India Pvt. Ltd., GM Modular Pvt. Ltd, ABB India Limited, Schneider
Electric India Pvt. Ltd, Goldmedal Electricals Pvt. Ltd., Signify Innovations
India Limited (Philips Lighting India Limited), Novateur Electrical &
Digital System Pvt. Ltd, Honeywell Electrical Devices and Systems India Ltd. |
|
Customization
Scope |
10%
free report customization with purchase. Addition or alteration to country,
regional & segment scope. |
|
Pricing
and Purchase Options |
Avail of customized
purchase options to meet your exact research needs. Explore purchase options |
|
Delivery
Format |
PDF and Excel through
Email (We can also provide the editable version of the report in PPT/pdf format
on special request) |
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