India Electrical Materials Market to Register a CAGR of 13.82% During the Forecast Period, 2024-2031
Increasing
demand for electricity and rising usage of renewable energy are driving the
India Electrical Materials market across the country.
According
to the TechSci Research report, “India Electrical Materials Market - By
Region, Competition Forecast & Opportunities, 2018-2031.” India Electrical Materials Market stood
at USD 6550.3 million in 2022 and is expected to grow significantly during the
forecast period. Electric materials are essential elements and building blocks in every
construction project that requires connecting residential, commercial, or
industrial structures to an electrical power supply. Electrical components of
varying sizes might be found in both a small household circuit and a large
industrial complex. The least amount of electrical conductivity should be
achievable for these materials. They are used for both the distribution and
transmission of electrical energy as well as the fabrication of conductors for
all types of windings found in electrical machinery, apparatus, and devices.
The government contributes by encouraging the adoption
of energy-efficient goods and the growth of local electrical material
production. The development of infrastructure, including the production,
transmission, and distribution of electricity, is receiving major funding from
the Indian government. As a result, there is a growing need for high-quality
electrical components and equipment, which has generated significant
opportunity for the electrical materials market. The "Made in India"
initiative, launched by the government in 2014, aims to increase domestic
manufacturing and reduce the nation's dependency on imports. This has given
local producers of electrical materials the ability to expand their businesses
and increase their market share. The quality and safety of electrical materials
are regulated by laws and regulations set by the government, which has improved
the general level of items in the market. In India, demand for electrical
materials has surged as a result of this growth in consumer confidence. In the
upcoming years, the market is anticipated to expand further as long as the
government continues to promote local manufacture and invest in infrastructure
development.
Browse
over 21 market data Figures spread through 92 Pages and an in-depth TOC on the "IndiaElectrical Materials Market."
Based on end user, the India Electrical Materials market
is segmented into commercial, industrial and domestic. The commercial segment
dominated the India Electrical Materials market by end user, accounting for a
market share of 35.37% in 2022. Offices,
retail stores, shopping malls, hospitals, hotels, and other public places are
just a few examples of the commercial enterprises that make up the end-user industry
for the electrical materials market in India. Electrical components are
utilised in the commercial sector for many different things, including cables,
lights, HVAC systems, power distribution, communication systems, and other
electrical equipment. Rapid urbanisation, rising disposable income, and rising
awareness of energy efficiency are some of the reasons driving the need for
electrical materials in the commercial sector. The government of India's
programs to encourage energy conservation and the use of renewable energy
sources have increased demand for electrical materials in the commercial
segment. The expansion of the India electrical materials market in the
commercial segment has also been aided by the trend toward smart buildings
and intelligent lighting systems.
Based on region, the India electrical materials
market is segmented into south, west, north and east. South India region
dominated the India Electrical Materials market with a market share of 30.46%
in 2022. Owing to its industrial and commercial activity, South area has a
significant need for power. In order to encourage the adoption of
energy-efficient electrical components such LED lights, high-efficiency motors,
and variable frequency drives, there is a need to concentrate on energy
efficiency. The South region has a large potential for renewable energy sources
including solar and wind power. Investments in renewable energy projects can
lessen the need for traditional energy sources and open up new markets for
electrical materials. With the growing need for smart and connected homes and
buildings, companies should work toward develop cutting-edge products including
smart switches, sensors, and other IoT-enabled gadgets that may improve user
experience and increase energy efficiency.
Key
market players in the India Electrical Materials market include:
- 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
- Systems India Ltd
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“India
Electrical Materials Market stood at USD 6550.3 million in 2022 and is expected
to register a CAGR of 13.82% during 2023E-2031F. Due to the rising demand for
electricity, the country's increasing industrialization and urbanisation, as
well as government initiatives to strengthen the power sector, the market for
electrical materials in India is anticipated to expand significantly over the
course of the forecast period. Through 2031, the Indian electrical materials
market is anticipated to experience the highest growth in West India and the
industrial end user segment. Therefore, the market for electrical materials across
the country is expected to rise during the forecast period,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“India
Electrical Materials Market Segmented 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”,
has evaluated the future growth potential of an India Electrical Materials market
and provides statistics and information on market structure, size, share, and
future growth. The report intends to provide cutting-edge market intelligence
and help decision-makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in the India Electrical Materials market.
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