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.
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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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