Increasing construction activities and growing real estate sector to drive India electrical materials market through the forecast period.
According to TechSci Research report, “India Electrical Materials Market By Type (Circuit Breakers, Light Switches, Plugs & Sockets, Voltage Switcher, Cable Management, Cable Duct, Electrical Conduit, Others), By End User (Industrial, Commercial, Residential), By Region, Competition, Forecast & Opportunities, FY2026”, India electrical materials market was valued at USD 5969.13 Million in FY2020 and is projected to grow at double digit CAGR of 17.88% during the forecast years, to reach USD 9714.33 Million through FY2026. Major factor driving the market are increasing construction activities and surging use of electrical materials in industries including cement industry, mining, powerplant, among others.
Growing real estate sector is strengthening demand for electrical materials in India. The growth of this sector is well complemented by increasing corporate environment and demand for office space as well as urban and semi-urban accommodations. However, economy slowdown in 2019-2020 and lack of skilled manpower can hinder the growth of the India electrical materials market.
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Industrial sector is the largest demand generating sector for electrical materials. Industrial sector accounted for a share of over 62.61% in India electrical materials market in 2020. The Indian government and the various state governments seem to making rapid progress in industrial sector. Over the next 5-10 years, industrialization in India is likely to continue its growth momentum, which is expected to create significant opportunities for electrical materials in the industrial sector.
Anchor Electricals Pvt. Ltd., Legrand India Pvt. Ltd., Havells India Ltd., GM Modular Pvt. Ltd., Honeywell Electrical Devices and Systems India Ltd., Schneider Electric India Pvt. Ltd., Philips Lighting India Limited, Wipro Enterprises Private Ltd., ABB India Limited, GoldMedal Electricals Pvt. Ltd., and Polycab India Limited. etc. are some of the leading players operating in India electrical materials market.
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“Northern region is the dominant region in India electrical materials market accounting for a share of 30.65% in 2020. Northern region is undergoing massive construction developments, with hundreds of residential & commercial buildings being constructed. The Indian government in its effort to revive the residential market especially in the excess supply region of North India has provided several incentives for boosting the affordable housing segment. These incentives have led to significant growth in FY2019-20 in the affordable housing segment. As a result, demand for electrical materials has grown in the region and will continue to grow over the forecast period once the adverse impact on demand due to COVID-19 subsides.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based India management consulting firm.
“India Electrical Materials Market By Type (Circuit Breakers, Light Switches, Plugs & Sockets, Voltage Switcher, Cable Management, Cable Duct, Electrical Conduit, Others), By End User (Industrial, Commercial, Residential), By Region, Competition, Forecast & Opportunities, FY2026”, has evaluated the future growth potential of India electrical materials market and provides statistics & information on market size, structure and future market 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 India electrical materials market.
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