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India wires & cables market
In FY26, cables and wire market was valued at ~Rs 1,618 billion, up from Rs 787 billion in FY20, registering a CAGR of 13%. This notable surge can be primarily attributed to a remarkable growth of High Voltage (HV) & Extra-High Voltage ... (EHV)- 33 kV and above cables and Elastomeric Cables also known as rubber cables, are a type of electrical cable that uses an elastomer (a flexible, rubber-like material) for insulation and/or sheathing, which have registered exponential growth on the back of increased expansion of transmission lines and electrification initiatives in rural areas. Other cable categories contributing substantially to the accelerated market growth include PVC Control Cables & Instrumentation, and building, driven by pickup in construction activities in both commercial and residential sectors. Additionally, the expansion is also driven by higher production volumes and elevated realizations due to rising commodity prices. Looking ahead, Crisil Intelligence projects the wires and cables market to grow at a CAGR of 13-14% between FY26 and FY31, reaching Rs 2,980-3,120 billion by FY31. This robust growth will be driven by substantial investments in distribution networks under the Revamped Distribution Sector Scheme (RDSS) in the lower voltage segment, as well as investment plans by Central Transmission Utility Limited (CTUIL), the Inter-State Transmission System (ISTS), and the Green Energy Corridor (GEC) in the high voltage segment. Along with this, over long-term investment in building & construction is projected to increase at an average annual rate of 3-5% between fiscal years 2027 and 2031, in line with the growth in residential demand. Additionally, ongoing expansion of data centers (backed by rapid digitalisation and cloud adoption, rising AI workloads, favourable regulations and policy support), expanding digital connectivity, smart grid investments, etc. will further support market expansion. Overview of conductors In FY26, total market size of conductors reached Rs 227 billion up from Rs 102 billion in FY20, registering a CAGR growth of 14%. Major factors influencing this demand include railway electrification, reconductoring, healthy transmission line additions, etc. Moving forward, Crisil Intelligence expects conductor industry to grow at a CAGR of ~12-15% from FY26-31 due to ongoing government schemes in power segment as well increased exports of conductors from India. Overview of power transmission and distribution in India Power transmission and distribution forms the backbone of India’s energy sector, ensuring electricity reaches urban and rural consumers. The transmission system operates at high voltages and is managed by corporations which oversees the interstate network. India’s grid is divided into five regional zones-Northern, Eastern, Western, Southern and North-Eastern, all unified into a single national grid ensuring efficient power flow and resource sharing. Distribution, handled by state electricity boards (SEBs) and private companies focusses on delivering electricity to end consumers. Below are the key pointers related to power transmission and distribution aiding demand growth of cables and conductors. Overview of EPC industry in India Over the years, the infrastructure business has seen various contracting methods evolve. Traditional contracting models have been replaced by new approaches as projects have grown more complex. Gradually, the responsibility for project management has moved from the owner or developer to the contractor. This shift is evident in the move from owner-managed projects to Engineering, Procurement, and Construction (EPC) contracts. In EPC contracts, the contractor assumes the risks of time and cost overruns, along with the responsibilities for design, material procurement, and construction. These contracts also shield the owner/developer from currency and interest rate fluctuations. Unlike other contracts where procurement and design are separate processes, EPC contracts integrate them, reducing the overall project duration. Contract which requires heavy financial and technically requirement generally divided into smaller EPC projects. Read more