Wire & Cable sector: India market seen ₹1.5 lakh cr by FY29

The big picture: why wires and cables are back in focus

India’s wires and cables (C&W) industry is emerging as a direct beneficiary of rising electricity consumption and sustained infrastructure spending. Unlike segments tied to one government scheme, C&W demand comes from multiple end markets at the same time, including power generation, transmission and distribution, construction, railways, telecom, and renewables. The sector’s growth runway is also being reshaped by newer demand pockets such as data centres, 5G-led network buildouts, and specialised Extra High Voltage (EHV) and fibre-optic applications.

The industry is valued at about ₹90,000 crore in FY25, with projections pointing to a sharp expansion over the rest of the decade. Several estimates in the provided data suggest the market could approach the ₹1.5 lakh crore mark by FY29, supported by a mix of grid capex, renewable integration, and digitisation-led cabling requirements.

Market size and growth: multiple estimates, same direction

One set of projections places the Indian C&W industry at ~₹90,000 crore in FY25, growing at a 13% CAGR until FY29 to reach ~₹1,50,000 crore. Another estimate in the data points to a rise from ₹90,000 crore in FY25 to ₹1,57,500 crore by FY30, in the context of a new growth cycle driven by specialised cabling demand.

There is also a split view of the “organised” segment versus the broader market. The organised segment is cited at approximately ₹92,000 crore in FY24-25, projected to reach ₹1,43,000 crore by FY28-29, implying ~11.8% annual compounded growth. On a broader basis including the unorganised segment, the total market is estimated at ₹1,08,370 crore in FY23-24 and could scale to ₹4,19,728 crore by FY33-34 at a 14.5% CAGR.

Global market estimates in the same dataset put India’s wires and cables market at USD 8.71 billion in 2023, rising to USD 9.32 billion in 2024 and an estimated USD 10.01 billion in 2025. By 2032, the market is expected to reach USD 17.08 billion, implying an expected CAGR of 7.94% over 2023-2032.

Power and grid capex: the largest structural driver

The power sector remains the dominant buyer by end use, and it is repeatedly flagged as the key driver as India expands generation, transmission, and distribution capacity. A major reference point is the National Electricity Plan, under which transmission capex of ₹9,00,000 crore is planned until 2032.

Within that capex, the C&W sector is expected to capture 15% to 20% of the planned spending, based on the provided data. That implies an addressable cabling opportunity of roughly ₹1,35,000 crore to ₹1,80,000 crore linked to transmission investment alone, spread over the plan period. This sits alongside continued demand from distribution upgrades and electrification-linked projects.

Renewable energy: grid integration needs specialised cables

India’s 500 GW renewable energy target is highlighted as a key theme shaping the decade-long demand outlook. Renewable projects require specific cable types to move power from generation sites to the grid, and often involve higher technical requirements depending on voltage, distance, and environmental conditions.

The dataset also notes that India reached 475 GW of total installed capacity in FY24-25, with renewable energy accounting for 86% of all new additions in the year. While the provided numbers do not break down cable consumption per GW for renewables, they reinforce the direction of travel: more renewable additions typically require incremental grid connectivity, evacuation infrastructure, and associated cable demand.

Digital buildout: 5G, BharatNet, and fibre demand

Digitalisation is another recurring demand driver in the dataset, spanning telecom towers, optical fibre deployments, and enterprise networks. The data cites a projection of 770 million 5G subscribers by 2028, a scale that typically requires dense telecom infrastructure and strong backhaul networks.

BharatNet Phase III is also referenced as a catalyst for optical fibre cable demand. The dataset notes that the project, aimed at deploying 100 GB broadband to gram panchayats, has begun awarding contracts, indicating a pipeline for fibre and communication cabling.

Data centres: a fast-growing, measurable cable opportunity

Data centres stand out in the dataset because the opportunity is quantified through multiple lenses: capacity additions, EPC value, and cable cost as a share of total spend. One projection shows India’s data centre capacity could grow from 1,337 MW in FY25 to over 3,395 MW by FY30, an addition of 2,058 MW. This is linked to an estimated total EPC opportunity of ₹46,400 crore, with the wires and cables sector expected to capture about ₹4,600 crore, averaging ₹927 crore annually.

Another set of projections suggests installed data centre capacity could reach nearly 2 GW by end-2026, up from 0.9 GW in 2023. Longer-term projections in the dataset point to 5-8 GW by 2030 supported by nearly USD 30 billion in investments. Separately, a cited view targets 8-10 GW of data centre capacity by 2030-31 and estimates that every 1 GW of data centre capacity requires cables worth approximately ₹3,500 crore, implying a sector opportunity of ₹25,000 crore to ₹30,000 crore by 2030.

The dataset also provides cost-share context: cables and wires are estimated at ~3% to 5% of the cost of a data centre, and another cited range states cables typically account for 5% to 10% of data centre project costs. A separate market sizing notes India’s data centre wire and cable market alone is estimated at USD 1.2 to USD 1.6 billion in 2026, growing at 18% to 22% CAGR.

Exports and industry operating context

Beyond domestic capex, exports are cited as a meaningful incremental driver. In the first half of FY26 alone, exports rose about 30% year-on-year to ₹11,800 crore, supported by demand from regions investing in grid modernisation, renewables and data centres.

The dataset also highlights that the organised market is expected to grow revenues 15% to 16% in FY25-26, with incremental demand of around ₹20,000 crore in the organised segment forecast for that year. Another projection expects the industry to grow at ~13% to 14% CAGR over FY25-30, taking market size close to ₹1,90,000 crore, while pointing to stable margins aided by commodity pass-through.

What companies are guiding for: volume and growth targets

Company commentary in the dataset suggests confidence on sector demand visibility. Polycab aims for 1.5x to 2x market growth. RR Kabel targets 16% to 18% volume growth. KEI Industries anticipates up to 20% volume growth in FY28, and separately expresses confidence of delivering around 20% revenue CAGR over the next three to five years, tied partly to the data centre opportunity.

These targets are not sector forecasts by themselves, but they offer a snapshot of how leading manufacturers are positioning for multi-year demand.

Key numbers at a glance

Market impact: why this matters for investors

The dataset frames wires and cables as a “picks-and-shovels” segment of India’s electrification and digital buildout. The market impact is mainly through sustained order pipelines linked to grid capex, renewable additions, and a measurable rise in cabling intensity for data centres and fibre deployments.

It also matters that the sector is not dependent on a single end market. When power and infrastructure are strong, volumes rise through transmission and distribution. When digital capex accelerates, fibre and specialised low-loss data cabling demand increases. And when exports rise, it can diversify revenue sources, as indicated by the H1 FY26 export growth to ₹11,800 crore.

Analysis: a multi-engine demand cycle, with execution as the variable

Across the dataset, the common thread is breadth of demand drivers rather than one-off triggers. Transmission capex of ₹9,00,000 crore through 2032, the 500 GW renewable target, BharatNet Phase III, and data centre capacity expansion together create a long-duration backdrop for cables.

The data centre segment is especially noteworthy because multiple estimates converge on cables being a consistent share of project costs. Even with different assumptions, the opportunity sizes cited are large enough to be meaningful relative to an industry market size cited between roughly ₹80,000 crore, more than ₹1,00,000 crore, and ~₹90,000 crore in different parts of the dataset.

Still, the dataset’s numbers show that projections vary by source, time period, and whether they focus on the organised segment or the total market. For investors, that means tracking execution signals like order inflows, segment mix (EHV, speciality, fibre), export momentum, and the pace of large capex programmes.

Conclusion: sustained capex visibility is reshaping demand

India’s wires and cables sector is being supported by multiple long-cycle themes: transmission spending, renewable integration, telecom and fibre deployments, and a step-up in data centre construction. Estimates in the dataset broadly point to market growth from around ₹90,000 crore in FY25 toward the ₹1.5 lakh crore range by FY29, alongside separate projections that extend to FY30 and beyond.

The next set of signposts will be the pace of National Electricity Plan-linked transmission execution through 2032, continued BharatNet Phase III awarding activity, and the conversion of announced data centre capacity plans into actual builds and EPC flows.