Follow India Renewable Energy News on WhatsApp for exclusive updates on clean energy news and insights
India’s Solar Cable Market Poised for Growth Amid Renewable Energy Expansion
Mar 18, 2025
India’s solar cable industry is witnessing rapid expansion, fueled by the country's goal of achieving 500 GW of renewable energy by 2030. With the increase in solar project installations and government incentives, the demand for high-quality solar cables—critical for transmitting power from solar panels to inverters and grids—has surged.
The global solar cable market, valued at $1.12 billion in 2024, is expected to grow at a CAGR of 11.4% from 2025 to 2030, according to Grand View Research. This growth presents a significant opportunity for Indian companies in the sector, with key players expected to see an average stock growth of approximately 12% by 2030.
Top Indian Solar Cable Stocks Benefiting from the Renewable Push:
- Polycab India: The country’s largest wires and cables manufacturer with 23 factories. It aims to reach Rs. 20,000 crore in revenue by FY26. Market cap: Rs. 75,267.86 Crores; stock closing at Rs. 5,003.70 per share (-0.14%).
- KEI Industries: A leading manufacturer of EHV, HT, and LT cables, offering EPC services with a strong global presence. It has eight manufacturing plants and a market cap of Rs. 29,071.88 Crores; stock closed at Rs. 3,042.50 per share (-0.63%).
- Apar Industries: A global leader in aluminum conductors, transformer oils, and power/telecom cables. With exports to over 140 countries, it has a market cap of Rs. 21,979.70 Crores; shares priced at Rs. 5,471.90 (-0.67%).
- Vindhya Telelinks: A key player in telecom and solar PV cables, aiding growth in renewables and telecom sectors. It has a market cap of Rs. 1,565.80 Crores; shares closing at Rs. 1,321.25 (+3.21%).
With strong government support and rising renewable investments, these companies are well-positioned to capitalize on India’s clean energy transition and the booming solar cable industry.