India Medium Voltage Cable Accessories Market Outlook - 2027
India medium voltage cable accessories market was valued at $746.5 million in 2019, and is projected to reach $1,029.1 million by 2027, registering a CAGR of 5.9% from 2020 to 2027.
Medium voltage (MV) is a range of electricity distribution system voltages from 3.3kV to 33kV. Cable accessories for medium voltage have similar design and performance requirements as that of cables of same voltage range. Medium voltage cable accessories are an integral part of any electricity distribution network, performing similar basic functions as that of medium voltage cables for which they are installed. Some of the critical factors considered for designing medium voltage cable accessories are insulation material, control of electric stress, protection from environment, and cable connection.
The India medium voltage cable accessories market is expected to witness growth during the forecast period, owing to considerable investments in the construction sector. The market for India medium voltage cable accessories is expected to be driven by increase in investments by governments to improve power grid. Moreover, increase in use of underground cables stimulates demand for medium voltage cable accessories. Considering these factors, it is estimated that the India medium voltage cable accessories market would experience a steady growth in the future.
Rise in industrialization and increase in focus on harnessing renewable sources of energy are some of the other drivers for the India medium voltage cable accessories market growth. However, high failure rate of medium voltage cable accessories act as a major restraint for the India medium voltage cable accessories market growth.
Furthermore, rise in use of e-mobility, government initiatives to make wires and cable industry self-reliant, and surge in number of data centers provide lucrative opportunities for the India medium voltage cable accessories market.
Emergence of COVID-19 has declined growth rate of market in 2020, and the market is estimated to witness slow growth by the end of 2021. The market was primarily hit by several obstacles created amid the COVID-19 pandemic for the construction industry including availability of resources, contractual obligations, health and safety measures, deliverables, and project delays or cancellations.
The India medium voltage cable accessories market is analyzed by product type, technology, and industry vertical. On the basis of product type, it is fragmented into cable joints, connectors, terminations, splice, and other product types. The connectors segment dominated the market, in terms of revenue in 2019, and is expected to follow the same trend during the forecast period. On the basis of technology, the market is segregated into heat shrink, cold shrink, and pre-molded terminations. The heat shrink segment dominated the market, in terms of revenue in 2019, and is expected to follow the same trend during the forecast period. By application, the market is divided into railways, construction, private utilities, cement, marine, government utilities, oil & gas, healthcare, fertilizer, steel, and others. The railways segment is further sub-segmented into government and private. The construction segment is further bifurcated into real estate and infrastructure. The real estate segment is further divided into hospitality, institutional, retail, and other real estates. The infrastructure segment is divided into bridges and roads. The private utilities segment is categorized into electricity, telecom, and other private utilities. The government utilities segment is also categorized into electricity, telecom, and other government utilities. The government utilities segment accounted for the highest market share in 2019, and the construction segment is expected to grow at a high
CAGR from 2019 to 2027.
By Product Type
Cable joints segment is projected as one of the most lucrative segments.
Top Impacting Factors
Significant impacting factors in the India medium voltage cable accessories market include growth of construction sector, infrastructural development, and installation of renewable source of energy power plants. However, high failure rate of heat shrink cable accessories is expected to hinder the market growth. Conversely, development of smart cities, industrialization, and rise in use of e-mobility, increase in government initiatives, and surge in number of data centers is projected to offer remunerative opportunities to the India medium voltage cable accessories market. Each of these factors is anticipated to have a definite impact on the market during the forecast period.
Competition Analysis
Competitive analysis and profiles of the major India medium voltage cable accessories market players such as 3M India, BBC Cellpack GmbH, Cabseal (Hari Consolidated Pvt. Ltd.), Compaq International (P) Limited, Galathermo Pvt. Ltd., REPL International (Heat Shrink Technologies), Ikebana Engineering Ltd., Nexans, Pfisterer, Raychem RPG, and Yamuna Power Technologies are provided in this report.
By Technology
Heat Shrink segment is expected to secure leading position during forecast period.
Key Benefits For Stakeholders
- This study comprises analytical depiction of the India medium voltage cable accessories market size along with the current trends and future estimations to depict the imminent investment pockets.
- The overall India medium voltage cable accessories market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current India medium voltage cable accessories market forecast is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the India medium voltage cable accessories market.
- The report includes the India medium voltage cable accessories market share of key vendors and India medium voltage cable accessories market trends.
India Medium Voltage Cable Accessories Market, by Product Type Report Highlights
| Aspects | Details |
 By Product Type |
|
 By Technology |
|
 By Industry Vertical |
|
 Key Market Players | HARI CONSOLIDATED PVT. LTD., COMPAQ INTERNATIONAL (P) LIMITED, REPL INTERNATIONAL, IKEBANA ENGINEERING LTD., BEHR BIRCHER CELLPACK BBC AG, YAMUNA POWER TECHNOLOGIES, GALA GROUP, 3M INDIA, RAYCHEM RPG, PFISTERER, NEXANS S.A. |
Analyst Review
The medium voltage cable accessories market in India is anticipated to gain momentum during the forecast period, owing to various favorable conditions in different industry verticals. For instance, global trends of industrialization and urbanization have significant impact on India and has resulted in tremendous growth of the construction sector. It has not only increased growth rate of the real estate sector, but also public infrastructure. Besides, there is a growth in emphasis on developing robust and reliable transmission and distribution network of electricity all over the country, thereby meeting rapidly rising demand for reliable and sustainable power.
Moreover, the government of India is keenly implementing initiatives along with the private sector market players to attain overall economic growth sustainably. For instance, the Power Ministry of India issued new norms to promote green transmission cables, which enhances upgradation of networks that eventually fuels demand for medium voltage cable accessories. In addition, the government has identified potential of market players and aimed to make the wire and cable industry self-reliant. Consequently, it boosts sales of domestic players and create lucrative opportunities for export of medium voltage cable accessories globally.
Various leading manufacturers such as 3M India, BBC Cellpack GmbH, Cabseal (Hari Consolidated Pvt. Ltd.), Compaq International (P) Limited, Galathermo Pvt. Ltd., REPL International (Heat Shrink Technologies), Ikebana Engineering Ltd., Nexans, Pfisterer, Raychem RPG, and Yamuna Power Technologies occupy a prominent revenue share in the India medium voltage cable accessories market.
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