India Medium Voltage Cable Accessories Market Expected to Reach $1,029.1 Million by 2027—Allied Market Research

According to a new report published by Allied Market Research, titled, “India Medium Voltage Cable Accessories Market by Product Type, Technology, and Industry Vertical: Country Opportunity Analysis and Industry Forecast, 2019–2027,” the India medium voltage cable accessories market size was valued at $746.5 million in 2019, and is projected to reach at $1,029.1 million by 2027, growing at a CAGR of 5.9% from 2019 to 2027.

Medium voltage cable accessories range from 3.3.kV to 33kV. It plays a vital role in connecting and securing different sized cables. It also offers complete protection to external as well as internal equipment. It increases reliability and efficiency of a network or gird. According to applications of medium voltage cable accessories, i.e., indoor or outdoor, different kinds of accessories are available in the market and its selection primarily depends on operating parameters, site conditions, and cable types.

A considerable investment in the construction sector majorly drives growth of the India medium voltage cable accessories market, as growth of the construction sector directly increases demand for medium voltage cable accessories for new constructions. Moreover, increase in investments on infrastructure development by governments, surge in use of underground cables, industrialization, and increase in focus on sustainable ways of generating electricity are expected to boost the market growth. Furthermore, rise in government initiatives to make wire and cable industry self-reliant, growth in adoption of e-mobility and surge in number of data centers are expected to provide lucrative growth opportunities for the market. However, high rate of failure of heat shrink medium voltage cable accessories are expected to hinder growth of the India medium voltage cable accessories market.

The heat shrink segment was the highest contributor to the market in 2019. The heat shrink and cold shrink segments collectively accounted for around 85% market share in 2019. Heat shrink cable accessories are generally used in industrial environment and growth in rate of industrialization is anticipated to enhance the India medium voltage cable accessories market growth. 

Emergence of COVID-19 has significantly impacted the India medium voltage cable accessories market growth. End user industries of India medium voltage cable accessories were adversely during the COVID-19 pandemic. However, the demand from the healthcare sector increased during the pandemic.

Key Findings Of The Study

• In 2019, the connectors segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 5.2% during the forecast period.
• The connectors and cable joints segment together accounted for around 55.0 % of the India medium voltage cable accessories market share in 2019.
• Government utilities contributed major share of 17.0% in global India medium voltage cable accessories market trend during 2019.
• Real estate sub-segment was the major shareholder in the construction segment of India medium voltage cable accessories market, accounting for more than 60.0% share in 2019.

The key players profiled in the report include 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. Market players have adopted various strategies such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the India medium voltage cable accessories market.