Govt offers initiatives to wire and cable industry
The India medium voltage cable accessories market is set to register a CAGR of 5.9%, rising in value to US$1.03 billion in 2027 from US$746.5 million in 2019 on demand from construction sector, according to a ResearchAndMarkets report out of Dublin on 24 Mar 2021,.
The medium voltage cable accessories range from 3.3kV to 33kV are specially designed for stress control mechanism for enhanced product performance and to maintain high network reliability.
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, said the report.
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, a rise in government initiatives to make wire and cable industry self-reliant, growth in the adoption of e-mobility and surge in number of data centers are expected to provide lucrative growth opportunities for the market.
However, the high rate of failure of heat shrink medium voltage cable accessories are expected to hinder growth of the India medium voltage cable accessories market.
Key players in the market are: 3M India, BBC Cellpack GmbH, Cabseal, Compaq International (P) Limited, Galathermo Pvt Ltd, REPL International (Heat Shrink Technologies), Ikebana Engineering Ltd, Nexans, Pfisterer, Raychem RPG and Yamuna Power Technologies. #projects #investment #technologies #contracts @manufacturing /fiinews.com
