Medium Voltage Cable and Accessories Market is expected to reach US$ 58.88 Billion by 2031

Rising Demand for Uninterrupted Power Supply in Industries Fuels Medium Voltage Cable and Accessories Market Growth

According to our latest study, "Medium Voltage Cable and Accessories Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis –By Installation, Product, Voltage, End User, And Geography," the market was valued at US$ 38.51 billion in 2024 and is expected to reach US$ 58.88 billion by 2031; it is estimated to register a CAGR of 6.5% during 2025–2031. The report includes growth prospects owing to the current medium voltage cable and accessories market trends and their foreseeable impact during the forecast period.

The need for reliable power grid infrastructure, emergency power backup solutions, and a steady power supply is increasing in industries. The demand for an uninterrupted power supply has surged in the mining industry. Heavy-duty equipment is used in excavating machinery, conveyor belts, drillers, and cranes, which require a continuous power supply even in harsh environments. In oil & gas and petrochemical industries, reliable electrical power is needed to protect people, assets, the environment, and the continuity of sensitive operations. Drilling, pumping, and loading activities require an uninterrupted power supply for continuous operation and safety. In oil rigs, an uninterruptible power supply ensures that signal lighting is always operational. The quality and availability of power are essential in maintaining uptime and meeting production schedules in the manufacturing industry. An unplanned outage stops production, diverts labor, and creates waste. Maintaining uptime is essential, with manufacturing companies running production lines 24/7. Uninterruptible power supply systems (UPS) can reduce downtime in manufacturing by providing reliable backup power during an emergency. A UPS allows systems to shut down slowly, in alignment with standard procedures, as opposed to the rapid shutoff of an outage, which could damage the equipment. Thus, the rising demand for an uninterruptible power supply in mining, oil & gas, manufacturing, and petrochemical industries fuels the demand for medium voltage cables and accessories, as they help provide a regular power supply in the field.

Medium Voltage Cable and Accessories Market Analysis — by Geography

Source: The Insight Partners Analysis

The data center sector is expanding due to the digital revolution and the 5G rollout. Data centers require an uninterrupted power supply to function optimally, as they constantly store and process a high volume of digital data. A minor outrage in power could lead to data loss and disrupt business continuity. Medium-voltage (MV) cables and UPS work together to ensure reliable and efficient power delivery, with MV cables connecting the data center to the main grid and UPS acting as a backup power source during outages. Thus, the rising demand for uninterrupted power supply drives the medium voltage cables and accessories market growth.

ABB Ltd; Prysmian SpA; Nexans SA; TE Connectivity Ltd; Southwire Company LLC; Houston Wire & Cable Co.; Belden Inc; LS Cable & System USA; Ensto Oy; NKT AS; The Okonite Co; Sumitomo Electric Industries Ltd; 3M Co; Eaton Corp Plc; and Hitachi Energy Ltd are among the key players profiled in the medium voltage cable and accessories market report. Other major players were also studied and analyzed in the market study to get a holistic view of the market and its ecosystem.

The report includes the medium voltage cable and accessories market forecast by installation, product, voltage, end user, and geography. Based on installation, the market is bifurcated into overhead and underground. The overhead segment is subsegmented into ACSR (Aluminium Conductor Steel Reinforced), AAAC (All Aluminium Alloy Conductor), AACSR (Aluminium Alloy Conductor Steel Reinforced), and others. The underground segment is subsegmented into XLPE (Cross-Linked Polyethylene), PVC (Polyvinyl Chloride), PILC (Paper Insulated Lead Covered), and others. In terms of revenue, the overhead segment held the largest medium voltage cable and accessories market share and is expected to register the highest CAGR during the forecast period.

The scope of the medium voltage cable and accessories market report focuses on North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). North America dominated the market in 2023, followed by APAC and Europe.

The market in Asia Pacific is segmented into Australia, China, Japan, India, South Korea, and the Rest of APAC. In terms of revenue, China held the largest medium voltage cable and accessories market share in APAC. China is the world's leading producer of steel, coal, lead, aluminum, tin, zinc, tungsten, magnesium, and other metallic minerals. According to a report by the Green Finance & Development Centre at Fudan University in Shanghai, new investments and contracts in the metals and mining sector in China reached US$ 10 billion during the first half of 2023, a 131% year-on-year growth. The country is witnessing growth in its renewable energy sector. As per China's National Energy Administration (NEA), the solar power capacity increased by 55% to reach 609 GW, while wind power installed capacity increased by ~21% to over 441 GW. Thermal power capacity grew by 4.1% in 2023 to ~1,390 GW, nuclear capacity by 2.4% to ~57 GW, and hydropower capacity by 1.8% to more than 421 GW. China's overall installed capacity increased by ~14% in 2023, reaching nearly 2,920 GW. Thus, the expanding mining and power generation industries drive the demand for medium voltage cables and accessories in China.

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