Medium Voltage Cable Market is expected to reach US$ 41.28 Billion by 2031

Global Medium Voltage Cable Market Forecast to 2031: Key Insights

According to our latest study on "Global Medium Voltage Cable Market – Global and Regional Share, Trend, and Growth Opportunity Analysis – by Installation, Voltage, End User, and Geography," the market was valued at US$ 26.24 billion in 2024 and is expected to reach US$ 41.28 billion by 2031. The medium voltage cable market is estimated to record a CAGR of 6.9% from 2025 to 2031. The rising need for electricity supply is expected to drive the medium voltage cable market size. The demand for more electricity is increasing due to the growing population and industrialization in developing economies. In addition, the growing urban population has resulted in increased construction activities in commercial, residential, industrial, and infrastructural sectors.

The Asia Pacific medium voltage cable market size is experiencing robust growth, driven by expanding industrial base, urbanization, and infrastructure modernization efforts in the region. Rapid industrialization in China, India, and Southeast Asian countries is significantly increasing the demand for reliable power transmission and distribution networks. Medium voltage cables are critical components in these networks, enabling efficient and safe electricity delivery to industrial plants, commercial facilities, and residential complexes. As industries expand and new manufacturing hubs emerge, the requirement for durable and high-capacity medium voltage cables grows.

Medium Voltage Cable Market

Urbanization is another major driver, with large-scale smart city initiatives and infrastructural developments underway throughout the region. Governments are investing heavily in upgrading existing power grids and deploying underground cable systems to improve grid reliability and reduce outages. This drives demand for technologically advanced medium voltage cables that support better load management and enhanced safety features. Additionally, the rising adoption of renewable energy sources such as solar and wind power is contributing to market growth. Medium voltage cables play a pivotal role in integrating these decentralized power generation sources into the main grid, facilitating efficient energy transmission and distribution.

Regulatory support and favorable policies aimed at modernizing electrical infrastructure further stimulate market expansion. Increasing focus on reducing transmission losses and improving energy efficiency aligns with regional sustainability goals, boosting investments in high-quality medium voltage cable solutions. Thus, Asia Pacific is poised to hold the largest medium voltage cable market share. This dominant position presents strategic growth opportunities for cable manufacturers, utility providers, and infrastructure developers aiming to expand their footprint in the region’s dynamic energy sector. 

Rising Demand for Renewable Energy and Infrastructure Development to Drive Global Medium Voltage Cable Market Growth

The medium voltage cable market is experiencing substantial growth driven by the escalating demand for renewable energy and ongoing infrastructure development. As global efforts to reduce greenhouse gas emissions intensify, countries are accelerating the shift from fossil fuels to cleaner, sustainable energy sources such as wind, solar, and hydropower. In this transition, medium voltage cables have become a critical element within renewable energy systems. Renewable energy projects, including wind farms and solar parks, depend heavily on medium voltage cables to transmit generated electricity to the power grid. These cables, typically rated between 1 kV and 36 kV, are engineered to handle medium voltage transmission requirements, ensuring safe and efficient energy flow. They serve as a vital connection between power generation sites and the broader electrical infrastructure, facilitating the seamless integration of renewable energy into existing grids.

As part of the Infrastructure Investment and Jobs Act, the Grid Deployment Office is administering a US$ 10.5 billion Grid Resilience and Innovation Partnerships (GRIP) Program to enhance grid flexibility and improve the resilience of the power system against extreme weather. In addition, in October 2024, the US Department of Energy announced more than US$ 600 million through the Infrastructure Investment and Jobs Act to bolster grid resilience and reliability in the face of extreme weather and increased electricity demand across the states affected by Hurricanes Helene and Milton. Thus, the rising demand for renewable energy and infrastructure development fuels the medium voltage cable market growth.

Global Medium Voltage Cable Market: Segmental Overview

Based on end user, the market is segmented into industrial, infrastructure, and renewables. The industrial segment held the largest medium voltage cable market share in 2024. Medium voltage cables are used to transfer power from substations to transformers, motors, and other machinery. The cables transfer power to motors, machines, and other equipment in industrial plants. Additionally, they are utilized to link transformers and other plant machinery. It can also transmit power to far-off areas, including mines, oil and gas rigs, and construction sites. Thus, with the growing application, several players are taking the initiative to develop medium-voltage cables and accessories. For instance, in August 2023, RFL Group launched a new product category of medium-voltage power cables for its well-known cable brand—Bizli Cables. The demand for strong medium voltage cables to accommodate larger power requirements and assure the reliability of production processes is rising with the growing industrialization. Furthermore, the emphasis on sustainable operations in many industrial settings is increasing the demand for high-quality cables that save energy and reduce operational downtime.

Global Medium Voltage Cable Market Analysis: Competitive Landscape and Key Developments

The global medium voltage cable market report emphasizes the key factors driving the market and prominent players' developments. 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 prominent players profiled in the global medium voltage cable market report. The market players focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.

• In January 2025, LS Cable & System USA (LSCSUSA), a leading manufacturer of electrical low- and medium-voltage power products, announced its partnership with Priority Solutions Group (PSG). This agreement enables PSG to distribute LS Busway, LSCSUSA's premier line of energy distribution systems, to customers in North and South Carolina.
• In August 2024, Nexans announced its plans to invest EUR 15 million in its production plant in Bourg-en-Bresse, Auvergne-Rhône-Alpes (east-central France). The investment increases the plant’s medium-voltage cable production capacity with a view to supporting distribution grid operators and installers, and to supplying renewable energy projects, including solar and wind farms, in France and in Western Europe.

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