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The medium voltage cable and accessories market size 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. Advancements in cable technology are likely to remain a key market trend in the future.
Medium Voltage Cable and Accessories Market Analysis
The rising need for electricity supply is driving the medium voltage cable and accessories market growth. The demand for more electricity is increasing due to the surging population and industrialization in developing economies. The rising urban population has also resulted in increased construction activities in commercial, residential, industrial, infrastructure, and other sectors. In Q2 of 2023, the construction of an electric vehicle battery manufacturing plant started in Michigan, which is expected to be completed by Q4 of 2025. Such construction activities directly increase the need for electricity generation and distribution, which is surging the demand for medium voltage cables and accessories. The rising focus on power generation through renewable energy sources has further resulted in the development of new power grids and distribution lines.
Medium Voltage Cable and Accessories Market Overview
A medium voltage cable distributes electricity from power substations to transformer stations. It has a minimum power rating of 1kV and goes up to 69kV. Medium voltage cables and accessories are used for electricity supply to commercial and residential buildings as well as industrial distribution circuits. They have indoor use in power supply stations and outdoor use in cable ducts, underground, and cable trays for industrial buildings, switchboards, and power stations. They are also used in pulp and paper mills, steel mills, textile mills, petrochemical plants, water and sewage treatment facilities, railroads, mines, and electrical utility generating plants. Medium voltage cable accessories such as cable terminations, cable joints, and connectors are designed to connect, protect, and support medium voltage cables for single-core or three-core.
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Medium Voltage Cable and Accessories Market: Strategic Insights
Market Size Value in US$ 45.82 billion in 2022 Market Size Value by US$ 70.67 billion by 2030 Growth rate CAGR of 5.6% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Medium Voltage Cable and Accessories Market: Strategic Insights
| Market Size Value in | US$ 45.82 billion in 2022 |
| Market Size Value by | US$ 70.67 billion by 2030 |
| Growth rate | CAGR of 5.6% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Medium Voltage Cable and Accessories Market Drivers and Opportunities
Increasing Need to Upgrade Antiquated Power Distribution Networks
According to the National Oceanic and Atmospheric Administration report, the US has witnessed weather and climate disasters worth billions of dollars in 2023. In just the first four months of 2023, the total cost of these disasters surpassed US$19 billion, with US$ 3.5 billion attributed to flooding in California. Maui firestorm, extreme flooding in California and New England, Hurricane Idalia's category four winds battering the Gulf Coast, and devastating hailstorms and tornados throughout the central US are among the tragic events. In 2024, deadly floods and storms in Europe affected more than 400,000 people. Such major challenges that occurred due to the changing climate increase the reliability of the electricity grid. However, electric grids were built in the 1960s and 1970s, particularly in the US. Automation and emerging technologies, such as the adoption of AI and ML in smart grids, have enhanced the system. The deteriorating infrastructure is struggling to meet modern electricity needs, such as renewable energy resources and growing building and transportation electrification. For instance, 70% of transmission lines are over 25 years old and are approaching the end of their typical 50–80-year lifespan. According to data from the US Energy Information Administration, US electricity customers were without power for slightly longer than seven hours on average in 2021. Such aging infrastructure results in frequent failures, inefficiencies, and safety risks.
Medium voltage cables transmit electricity from substations to consumers, particularly in urban and industrial areas, and are integral in maintaining grid stability. Replacing outdated cables with modern, more efficient medium voltage cables is essential to ensure that power is transmitted securely and without interruption. Medium voltage cables with improved insulation, durability, and thermal resistance are being developed, enabling utilities to replace aging cables with higher-performing solutions. Thus, the increasing need to upgrade outdated power distribution networks drives the market growth.
Rising Investments in Renewable Energy
According to the Renewables 2024 Global Status Report Collection, investment in renewables in the US jumped 60% in 2023 to reach US$ 92.9 billion. Wind power experienced much higher growth (up 174.3% to US$ 37.1 billion in 2023). In October 2024, Canada’s Minister of Energy and Natural Resources announced an investment of CAD$ 500 million (US$ 363.5 million) in the Smart Renewables and Electrification Pathways program Utility Support Stream. This funding was planned to be awarded to projects that upgrade existing assets, increase grid reliability, add new renewable energy resources, and help accommodate soaring power demand. In Europe, investment in renewable energy projects increased by 42.9% in 2023 to US$ 134.4 billion. In the UK, renewable energy investment surged more than sixfold to US$ 23.2 billion, the highest level in the area. The majority of this gain was in wind energy, which received a boost this year when the government announced a 66% increase in maximum pricing for offshore wind auctions. Germany ranked second in investment (up 35% to US$ 20.4 billion), followed by Spain (up 14.4% to US$ 18.5 billion). The Czech Republic (up 246%), Denmark (up 172%), and Bulgaria (up 145%) had the fastest growth rates in renewable energy investment in Europe, although starting at lower levels.
The governments of nations are investing in wind and solar power plant construction. Among the major renewable energy projects carried out worldwide are:
- Kitty Hawk Offshore Wind Farm: A 122,405-acre offshore wind farm is being planned for an area 39 nautical kilometers off the coast of Kitty Hawk, North Carolina. The area is ideal for such a farm, with wind speeds averaging 32kmph, ~80m above the ocean's surface. The project is in the planning stages, but it is expected to begin selling power to the nearby states by 2030.
- Texas Mariah Onshore Wind Farm: It is a 10,000 MW wind farm project that is planned to be constructed across the Parmer, Sherman, and Dallam counties. Started in 2022, the project is still under development.
Medium Voltage Cable and Accessories Market Report Segmentation Analysis
Key segments that contributed to the derivation of the medium voltage cable and accessories market analysis are installation, product, voltage, and end user.
- 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. The overhead segment dominated the market in 2024.
- By product, the market is bifurcated into cables and accessories. The accessories segment is subsegmented into terminations, joints, and others. The cables segment dominated the market in 2024.
- As per voltage, the market is segmented into 1-5, 6-13, 23, 34, 45, and 69. The 6-13 KV segment dominated the market in 2024.
- In terms of end user, the market is categorized into industrial, infrastructure, and renewables. The industrial segment dominated the market in 2024.
Medium Voltage Cable and Accessories Market Share Analysis by Geography
- The medium voltage cable and accessories market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. North America dominated the medium voltage cable and accessories market in 2024. Asia Pacific is the second-largest contributor to the global medium voltage cable and accessories market, followed by Europe.
- The medium voltage cable and accessories market in North America is segmented into the US, Canada, and Mexico. The growth of the medium voltage cable and accessories market in the region is driven by increasing commercial infrastructure projects, rapid urbanization, and high construction spending. The construction of the Riverwalk San Diego project was initiated in Q1 2023, involving the construction of mixed-use facilities on 80.9 ha of land in California (US). The project aims to provide better commercial facilities in the region and is expected to be completed by Q3 2029. Also, the construction of 2,150 Lake Shore Mixed-Use Complex—which involves the construction of 29 buildings ranging from 3 to 67 storeys in Toronto (Ontario, Canada)—began in Q1 2023 and is likely to be completed by Q4 2027. The project will also provide commercial and retail facilities with easy accessibility in the region. Thus, the growing construction industry in the region will stimulate the demand for medium voltage cables and accessories.
Medium Voltage Cable and Accessories Market Report Scope
Medium Voltage Cable and Accessories Market News and Recent Developments
The medium voltage cable and accessories market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. Key developments in the medium voltage cable and accessories market are listed below:
- Schneider Electric announced that it is planning to invest over U$700 million in its US operations through 2027. The company’s investments support the country’s focus on bolstering the nation’s energy infrastructure to power AI growth, boost domestic manufacturing, and strengthen energy security. The announcement comes as regional demand grows across data centers, utilities, manufacturing, and energy infrastructure segments.
(Source: Schneider Electric, Press Release, March 2025)
- Prysmian Group, world leader in the energy and telecom cable systems industry, confirms its support to the upgrading process of UK’s electricity grid and announces it has been awarded, through its subsidiary in the UK, a Medium Voltage cable framework agreement with National Grid Electricity Distribution for a minimum of 3 years.
(Source: Prysmian Group, Press Release, February 2023)
Medium Voltage Cable and Accessories Market Report Coverage and Deliverables
The "Medium Voltage Cable and Accessories Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:
- Commercial HVAC market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Commercial HVAC market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Commercial HVAC market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the medium voltage cable and accessories market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Installation, Product, Voltage, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The medium voltage cable and accessories market is expected to reach US$ 58.88 billion by 2031.
Advancements in cable technology is the major future trends of the market.
The key players operating in the medium voltage cable and accessories market include 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.
The medium voltage cable and accessories market was valued at US$ 38.52 billion in 2024; it is expected to register a CAGR of 6.5% during 2025–2031.
Increasing need to upgrade antiquated power distribution networks, rising demand for uninterrupted power supply in industries, and surging construction of residential and commercial buildings are some of the major drivers of the market.
The List of Companies - Medium Voltage Cable and Accessories Market
- 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
- Hitachi Energy Ltd
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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