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.
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.
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.
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.
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:
Key segments that contributed to the derivation of the medium voltage cable and accessories market analysis are installation, product, voltage, and end user.
The regional trends and factors influencing the Medium Voltage Cable and Accessories Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Medium Voltage Cable and Accessories Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2024 | US$ 38.51 Billion |
| Market Size by 2031 | US$ 58.88 Billion |
| Global CAGR (2025 - 2031) | 6.5% |
| Historical Data | 2021-2023 |
| Forecast period | 2025-2031 |
| Segments Covered |
By Installation
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Medium Voltage Cable and Accessories Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Medium Voltage Cable and Accessories Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
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:
(Source: Schneider Electric, Press Release, March 2025)
(Source: Prysmian Group, Press Release, February 2023)
The "Medium Voltage Cable and Accessories Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:
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.