The Medium Voltage Cable Market size is expected to reach US$ 41.28 billion by 2031 from US$ 26.24 billion in 2024. The market is anticipated to register a CAGR of 6.9% during 2025–2031. Growing advancements in cable technology are likely to bring new trends to the market in the coming years.
Rising energy demands, infrastructure development, and the shift to renewable energy sources are driving the global demand for medium voltage cables. Also, the growing emphasis on updating electricity networks to improve efficiency and reliability is accelerating the medium voltage cable market growth. Additionally, the growing adoption of smart grid technology and electric vehicles requires a dependable medium voltage infrastructure to enable energy distribution. Furthermore, technological advances in cable manufacturing processes and materials, like cross-linked polyethylene (XLPE) insulation, improve the performance and longevity of medium voltage cables, making them more appealing to utilities and industrial users, which is further propelling the growth of the market.
Medium-voltage electrical cables are utilized in industrial buildings, renewable energy projects, and power distribution networks. They provide longer transmission times, lower energy losses, and improved dependability. Medium voltage cables have long been an integral part of modern electrical distribution systems. They guarantee an effective, dependable supply of electricity that satisfies everyday demands by transporting power from substations to a variety of endpoints, including homes, businesses, and industrial sites. This increase in demand is because numerous industries are using medium voltage cables more frequently as a result of urbanization, industrialization, the growth of renewable energy sources, and the electrification of transportation.
By the end of 2023, clean renewable power accounted for 43% of global installed power capacity, which is the biggest rise in green capacity, owing primarily to strong increases in solar and wind power consumption. Also, with the growing number of renewable energy projects worldwide, there is a rising need for robust medium voltage cables to connect power generation facilities to the grid and distribute electricity to consumers. Also, as countries strive to meet renewable energy targets and reduce carbon emissions, the demand for effective medium voltage solutions is anticipated to grow in the coming years. Furthermore, with modifications to the underlying grid infrastructure already underway, the demand for 11kV medium voltage cables is rising internationally.
The rising adoption of electric vehicles (EVs) and the resulting expansion of charging infrastructure create a substantial opportunity for the medium voltage cable market. As more people and businesses switch to electric vehicles, the need for dependable power delivery to EV charging stations will continue to grow. Medium voltage cables are critical for connecting charging infrastructure to the grid, ensuring efficient energy transfer, and accommodating the increasing load on existing electrical systems. Governments and corporate entities are making significant investments in EV charging networks, which is expected to create an opportunity for the growth of the medium voltage cable market.
Key segments that contributed to the derivation of the Medium Voltage Cable Market analysis are installation, voltage, and end user.
The Medium Voltage Cable Market is segmented into five major regions: North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America. Asia Pacific dominated the market in 2024.
Asia Pacific witnesses a growing demand for medium voltage cables due to rapid urbanization, industrialization, and increasing energy demand. Countries such as China and India are driving this expansion, investing extensively in infrastructure development and renewable energy projects to support their booming economies. The increased emphasis on smart city projects and electrical grid modernization raises the demand for dependable medium voltage solutions. Furthermore, the increasing use of electric vehicles (EVs) in nations such as Japan, South Korea, and Australia presents considerable prospects for medium voltage cables to support EV charging infrastructure. Government programs supporting clean energy and sustainability are also driving the industry, since they encourage investments in renewable energy sources such as solar and wind power, which necessitate efficient medium-voltage transmission lines.
The regional trends and factors influencing the Medium Voltage Cable Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Medium Voltage Cable 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$ 26.24 Billion |
| Market Size by 2031 | US$ 41.28 Billion |
| Global CAGR (2025 - 2031) | 6.9% |
| 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 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 Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Medium Voltage Cable Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Medium Voltage Cable Market are listed below:
(Source: Amokabel, Press Release, May 2025)
(Source: NKT, Press Release, April 2024)
The "Medium Voltage Cable Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:
The List of Companies - Medium Voltage Cable Market
The market is expected to register a CAGR of 6.9% during 2025–2031.
Advancements in Cable Technology is the future trends of the medium voltage cable market.
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 the driving factors impacting the medium voltage cable 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, and Hitachi Energy Ltd are key players operating in the market.