North America Medium Voltage Cable Market Analysis and Forecast by Size, Share, Growth, Trends 2025-2031

The North America Medium Voltage Cable Market size is expected to reach US$ 7,970.9 Million by 2031 from US$ 5,835.7 Million in 2024. The market is estimated to record a CAGR of 4.7% from 2025 to 2031.

Executive Summary and North America Medium Voltage Cable Market Analysis:

The surging number of construction projects is contributing to the increasing demand for medium-voltage cables and accessories in North America. For instance, in November 2021, Samsung announced its plan to construct a new advanced chip-making plant in Texas. The plant is estimated to cost ~US$ 17 billion and is expected to be operational in 2024. Similarly, in May 2023, the Buffalo Bills announced that the construction of the new stadium had started in Western New York. This new Bills Stadium is built on 242 acres of land, and the construction is expected to be completed in July 2026. In addition, investment in residential construction is rising in the region. In April 2021, in Canada, the investment in residential construction reached ~US$ 15.3 billion, which was an increase of 8.1% compared to April 2020. With this, the investment in single-unit residential construction also increased in April 2021 by 8.9% compared to April 2020.

North America Medium Voltage Cable Market: Strategic Insights

North America Medium Voltage Cable Market Segmentation Analysis:

• By Installation, the North America Medium Voltage Cable Market is segmented into Overhead, Underground, and Submarine. The Overhead segment dominated the market in 2024.
• By Overhead, the North America Medium Voltage Cable Market is segmented into ACSR (Aluminum Conductor Steel Reinforced), AAAC (All Aluminum Alloy Conductor), AACSR (Aluminum Alloy Conductor Steel Reinforced), and Others. The ACSR (Aluminum Conductor Steel Reinforced) segment dominated the market in 2024.
• By Underground, the North America Medium Voltage Cable Market is segmented into XLPE (Cross-Linked Polyethylene), PVC (Polyvinyl Chloride), PILC (Paper Insulated Lead Covered), and Others. The XLPE (Cross-Linked Polyethylene) segment dominated the market in 2024.
• By Voltage, the North America Medium Voltage Cable Market is segmented into 6 to 13 kV, 23 kV, 34 kV, 45 kV, 69 kV, and 1 to 5 kV. The 6 to 13 kV segment dominated the market in 2024.
• By End User, the North America Medium Voltage Cable Market is segmented into Industrial, Infrastructure, and Renewables. The Industrial segment dominated the market in 2024.

North America Medium Voltage Cable Market Players Density: Understanding Its Impact on Business Dynamics

The North America Medium Voltage Cable 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.

North America Medium Voltage Cable Market Outlook

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 tornadoes throughout the central US are among the tragic events. However, electric grids were built in the 1960s and 1970s, particularly in the US.

Automation and emerging technologies like 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.

As these degrading networks can no longer support the growing demand for electricity, utilities and municipalities are compelled to invest in infrastructure upgrades to ensure a reliable and efficient power supply. In October 2023, the Department of Energy (DOE) announced its plans to invest US$ 3.5 billion for 58 projects across 44 US states to strengthen electric grid resilience and reliability across the US.

Medium voltage cables are used to 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.

North America Medium Voltage Cable Market Country Insights

By country, the North America Medium Voltage Cable Market is segmented into United States, Canada, Mexico. United States held the largest share in 2024.

The medium voltage cables market in the US is experiencing significant growth, driven by infrastructure enhancements, renewable energy adoption, and electrification initiatives. 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. These programs are anticipated to accelerate the adoption of medium voltage cables in the US for effective power transmission and distribution.

Key industry players, such as ABB Ltd., Prysmian SpA, and Nexans SA, are actively investing in countries such as the US. For instance, Prysmian's acquisition of Encore Wire in April 2024 aimed to strengthen its presence in North America. Additionally, TE Connectivity's acquisition of Richards Manufacturing enhances its portfolio in medium-voltage utility-grid products in the region.

North America Medium Voltage Cable Market Company Profiles

Some of the key players operating in the market include ABB Ltd, Prysmian SpA, TE Connectivity, Nexans SA, Southwire Company LLC, Houston Wire & Cable Co, Belden Inc, NKT AS, The Okonite Co, Sumitomo Electric Industries Ltd, 3M Co., Eaton Corp., Hitachi Energy Ltd, LS Cable & System USA, Ensto Oy

These players are adopting various strategies such as expansion, product innovation, and mergers and acquisitions to provide innovative products to their consumers and increase their market share.

North America Medium Voltage Cable Market Research Methodology

The following methodology has been followed for the collection and analysis of data presented in this report:

Secondary Research

The research process begins with comprehensive secondary research, utilizing internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:

• Company websites, annual reports, financial statements, broker analyses, and investor presentations
• Industry trade journals and other relevant publications
• Government documents, statistical databases, and market reports
• News articles, press releases, and webcasts specific to companies operating in the market

Note:

Primary Research

The Insight Partners conducts a significant number of primary interviews each year with industry stakeholders and experts to validate its data analysis and gain valuable insights. These research interviews are designed to:

• Validate and refine findings from secondary research
• Enhance the expertise and market understanding of the analysis team
• Gain insights into market size, trends, growth patterns, competitive dynamics, and future prospects

Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:

• Industry stakeholders: Vice Presidents, Business Development Managers, Market Intelligence Managers, and National Sales Managers
• External experts: Valuation specialists, research analysts, and key opinion leaders with industry-specific expertise