; Medium voltage cables market share, size, forecast

Medium Voltage Cables Market

Medium Voltage Cables Market Size, Share, and Analysis, By Installation (Overhead, Underground, Submarine), By Voltage (1-15 kV, 16-35 kV, and 36-70 kV), By End-User (Industrial, Commercial, and Utility), and By Region (North America, Europe, Asia-Pacific, And Rest of the World) And Regional Forecast 2024-2034

Published on: Jan-2024
Report Code: FG EP 01834
No. of Pages: 170-350
Report Format: PDF

Medium Voltage Cables Market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 5.7% during the forecast span from 2024 to 2034. In 2023, the market size was assessed at USD 45.8 billion and is projected to reach USD 84.8 billion by the completion of 2034.

Product Overview

Medium voltage cables are specialized electrical cables that can transmit electrical power with voltages ranging from 1 to 100 kV. These cables are critical components of electrical distribution systems, which enable the connection of power sources and distribution networks or directly powering industrial facilities. These voltage cables, which fall between the low and high voltage bands, are widely employed in urban infrastructure, industrial plants, and commercial buildings. Additionally, medium voltage cables are typically insulated with materials such as cross-linked polyethylene (XLPE) or ethylene propylene rubber (EPR) to withstand higher voltages and ensure efficient power distribution. Therefore, due to its ability to stabilize and improve the functionality of electrical grids, medium voltage cables are indispensable across several industrial applications.

Market Highlights

Medium Voltage Cables Market is expected to grow at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2034

Medium Voltage Cables Market is projected to reach USD 84.8 billion over the forecast period, owing to the global urbanization, industrial development, and rising infrastructure projects. The growing emphasis on renewable energy projects, such as wind and solar power, requires efficient transmission systems, which further increases the demand for voltage cables in connecting renewable energy sources to the grid. Moreover, the need to modernize aging power infrastructure is driving investments in transmission and distribution networks. Additionally, the increasing adoption of smart grid technologies, which aim to improve power distribution efficiency, along with technological innovations in insulation materials, play an important role in enhancing the performance and durability of medium voltage cables. These factors collectively highlight the evolving landscape of the medium voltage cable, which aligns with the industry's commitment to provide modern solutions for sustainable electrical infrastructure.

Source: Fatpos Global

Medium Voltage Cables Market Segmentation

Underground segment will lead as it provides neat and safe installation options for cable wires

Based on Installation, the Medium Voltage Cables Market is Segmented into Overhead, Underground, and Submarine. The underground installation segment is projected to dominate the market as they provide a visually appealing and clean alternative to overhead lines across urban areas, where aesthetic considerations and limited spaces are important. Underground cables offer resistance to external factors like weather or accidents which ensures their safety and reduces the chance of service disruptions. Besides, these installations help to promote environmental sustainability by protecting green landscapes and reducing visual impact on the environment. Moreover, with growing urbanization, the flexibility of underground cables in addressing energy demands strengthens their dominance in the market. Furthermore, the lower electromagnetic interference and increased safety make underground cables a viable choice for meeting the growing demands of modern power distribution networks.

1-15 kV segment will dominate owing to its durability and high usage

By Voltage, Medium Voltage Cables Market is divided into 1-15 kV, 16-35 kV, and 36-70 kV. The 1-15 kV segment will demonstrate market leadership owing to its long operational life and low replacement rate. They provide minimal power losses during transmission, which enhances energy efficiency and affordability of medium voltage cables. Their smooth integration into cable circuit designs increases their versatility, making them suitable for various electrical setups. Furthermore, the lower risk of power outages improves the resilience of the electrical grid and ensures dependable power supply. Therefore, these combined benefits make 1 kV to 15 kV cables the preferable choice for various applications and contribute to their market dominance.

Source: Fatpos Global

Market Dynamics

Growth Drivers

Integration of Renewable Energy Provides Opportunities for Development

Rise of the medium voltage cable industry is primarily driven by the smooth integration of renewable energy sources, including solar and wind power. The need for effective transmission technologies to connect renewable installations to the grid is increasing as the world becomes committed to sustainable energy. Additionally, medium voltage cables provides an ability to proficiently handle the transmission of power from diverse renewable sources, which play an essential role in facilitating this transition. Therefore, growing initiatives and investments in renewable energy projects are fueling the growth of market and generates strong demand for medium voltage cables as an essential component of the changing energy environment.

Developing Infrastructure and Urbanization to Generate New Growth Prospects

Rapid urbanization and infrastructure development projects on a global scale increase need for effective power distribution solutions and fuels the growth trajectory for medium voltage cable market. The demand for a consistent and effective supply of power increases as metropolitan areas expand and new infrastructure projects are implemented. Moreover, medium voltage cables are integral to connecting power sources with urban areas, industrial zones, and commercial hubs, thereby supporting the growing energy requirements of modern societies. Consequently, the market benefits from sustained investment in urban and industrial development, which positions the medium voltage cables as indispensable components for sustaining the power infrastructure which is necessary for urbanization.


High Initial Investment and Implementation Costs Can Limit Industry Growth

High initial investment costs associated with installation, particularly in underground applications, is a significant restriction for the growth of medium voltage cable market. Medium voltage cable deployment frequently requires specialized equipment, significant trenching, and experienced labor, which collectively adds to significant upfront costs. This can be challenging for projects operating on a tight budget or in places with limited funding. Furthermore, the high cost of initial installations could limit market penetration, which  requires strategic planning and considerations to balance the benefits against potential budgetary limitation for clients or projects.

Recent Developments

  • In October 2023, Nexans S.A. introduced Nexans NexanTerra™ MV cable with enhanced fire resistance and environmental sustainability features. The company is focusing on innovative and sustainable solutions for energy infrastructure projects.
  • In November 2023, Prysmian Group acquired a leading supplier of MV cable accessories, expanding its product portfolio and market reach. They are offering complete MV cable solutions through both organic and inorganic growth.
  • In December 2023, General Cable Corporation partnered with a renewable energy developer to supply MV cables for large-scale solar and wind projects.
  • In October 2023, Southwire Company invested in expanding its MV cable manufacturing capacity in North America to meet increasing demand. The organization is sstrengthening its position as a leading MV cable supplier in the region.
  • Sumitomo Electric Industries, Ltd. introduced a new range of MV cables specifically designed for underground networks in urban environments. They are looking to cater to the specific needs of the growing underground power grid infrastructure.

Medium Voltage Cables Market

Key Players:

  • Nexans S.A.
  • Prysmian Group
  • Southwire Company
  • LS Cable & System Ltd.
  • ABB Ltd.
  • Fujikura Ltd.
  • KEI Industries Limited
  • Finolex Cables Ltd.
  • Riyadh Cables Group Company
  • Sumitomo Electric Industries, Ltd.
  • General Cable Corporation
  • Brugg Kabel AG
  • Siemens AG
  • NKT A/S
  • Tratos Group
  • Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Medium Voltage Cables Market is segmented based on regional analysis into five key regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. The dominance of Asia Pacific in the medium voltage cable market is owing to the significant infrastructure expansion in China. The rapid industrialization and extensive developments projects like the Belt and Road Initiative have triggered an extraordinary demand for medium voltage cables. This rise is especially remarkable given China's focus on integrating renewable energy and smart grid technologies. Thus, Asia Pacific becomes a dominant force in the medium voltage cable market, driven by economic giants like China. Moreover, the region's strong economic growth and commitment to significant infrastructure development highlights its crucial role in pushing the demand for efficient medium voltage cables, thereby establishing the region as a dominant force in the voltage cable market.

Source: Fatpos Global

Impact of Covid-19 on Medium Voltage Cables Market

Medium voltage cable market experienced a dual impact from the COVID-19 pandemic. Negative effects such as disruptions in the supply chain and delays in projects were caused due to lockdowns and low investments in certain sectors. Conversely, essential sectors such as healthcare and data centers saw increased demand for effective power infrastructure, including medium voltage cables. Furthermore, the pandemic accelerated digital transformation efforts and created opportunities for smart grid technologies to improve grid resilience and efficiency. Therefore, despite the hurdles, the pandemic highlighted the importance of medium voltage cables in ensuring essential services and promoting technological developments toward a durable and reliable power grid.

Medium Voltage Cables Market is further segmented by region into:

  • North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
  • Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
  • Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
  • Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
  • Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Medium Voltage Cables Market Scope and Segments:



Study Period


Base Year


Forecast Period


Historical Period


Growth Rate

CAGR of 5.7% from 2024-2034


Value (USD Billion)


Main Segments List

By Installation

  • Overhead
  • Underground
  • Submarine

By Voltage

  • 1-15 kV
  • 16-35 kV
  • 36-70 kV

By End-User

  • Industrial
  • Commercial
  • Utility

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Frequently Asked Questions (FAQ):

Medium Voltage Cables Market size was values at USD 45.8 billion in 2023 and is projected to reach the value of USD 84.8 billion in 2034, exhibiting a CAGR of 5.7% during the forecast period.

The Medium Voltage Cables Market involves the production and supply of cables designed for transmitting electrical power within the 1 kV to 100 kV voltage range. These cables are crucial in electrical distribution systems, connecting power sources to various sectors like urban infrastructure and industries.

The Underground Installation segment and the 1-15 kV segment accounted for the largest Medium Voltage Cables Market share.

Key players in the Medium Voltage Cables Market include Nexans S.A, Prysmian Group, General Cable Corporation, Southwire Company, LS Cable & System Ltd., ABB Ltd., Siemens AG, Sumitomo Electric Industries, Ltd., Fujikura Ltd., Brugg Kabel AG, NKT A/S, KEI Industries Limited, Riyadh Cables Group Company, Finolex Cables Ltd., Tratos Group., and Other Prominent Players.

Integration of renewable energy, along with developing infrastructure and urbanization are the factors driving the medium voltage cables market.

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