Medium Voltage Cables Market Size, Share and Trends 2025 to 2034

What is the Medium Voltage Cables Market Size?

The global medium voltage cables market size is accounted at USD 45.28 billion in 2025 and predicted to increase from USD 48.83 billion in 2026 to approximately USD 89.38 billion by 2034, expanding at a CAGR of 7.85% from 2025 to 2034. The market is expanding at a significant rate owing to the increasing demand for renewable energy generation, industrialization, urbanization, and the requirement for reliable power infrastructure.

Medium Voltage Cables Market Key Takeaways

• Asia Pacific dominated the global market with the largest market share of 36% in 2024.
• North America is observed to host the fastest-growing market during the forecast period.
• By installation, the overhead segment dominated the market in 2024.
• By installation, the underground segment is anticipated to grow at the fastest rate during the forecast period.
• By voltage, the 1 kV - 15 kV cables segment dominated the market with the largest share in 2024.
• By voltage, the 16 kV - 35 kV segment is projected to expand rapidly in the coming years.
• By application, the utility segment held the major market share of 53% in 2024.
• By application, the industrial segment is expected to witness the fastest growth rate during the predicted timeframe.

Predictive Maintenance and Generative AI Altering the Power Grid

Artificial intelligence is transforming the medium voltage cables market by improving design, manufacturing, and maintenance. AI analyzes vast datasets of engineering archives to design cables with optimized performance, such as enhanced fire resistance, flexibility, and recyclability. Moreover, AI can simulate the behavior of wires under different conditions, allowing for the design of more reliable and efficient products. AI algorithms also analyze data from smart grid sensors and cable accessories to predict potential failures and schedule maintenance proactively. Overall, AI is altering the market.

• In September 2024, Schneider Electric introduced an AI feature on its Wiser Home app, enhancing energy management for water heaters and EV chargers by learning user habits, weather, and tariff data for savings.

Market Overview

The medium voltage cables market is a sector dedicated to electrical cables and related components used to transmit power in a range typically between 1kV and 35kV. These include components like connectors, terminations, and other accessories needed for cable installation, maintenance, and repair, primarily used in electricity grids, industrial settings, and commercial applications. The market is expected to continue expanding due to these trends and ongoing infrastructure development projects. Increasing demand for renewable energy generation, industrialization, urbanization, and the demand for reliable power infrastructure.

Medium Voltage Cables Market Growth Factors

• Sustainable energy solutions: The increasing adoption of sustainable energy solutions is propelling the need for medium voltage cables and accessories, crucial for interconnecting renewable energy projects and connecting them to the main power grids.
• Rapid urbanization and industrialization: Rapid urbanization and industrialization in developing countries are increasing electricity demand and the requirement for robust and reliable medium voltage cable systems for power distribution.
• Infrastructure development: Governments and utility companies are investing heavily in upgrading and expanding electricity grids, leading to increased demand for medium voltage cables and accessories.
• Technological advancements: Innovations in cable materials, insulation, and manufacturing processes contribute to improved cable performance, durability, and reliability. Such as the implementation of smart grids and advanced monitoring systems requires specialized medium voltage cables and accessories, ensuring its highest demand in the market.

Medium Voltage Cables Market Outlook

• Market Growth Overview: The market is poised for strong growth from 2025 to 2034, driven by aging grid replacement, rising electricity demand, urbanization, and the integration of renewable energy. The rapid expansion of the utility sector and underground infrastructure is also driving market growth.
• Infrastructure Development: Rising infrastructure development drives market growth by increasing demand for reliable power distribution networks amid urbanization, industrialization, and energy transmission. As new residential, commercial, and industrial projects are built, the need for medium-voltage cables to efficiently transmit electricity and maintain grid stability becomes increasingly critical, further fueling market expansion.
• Global Expansion: The market is growing worldwide due to rising demand for reliable power distribution driven by urbanization, industrial growth, and renewable energy integration. Emerging regions, particularly in Asia-Pacific, Latin America, and Africa, present significant opportunities as infrastructure development accelerates, governments invest in modernizing energy grids, and industrial sectors expand, driving demand for advanced, efficient, and durable medium-voltage cables.
• Major Investors: Major investors in the market include global energy and industrial giants like Prysmian Group, Nexans, and General Cable, which contribute through their extensive manufacturing capabilities, technological innovation, and strategic acquisitions to strengthen their market position. These companies drive the development of advanced cable technologies, enhance product offerings for renewable energy projects, and support large-scale infrastructure projects, ensuring the reliable distribution of electricity across residential, commercial, and industrial sectors.

Market Scope

Market Dynamics

Drivers

Growing demand for global energy

The primary driver in the medium voltage cables market is the growing demand for global energy, especially driven by the growing populations and economies developing, the demand for electricity, requiring more efficient and reliable power transmission and distribution networks. These cables are used to connect renewable energy projects to the grid and transport electricity from these sources to consumers.

• In January 2025, V-Marc India Limited announced its expansion plans in Kerala. Known for its embrace of technology and innovation, Kerala is a key market for V-Marc to introduce its latest range of advanced wire and cable solutions. The launch of new products, Flexi-TUF eB-HFFR Wires and eB+ Power Cables, developed through extensive research and powered by electron beam technology.

Restraint

Higher cost and project delays

A major restraint in the medium voltage cables market is higher cost and project delays due to complex planning and authorization processes, particularly in large-scale infrastructure projects such as transmission and distribution network expansions, as project timelines are extended, leading to increased labor costs, material price fluctuations, and potential delays in project completion. Large-scale infrastructure projects, specifically those involving government funding, often face delays due to bureaucratic hurdles, funding challenges, and delays in receiving necessary permits.

Opportunity

Integration of advanced technologies

The medium voltage cables market has potential for integrating advanced technologies, particularly Internet of Things and AI, which can improve grid resilience and operational efficiency with optimized performance, such as enhanced fire resistance, flexibility, and recyclability.

• In April 2024, Siemens AG introduced Electrification X within its Siemens Xcelerator portfolio. This IoT-enabled software optimizes electrification infrastructure, enhancing reliability and performance for commercial and utility customers.

Installation Insights

The overhead segment held a dominant presence in the medium voltage cables market in 2024, primarily due to its easier and faster installation process compared to underground cables, which require extensive digging and trenching, along with the lower material costs, contributing to significantly lower deployment costs for overhead systems. These are often favored in areas where underground installation is difficult, such as areas with dense urban infrastructure and historical districts, by lowering transmission Losses.

• In April 2023, after Transco Abu Dhabi, the ERJ Joint has been installed in DEWA Dubai to replace a few old, faulty joints. The existing circuits are put on outage, and the Brugg team is engaged to dismantle the old joints and install the ERJ by providing reliability to networks and saving up to 60% from both cost and time compared to classical repair methods.

The underground segment is anticipated to grow at the fastest rate in the market during the forecast period, because of its better performance, reliability, minimizing visual disruption to the landscape, and providing aesthetic advantages over overhead installations. As urban areas become more congested, underground cables become a more viable solution for adapting power distribution, making with suitable for industries like power utilities, mining, and data centers, where reliability and longevity are crucial.

Voltage Insights

The 1 kV - 15 kV cables segment dominated the medium voltage cables market with the largest share in 2024, owing to widespread use in various industries, cost-effectiveness, and ease of integration. This segment is crucial for power distribution within industrial and commercial facilities, together with residential buildings. Additionally, advancements in cable technology and materials have improved insulation properties, longer operational life, and reduced power losses by ameliorating performance and reliability.

• In May 2024, the Hokuto-Imabetsu HVDC Link, New Hokkaido-Honshu HVDC Link, connected the power grids of Hokkaido and Honshu to expand the renewable energy and ensured the stable supply and adjustment of electric capacity, and strengthened the resilience of the transmission network in the Hokkaido area.

The 16 kV - 35 kV segment is projected to expand rapidly because of its wide applicability in various industries like power grids, industrial facilities, and smart cities. This growth is driven by the development of smart grids and smart city initiatives, necessitating the use of efficient and reliable medium voltage cables for various infrastructure projects. Thus, new materials and manufacturing techniques with the integration of sensors and monitoring technologies into cables enable real-time data analysis and predictive maintenance.

Application Insights

The utility segment dominated the medium voltage cables market in 2024, due to its large-scale power transmission and distribution demands, which propel demand for reliable and high-performance cables and accessories. Utilities require extensive networks of cables and accessories to transmit and distribute electricity efficiently across large distances, and improving the deployment of renewable energy technologies is contributing to the market growth.

• In June 2023, Nichicon Corporation and Ossia, Inc. announced their new partnership. Nichicon will promote Cota Real Wireless Power™ of Ossia by utilizing the Cota Technology in association with the SLB Series of Lithium Titanate Oxide Batteries of Nichicon.

The industrial segment is expected to witness the fastest rate of growth during the predicted timeframe, owing to increased demand for reliable and efficient power transmission and distribution in various industrial applications, besides advancements in cable technology and infrastructure expansion. Industrial facilities increasingly depend on renewable energy sources such as wind and solar, constraining the use of medium voltage cables to connect these sources to the grid.

Regional Insights

Asia Pacific Medium Voltage Cables Market Size and Growth 2025 to 2034

The Asia Pacific Medium voltage cables market size is exhibited at USD 16.30 billion in 2025 and is projected to be worth around USD 32.62 billion by 2034, growing at a CAGR of 7.99% from 2025 to 2034.

Government Backing Supporting Asia Pacific Dominance

Asia Pacific dominated the global medium voltage cables market in 2024. The strong economies of the region drive infrastructure development and industrialization, requiring reliable electrical infrastructure, including medium voltage cables and accessories. Additionally, countries like China, India, and Japan are actively working to strengthen regional supply chains, particularly in the electronics and other industries reliant on reliable electrical infrastructure. Many countries in the Asia Pacific are implementing government programs such as the Pradhan Mantri Ujhaar Yojana by the Indian government to modernize grid infrastructure and increase renewable energy capacity, boosting the demand for medium voltage cables and accessories.

• In August 2020, Sumitomo Electric Industries, Ltd. and TEPCO Power Grid, Inc. jointly developed a remote monitoring system that readily utilizes existing underground power transmission lines to quickly build a sensor network for the first time in the world.

Power Transmission and Distribution Networks Drive India

India has a dominant presence in Asia Pacific for the medium voltage cables market, owing to focus of India on expanding power transmission and distribution networks, particularly in rural areas, which drives demand for medium voltage cables and accessories. Moreover, the commitment of the country to renewable energy sources like solar power also requires infrastructure for energy transmission and distribution, coupled with government initiatives such as the Saubhagya and Deendayal Upadhyaya Gram Jyoti Yojana for smart city development also contribute to the necessity for power and fiber-optic cables.

Strong Automotive and Telecom Sector Propels the Chinese Market

China plays a crucial role in the medium voltage cables market, because China has a strong automotive and telecom sector, coupled with a shift towards clean energy, extensive hydrocarbon exploration, and industrial infrastructure transformations by massive distribution network expansions, urbanization, and industrial project contributes to the market growth in the country. Furthermore, the growing focus on green energy solutions and advancements in wire technology are also driving the market.

Large Group of Prominent Firms Highlighting Market Growth in North America

North America is observed to host the fastest-growing medium voltage cables market during the forecast period. Due to high energy demand, a strong focus on renewable energy and carbon emission reduction goals, and increased participation from private players in the renewable energy sector. Government initiatives like those supporting EV charging infrastructure development and grid modernization also contribute to this growth. A large group of prominent firms, such as Prysmian Group, Southwire Company, Nexans, NKT, and LS Cable & System, are in the region. These companies compete in the North American market through a combination of their own manufacturing and supply networks, together with strategies such as acquisitions and partnerships.

• In July 2024, Prysmian completed the acquisition of Encore Wire Corporation, a U.S.-based cable producer, for USD 290.00 per share. This move aims to enhance the presence of Prysmian in the North American market and drive electrification and digital transformation.

The U.S. Medium Voltage Cables Market Trends

The U.S. is the fastest-growing market for medium voltage cables and accessories in North America, primarily due to increased investment in infrastructure, a drive towards renewable energy sources, and growing industrial and residential construction. Large-scale infrastructure projects such as the expansion of interstate highways and the development of new power plants require substantial amounts of medium voltage cables and accessories. The construction of new shopping malls, office buildings, and industrial plants, together with the rapid growth of solar and wind energy projects across the U.S., necessitates the use of medium voltage cables and accessories to provide reliable power.

Burgeoning Industrial Sectors in Europe

Europe emerged as a notable player in the global medium voltage cables market due to the increasing reliance on renewable energy sources like wind and solar power, particularly in countries like Denmark, Germany, and Spain, which require upgrades to existing grids and the deployment of new medium voltage cables to integrate this energy into the system. Furthermore, the burgeoning industrial sectors in Europe, including cement, mining, and paper & pulp industries, are heavy consumers of electricity and require reliable power supplies, leading to the need for medium voltage cables and accessories.

• In December 2022, NKT received a high-voltage cable project to connect offshore platforms in Norway. As per the company, the project comprises onshore and offshore installation, allowing full electrification of the fields.

Germany Medium Voltage Cables Market Trends

Germany is a key player in the European market, hosting major manufacturers and maintaining a strong industrial base. The country benefits from significant investments in industrial modernization and has a well-developed infrastructure that emphasizes high safety and environmental standards. There is strong demand for efficient, high-quality MV cables to support the manufacturing sector and the expansion of renewable energy capacity. The German government's promotion of a decentralized energy system fuels innovation and increases demand for efficient, durable, and smart MV cabling solutions.

How is the Opportunistic Rise of Latin America in the Medium Voltage Cables Market?

Latin America is emerging as a significant player in the global market, driven by investments in grid expansion and modernization, especially to incorporate renewable energy sources like solar and wind power. The need for reliable and resilient power infrastructure, supporting industrial growth, urban development, and a growing population, is a major factor in the region. While conventional overhead bare conductors are still common, there is a noticeable shift toward underground MV covered cables to enhance safety, reduce power outages, and improve aesthetics in urban areas, particularly in countries such as Brazil, Chile, and Colombia.

Brazil Medium Voltage Cables Market Trends

Brazil dominates the market in Latin America, propelled by its extensive power grid and ongoing modernization efforts. The market relies on the need for efficient power transmission from large generation sources, including hydropower plants and new solar and wind farms. There is a strong focus on using high-performance, cross-linked polyethylene (XLPE) insulated cables for their durability and efficiency. Government initiatives aimed at increasing access to electricity and enhancing power supply quality are attracting investments and boosting demand.

What Opportunities Exist in the Middle East and Africa?

The Middle East and Africa (MEA) present significant opportunities in the medium voltage cables market, fueled by large investments in infrastructure, the oil and gas industry, and major renewable energy initiatives. Countries in the region are meeting high power demands across industrial, commercial, and residential sectors, requiring strong and reliable power distribution systems. National development strategies are updating power grids and encouraging a shift toward safer and more efficient underground cabling in densely populated urban areas, driving strong demand for MV cables.

UAE Medium Voltage Cables Market Trends

The UAE leads the market in the Middle East and Africa thanks to ambitious government initiatives aimed at promoting technological innovation and building a diversified economy. Key drivers include substantial investments in major infrastructure projects and smart city developments, such as Masdar City and the expansion of the Dubai Metro. The market sees high demand for MV cables to ensure the stability and safety of critical infrastructure, with a strong preference for high-quality, flame-retardant, and low-smoke cables that meet strict safety standards.

Value Chain Analysis

• Raw Material Sourcing
  This stage involves procuring conductors (copper/aluminum), insulation polymers (XLPE, PVC), and shielding metals.
  Key Players: Vedanta and Hindalco, Dow and Borealis.
• Manufacturing and Production
  Processing raw materials into finished MV cables through extrusion, stranding, jacketing, and quality control testing.
  Key Players: Prysmian Group, Nexans, ABB Ltd., Southwire Company, LLC, and LS Cable & System Ltd.
• Distribution and Supply Chain Management
  Transporting large cable drums to end-user sites via logistics management and dealer networks.
  Key Players: Polycab India, Havells India Ltd., Finolex Cables, KEI Industries, ABB, and Siemens.
• Installation and Integration
  Installing and integrating cables into the final electrical infrastructure, including trenching, pulling, jointing, and terminating.
  Key Players: Tata Power, Adani Electricity, Duke Energy Corp, and NextEra Energy Inc.
• Aftermarket Support and Maintenance
  Ensuring system longevity through ongoing maintenance, diagnostic testing, repairs, and training.
  Key Players: ABB Ltd., Siemens AG, Schneider Electric, General Electric (GE), and SGS SA.

Top Companies in the Medium Voltage Cables Market and Their Offerings

• Prysmian Group: Extensive range of MV cables (1kV to 100kV) for commercial, industrial, and utility use.
• Nexans: Comprehensive suite of MV cables and systems, including sustainable options like Nexans NexanTerra™ MV, for renewables and smart cities.
• NKT A/S: High-performance MV cable systems for onshore/offshore use and smart grid integration.
• FURUKAWA ELECTRIC CO., LTD.: High-quality MV cables with polymeric insulation innovation and integrated sensor technology.
• ABB Ltd.: MV power products, including cable accessories, converters, and switchgear, for efficient power management.

Other Key Players

• Brugg Cables
• Riyadh Cables Group Company
• ZTT
• General Cable Technologies Corporation
• Jiangnan Group Limited.
• Tratos
• Universal Cables Ltd.
• Schneider Electric
• DUCAB
• Synergy Cables

Medium Voltage Cables Market Companies

• Prysmian Group
• Nexans
• NKT A/S
• ABB
• Brugg Cables
• Riyadh Cables Group Company
• ZTT
• General Cable Technologies Corporation
• FURUKAWA ELECTRIC CO., LTD.
• Jiangnan Group Limited.
• Tratos
• Universal Cables Ltd.
• Schneider Electric
• DUCAB
• Synergy Cables

Leaders' Announcements

• In January 2025, V-Marc India Limited announced its expansion plans in Kerala. Known for its embrace of technology and innovation, Kerala is a key market for V-Marc to introduce its latest range of advanced wire and cable solutions. The launch of new products, Flexi-TUF eB-HFFR Wires and eB+ Power Cables, developed through extensive research and powered by electron beam technology.
• In April 2023, Sumitomo announced plans to establish a new power cable facility in the Scottish Highlands, aiming to contribute to local supply chains and technological advancement within the UK's renewable energy industry.

Segments Covered in the Report

By Installation

• Underground
• Overhead

By Voltage

• 1 kV - 15 kV
• 16 kV - 35 kV
• 36 kV - 70 kV

By Application

• Industrial
• Commercial
• Utility

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa