Medium Voltage Cable and Accessories Market- Growth, Share, Opportunities & Competitive Analysis, 2024 – 2032

Market Overview:
The global Medium Voltage Cable and Accessories market was valued at USD 52,271.90 million in 2024 and is projected to reach USD 80,220.98 million by 2032, growing at a compound annual growth rate (CAGR) of 5.5% during the forecast period (2024–2032).

This market growth is primarily driven by the rising demand for reliable and efficient power transmission solutions across sectors such as utilities, industrial facilities, rail transportation, mining operations, and renewable energy projects. As the global energy landscape shifts toward sustainable and decentralized power generation, the need for medium voltage infrastructure has intensified. Government investments in upgrading aging electrical grids and the accelerating adoption of renewable energy sources such as solar and wind are major catalysts for the market. Furthermore, advancements in cable insulation, conductivity, and manufacturing technologies have resulted in the development of more efficient, durable, and environmentally friendly cable systems. The rapid growth of construction activity, particularly in emerging economies, along with the rollout of smart grid systems and energy-efficient power infrastructure, further supports the long-term demand for medium voltage cables and accessories.

Market Drivers:

Renewable Energy Integration
The integration of renewable energy sources into existing grid infrastructure is a primary growth driver for the medium voltage cable and accessories market. In 2023 alone, global annual renewable capacity additions reached 510 gigawatts (GW)—a near 50% increase—driven largely by solar PV and wind installations. China led this growth by deploying as much solar PV as the entire world did in 2022, while wind installations grew by 66% year-over-year. Similarly, India is forecast to add 205 GW of renewable capacity between 2023 and 2028, doubling its 2022 installed base and becoming the third-largest renewable energy market globally. These expansions require robust medium voltage transmission networks to manage distributed power sources efficiently and reliably, boosting demand for advanced cable systems and accessories.

Market Challenges:

Regulatory Compliance Requirements
Compliance with international and regional standards poses a significant challenge for manufacturers in the medium voltage cable industry. Standards such as IEC 60502-2 specify technical and safety requirements for cables with extruded insulation rated from 1 kV to 30 kV, including construction, insulation materials, and testing protocols. Adherence to such detailed specifications ensures product safety and performance, but compliance becomes complex due to regional variations in standards. Additionally, manufacturers engaged in cross-border trade must navigate diverse customs classifications, documentation requirements, and variable import/export duties, increasing both operational complexity and cost. These compliance-related hurdles can slow product development timelines and hinder market penetration in certain regions.

Segmentations:

By Installation Type:

Underground

Overhead

Submarine

By Voltage Range (% Share):

1–5 kV: 17.3%

6–13 kV: 25.6%

23 kV: 17.4%

34 kV: 23.6%

45 kV: 5.4%

69 kV: 10.6%

By Region:

North America

U.S.

Canada

Mexico

Europe

Germany

France

U.K.

Italy

Spain

Rest of Europe

Asia Pacific

China

Japan

India

South Korea

Southeast Asia

Rest of Asia Pacific

Latin America

Brazil

Argentina

Rest of Latin America

Middle East & Africa

GCC Countries

South Africa

Rest of the Middle East and Africa

Key Player Analysis:

Prysmian Group

Nexans SA

General Cable Corporation (Prysmian Group)

ABB Ltd.

NKT A/S

Sumitomo Electric Industries, Ltd.

Southwire Company, LLC

LS Cable & System Ltd.

TE Connectivity Ltd.

Dubai Cable Company (Ducab)