Medium Voltage Cables Market Size Analysis Report - Market Share, Forecast Trends and Outlook (2025-2034)

The global medium voltage cables market attained USD 57.87 Billion in 2024 . The global medium voltage cables market is expected to grow at a CAGR of 6.00% in the forecast period of 2025-2034 to attain USD 103.64 Billion by 2034 .

Global Medium Voltage Cables Market Growth

Medium voltage cables are vital for electrical networks in transportation, industrial and commercial as well as utility, thus driving the medium voltage cables demand growth. They allow efficient electricity transfer over medium ranges thus ensuring stable and continuous supply with high efficiency. These cables are designed in a way that they can tolerate very harsh conditions thus lasting long and maintaining a high level of performance. Their strong insulation adds to the safety of using these cables and protects against electric shocks. However, medium voltage cables can be used either below or above ground, as they are very adaptable. Efficiency, safety, and adaptability are the three pillars of modern power infrastructure, and thus, these cables are very important.

Global Medium Voltage Cables Market Analysis

Increased adoption of renewable resources, especially wind and solar power has been a solid factor stimulating the medium voltage cables industry growth. These renewable projects need efficient transmission of electricity over medium distances from generation to grids. As more and more such renewable energy plants come up to achieve energy sustainability across the globe, the demand for high quality, high capacity and reliable medium voltage cables increases. This growth also encourages the completion of new power systems but also the refurbishments of existing ones, hence enhancing the growth of the medium voltage cables market.

The medium voltage cables market dynamics and trends are largely driven by the aggressive urbanisation of most regions. As city and built-up areas increase, the demand for reliable electricity distribution systems amplifies. There is an increased need for medium voltage cables which are critical in enhancing the power transmission systems over medium distances. Also, the growth of infrastructural developments, such as smart cities and industrial nodes, contributes to the growth of the medium voltage cables market as there is a need for enhanced and new power grids.

The recent global grid enhancement initiatives are targeted mainly at improving and modernizing old electrical systems and increasing their capacity as well as reliability. As these old grids are substituted or refurbished, medium voltage cables become vital in effective power transfer with less energy wastage. The upsurge in electricity consumption and the inclusion of alternative energy sources into the grid encourages the need for new generation, high-quality, medium voltage cables. This ‘Go Green’ Initiative’ is also one of the factors responsible for accelerating the growth of the medium voltage cables market.

Medium Voltage Cables Industry Outlook

As per the Central Electricity Authority (CEA), as of May 31, 2023, India's total installed power generation capacity stands at 4,17,668 MW. This capacity is distributed across various sectors, with the private sector holding the largest share at 2,11,887 MW, representing 50.7% of the total. The state sector accounts for 1,05,726 MW or 25.3%, while the central sector contributes 1,00,055 MW, making up 24.0% of the total.

The UK Government reported that the supply and consumption of electricity in the United Kingdom in gigawatt hours (GWh) has shown an increase in final consumption from the 1st quarter of 2023 to the 1st quarter of 2024. In 2023, final consumption was recorded at 73,039 GWh, while in 2024, it rose slightly to 73,679 GWh. This rising electricity demand necessitates the expansion and modernisation of power grids which boosts the medium voltage cables industry revenue, where medium voltage cables play a crucial role in transmitting energy reliably and supporting growing electricity needs.

According to the U.S. Energy Information Administration, the United States primary energy production from renewables grew from 7.807 quadrillion BTUs in 2021 to 8.426 quadrillion BTUs in 2023. In 2023, both renewable energy production and consumption reached record levels, each accounting for about 9% of the nation's total primary energy output and use, respectively. This growth has been driven mainly by solar and wind energy expansion. Hydropower generation in 2023 saw a 6% increase over 2022, while biomass energy production and consumption also rose, with biofuels making up approximately 53% of total biomass consumption. The growing renewable energy production directly boosts the medium voltage cables market revenue. As renewable energy projects expand, the need for efficient transmission systems rises, boosting demand for medium voltage cables to connect sources like solar farms and wind turbines to the grid.

As reported by the U.S. Energy Information Administration, U.S. battery storage capacity saw significant growth between 2020 and 2022, with power capacity rising from 491 MW to 8,842 MW and energy capacity increasing from 573 MWh to 11,105 MWh. This rapid expansion in battery storage infrastructure requires efficient transmission systems to connect storage units to the power grid and ensure effective energy distribution. As a result, the demand for medium voltage cables has surged, as these cables are crucial for supporting the growing network of large-scale energy storage systems and renewable energy integration, further boosting the market.

Increasing urbanisation and infrastructure development boost the medium voltage cable market demand.

• Essential for efficient transmission in renewable energy projects like wind and solar.
• Ongoing innovations enhance cable efficiency, durability, and safety.

Installation and maintenance costs can be prohibitive for smaller projects.

• Laying medium voltage cables, especially underground, requires skilled labour and specific expertise.
• Manufacturing processes may face environmental scrutiny, pushing for greener alternatives.

Expanding electricity access to remote regions opens new markets which boosts medium voltage cables industry growth.

• Increasing investment in smart grids creates demand for advanced cable solutions.
• Support for renewable energy and infrastructure projects offers growth potential.

Volatile costs of materials like copper and aluminium impact production expenses.

• Stringent environmental regulations could increase compliance costs.
• In mature markets, growth opportunities may slow due to well-established infrastructure.

Key Players in the Global Medium Voltage Cables Market and Their Key Initiatives

Nexans SA

• Investing Euro 15 million in its Bourg-en-Bresse plant to boost production of low-carbon medium-voltage cables energy to meet the growing demand of the medium voltage cables market.
• Installing new production lines and modernising its manufacturing processes to increase efficiency and reduce carbon footprints.

Prysmian S.p.A.

• Expand its product offerings for wind and solar energy projects, aligning with the global push for cleaner.
• Invest in developing advanced cable technologies, such as eco-friendly insulation materials, to meet growing environmental regulations.

NKT A/S

• Expanding its Asnaes factory to boost production capacity.
• Signed a framework agreement with Nexel to supply up to 4,000 km of medium voltage cables for grid upgrades in Denmark in order to capture the medium voltage cables market opportunities.

Sumitomo Electric Industries Ltd

• Acquired a majority share in the German cable manufacturer Südkabel, expanding its production capacity in Germany to manufacture 525 kV HVDC cables for renewable energy projects.
• Building a high-voltage subsea cable factory in the Scottish Highlands to support the UK’s renewable energy goals, expected to be operational by 2026.

Global Medium Voltage Cables Industry Segmentation

Global Medium Voltage Cables Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:

Market Breakup by Installation

• Underground
• Submarine
• Overhead

Market Breakup by Components

• Termination Cables
• Joints
• XLPE Cables
• Others

Market Breakup by Voltage

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

Market Breakup by Application

• Industrial

  

Oil and Gas

  

Metals and Mining

  

Chemicals and Petrochemicals

  

Cement and Manufacturing

  

Utilities

• Infrastructure

  

Transportation

  

Commercial and Residential

• Renewable Energy
• Others

Market Breakup by Region

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

Medium Voltage Cables Market Share

XLPE (Cross-linked Polyethylene) cables are essential raw materials for medium voltage cables especially due to their high melting points, great electrical insulation properties and ability to work with high voltages for long periods. These cables have a long life, are flexible and work exceptionally well even in difficult conditions, which makes them fit for medium voltage PDS. They are in demand in this region since they are used extensively in industrial and infrastructure development projects as the trend of thoughtful and strong cable systems emerges. Termination cables and joints help in connectivity, but these cables provide the platform for medium voltage distribution, enabling medium voltage cables demand growth.

In the case of infrastructure projects, medium voltage XLPE cables are extremely important for smooth electric supply mainly in urban development, smart grids, and transport systems. The increasing trends of development in the power system based in cities especially the medium voltage cable systems lead to the demand of the medium voltage cables. The urbanistic development has also brought the use of medium voltage XLPE cables to the latter levels to accommodate the rising energy needs. Their auxiliary function in the advancement of smart grid technology in the transmission of electricity also has the market institutions expanding, hence the infrastructure emerges as the major sector for these uses. This increasing demand in urban projects greatly drives the medium voltage cables market upward.

Leading Companies in the Medium Voltage Cables Market

The companies specialise in power and telecommunication cables, including submarine and underground cables. Involved in designing, manufacturing, and installing cables for a wide range of applications, including energy infrastructure, industrial sectors, buildings, and data networks.

• Nexans SA
• Prysmian S.p.A.
• NKT A/S
• Sumitomo Electric Industries Ltd
• Ducab Group
• TPC Wire and Cable Corporation
• Hellenic Cables S.A.
• Others

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