Medium Voltage Cable Market is expected to grow at a CAGR of 5.2% through 2030F
The global Medium Voltage Cable Market is
expected to be led by North America, driven by Electrification & EV
Charging Infrastructure and Decentralized Generation & Energy Storage during
the forecast period 2026-2030F
According to TechSci Research
report, “Medium Voltage
Cable Market - Global Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2030F, The Global Medium Voltage Cable Market was
valued at USD 51.6 billion in 2024 and is expected to reach USD 70.6 billion by
2030 with a CAGR of 5.2% through 2030. One
of the major factors is the rapid increase in electrification projects across
rural and remote regions, especially in emerging economies. Governments are
launching large-scale electrification initiatives to enhance energy access,
which is significantly increasing the demand for MV cables in transmission and
distribution networks.
Another
critical driver is the modernization of aging power infrastructure in developed
regions like North America and Europe. As older cable networks require
replacement and upgrades to support higher loads and digital connectivity, the
need for efficient MV cable systems is rising. The proliferation of data
centers, electric vehicles (EVs), and charging infrastructure is also
contributing to market growth, as these applications require reliable medium
voltage systems for consistent power delivery. Moreover,
industrial automation and the expansion of manufacturing facilities globally
are creating higher energy requirements, pushing demand for MV cables across
heavy industries, refineries, and processing plants. Technological
advancements, such as the development of eco-friendly cables with higher
thermal performance and lower environmental impact, are also encouraging wider
adoption. Together, these factors are strengthening the global MV cable market
outlook beyond traditional energy investments.
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Based on Product, Joints segment
dominated the Medium Voltage Cable Market in 2024 and maintain its leadership
throughout the forecast period, Joints are essential components used to connect
two or more cable ends together, enabling continuous and reliable electrical
transmission over long distances. Their widespread use across utility,
industrial, and commercial applications makes them critical to the efficiency
and safety of MV cable networks. As the demand for medium voltage cables grows
globally—driven by grid modernization, renewable energy projects, and urban
infrastructure development—the need for durable and high-performance cable
joints is also increasing substantially.
Joints are especially vital in
underground and submarine cable systems, where the reliability of the
connection must be exceptionally high due to the difficulty and cost associated
with accessing and maintaining these installations. In such applications,
joints must ensure mechanical strength, electrical insulation, and protection
against environmental factors such as moisture, chemicals, and temperature
fluctuations. Advancements in jointing technologies, including the use of
pre-molded, heat-shrink, and cold-shrink joint solutions, have made
installations faster, safer, and more reliable, further supporting the
segment’s growth.
One of the key drivers behind the
dominance of the joints segment is the rising number of retrofitting and grid
upgrade projects in both developed and developing economies. Aging electrical
infrastructure in regions like North America and Europe requires frequent cable
replacement and reconnection, which boosts the demand for joints. Similarly, in
rapidly urbanizing regions such as Asia-Pacific and Africa, expanding
transmission and distribution networks require extensive jointing work to
support new construction and rural electrification efforts. The high
adaptability of joints to different types of cables and voltage ranges adds to
their widespread application.
Additionally, the increasing complexity
of cable routes in modern urban and industrial environments—where space is
limited and routes are non-linear—necessitates frequent cable jointing. This
has led to innovations in joint design, focusing on compactness, ease of
installation, and long-term performance. The demand is further fueled by the
growing deployment of renewable energy systems, such as wind farms and solar
parks, where medium voltage cables and joints are essential to connect various
components to substations and the main grid.
The joints segment
continues to dominate the medium voltage cable market due to its indispensable
role in connecting cable networks across a wide range of applications. Its
growth is underpinned by infrastructure development, grid modernization, and
technological advancements in cable accessories. As the global focus on
efficient and resilient power delivery systems intensifies, the demand for
high-quality joints will remain a central pillar of the MV cable industry
Asia Pacific is emerging as the
fastest-growing region for the Medium Voltage Cable Market, driven by rapid
industrialization, urbanization, and substantial investments in power
infrastructure. Countries such as China, India, Japan, South Korea, and several
Southeast Asian nations are witnessing a surge in electricity demand due to
expanding manufacturing bases, rising populations, and growing urban centers.
This rising energy demand is leading to large-scale development and upgrading
of transmission and distribution networks, where medium voltage cables play a
critical role.
Governments across the region are
actively investing in renewable energy projects—such as solar parks and wind
farms—which require extensive MV cable networks for grid integration. For
example, India’s "Green Energy Corridor" project and China’s
aggressive renewable expansion strategy both heavily rely on MV cables for
connecting renewable energy sources to substations and urban areas.
Additionally, national electrification programs aimed at improving rural access
to electricity are further boosting the demand for medium voltage cables and
accessories.
Infrastructure development, particularly
in smart cities, industrial parks, and transportation networks, also
contributes significantly to regional MV cable consumption. Moreover,
international companies are increasingly investing in Asia Pacific to establish
cable manufacturing facilities, taking advantage of lower production costs and
proximity to high-growth markets.
The region’s dynamic growth is supported
by favorable government policies, public-private partnerships, and a robust
construction sector. As countries in Asia Pacific continue to prioritize energy
reliability, grid stability, and sustainability, the demand for medium voltage
cables is expected to grow at a strong pace, making the region a central driver
of global market expansion.
Key market players in the Medium Voltage
Cable Market are: -
- Prysmian Group
- Nexans S.A.
- Southwire Company, LLC
- General Cable Technologies Corporation
- LS Cable & System Ltd.
- Sumitomo Electric Industries, Ltd.
- Dubai Cable Company (Pvt) Ltd. (Ducab)
- TF Kable Group (Tele-Fonika Kable S.A.)
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“The global Medium Voltage Cable Market
presents significant opportunities driven by increasing investments in
renewable energy, smart grid development, and urban infrastructure expansion.
Rising demand for reliable and efficient power transmission in emerging
economies offers growth potential for cable manufacturers and solution
providers. Technological advancements, such as smart cables with real-time
monitoring, are creating new market segments. Additionally, government
initiatives for rural electrification and energy transition in regions like
Asia-Pacific, Africa, and Latin America are accelerating cable deployment.
Expansion in data centers, EV infrastructure, and industrial automation further
boosts medium voltage cable demand, positioning the market for strong long-term
growth.” said Mr. Karan Chechi, Research Director of TechSci Research, a
research-based global management consulting firm.
“Medium Voltage Cable
Market – Global Industry Size, Share, Trends, Opportunity, and Forecast,
Segmented By Product (Termination Cables, Joints, Cross-Linked Polyethylene
(XLPE) Cables, Other), By Installation (Underground, Submarine, Overhead), By
Application (Industrial, Commercial, Utility), By Region, By Competition,
2020-2030F” has
evaluated the future growth potential of Medium Voltage Cable Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Medium Voltage Cable Market.
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