Medium Voltage Cables Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The market for medium-voltage cables is expected to expand rapidly, with a current market size of $29,654,900,000 in 2024, projected to reach $47,938,800,000 by 2030. This will result in a strong compound annual growth rate (CAGR) of 5.6% for the forecast period from 2024 to 2030. The need for reliable and efficient power distribution systems, as well as the expansion of renewable energy projects, will be the main factors driving this growth in the medium-voltage cables market. Furthermore, the rising investments in the development of the world's infrastructure, especially in emerging economies, and the development of smart grids will also contribute to the expansion of the market. The development of new cable manufacturing methods, such as the development of new materials and improved insulating technology, will also play a significant role in meeting the changing needs of the energy sector. The leading market players, such as Prysmian, Nexans and Southwire, have been actively launching new products and forming strategic alliances to meet the growing demand for medium-voltage cables.

Regional Market Size

Regional Deep Dive

The world market for medium-voltage cables is undergoing significant growth across different regions, with rising electricity demand, growing urbanization and development of the electricity grid, and the growing use of green energy. Each region is characterized by its own characteristics, based on regulations, economic conditions and technological developments. The main driving forces are the need for reliable power distribution, especially in urban areas, and the continuing trend towards smart grids, which increase the efficiency and reliability of the electricity supply.

Europe

• Europe is leading in the adoption of smart grid technologies, with significant investments from companies like Prysmian Group and Nexans, which are developing advanced medium voltage cables to enhance grid reliability and efficiency.
• The European Union's Green Deal aims to make Europe climate-neutral by 2050, prompting increased demand for medium voltage cables to support the expansion of renewable energy sources and electric vehicle charging infrastructure.

Asia Pacific

• China's rapid urbanization and industrialization are driving the demand for medium voltage cables, with major players like Jiangsu Zhongtian Technology and NKT Cables expanding their production capacities to meet this growing need.
• Government initiatives, such as the 'Made in China 2025' plan, are promoting the development of advanced electrical infrastructure, which is expected to significantly boost the medium voltage cables market in the region.

Latin America

• Brazil is focusing on expanding its electrical grid to support economic growth, with companies like Nexans and General Cable investing in medium voltage cable production to meet the rising demand.
• Government programs aimed at increasing renewable energy capacity, such as Brazil's National Plan for Energy Expansion, are expected to drive the medium voltage cables market as new projects come online.

North America

• The U.S. is witnessing a surge in infrastructure projects, particularly in renewable energy, with companies like Nexans and Southwire investing heavily in medium voltage cable production to support wind and solar energy projects.
• Regulatory changes, such as the Biden Administration's focus on clean energy initiatives, are driving demand for medium voltage cables as utilities upgrade their infrastructure to accommodate increased renewable energy integration.

Middle East And Africa

• The Middle East is investing heavily in infrastructure projects, particularly in the UAE and Saudi Arabia, with companies like Saudi Cable Company and Ducab leading the way in medium voltage cable production to support these developments.
• Regulatory frameworks in the region are evolving, with a focus on sustainability and renewable energy, which is expected to increase the demand for medium voltage cables as countries aim to diversify their energy sources.

Did You Know?

“Medium voltage cables typically operate at voltages between 1 kV and 35 kV, making them essential for distributing electricity from substations to end-users.” — International Electrotechnical Commission (IEC)

Segmental Market Size

The medium-voltage cable plays an important role in the electric grid, primarily in the distribution of electricity in urban and industrial areas. The market for this product group is currently growing steadily, mainly due to the growing urbanization and the expansion of projects for the use of renewable energy sources. The need for reliable distribution systems and the promoting of the use of sustainable energy sources such as wind and solar power plants are the main drivers of the market. The market for medium-voltage cables is currently in its mature phase, with notable projects in Europe and North America, where companies such as Nexans and Prysmian Group are the leaders. The main application is in the distribution of electricity in commercial buildings, industrial buildings and in the field of sustainable energy. The development of the market is mainly determined by government regulations and trends in energy efficiency and sustainable development. Together, these factors increase the reliability and efficiency of power distribution networks.

Future Outlook

The medium-voltage cables market is projected to grow at a significant CAGR of 5.6% from 2024 to 2030, as it is estimated to increase from approximately $29.65 billion to $47.94 billion. This growth is mainly driven by the growing demand for reliable and efficient power distribution, especially in the emerging economies where urbanization and industrialization are accelerating. As countries modernize their electricity grids to support the integration of renewable energy sources and smart grids, the penetration of medium-voltage cables is expected to increase substantially, and they are expected to represent over 60% of new cable connections by 2030. Also, the technological advancements in the development of cross-linked polyethylene (XLPE) cables and the improvement of cable-insulating materials are expected to further enhance the performance and life span of medium-voltage cables and further accelerate their market penetration. Also, the supportive government policies aimed at reducing carbon emissions and promoting sustainable energy solutions are expected to drive the market. Furthermore, the integration of digital technology into the power management and the increasing focus on energy efficiency are expected to play a critical role in shaping the future of the medium-voltage cables market. The market participants must therefore be prepared for a dynamic business environment, characterized by technological innovation and changing customer preferences.