The medium voltage cable market size is projected to reach US$ 81.37 billion by 2031 from US$ 46.12 billion in 2023. The market is expected to register a CAGR of 7.4 % in 2023–2031. Renewable energy integration is likely to remain a key medium voltage cable market trend.
The market for medium voltage cables and accessories is anticipated to be driven by the growing need for power globally. Growing populations and industrialization in developing economies are driving up demand for power. Furthermore, there has been a surge in construction activities across multiple domains, such as infrastructure, commercial, residential, and industrial, due to the expanding urban population. For example, work on a Michigan-based facility to manufacture batteries for electric vehicles began in Q2 of 2023 and is scheduled to be finished by April 2025. The demand for medium voltage cables and accessories is rising as a direct result of these building activities' increased demand for electricity generation and delivery. Additionally, the increased emphasis on producing electricity from renewable energy sources has led to the creation of new power grids.
In addition to industrial distribution circuits, medium voltage cables and accessories are utilized to supply electricity to residential and commercial structures. They are used in power supply stations both indoors and outdoors in cable trays, subterranean, and cable ducts for switchboards, industrial buildings, and power plants. These cables are also utilized in petrochemical plants, railroads, mines, electrical utility generating plants, pulp and paper mills, steel mills, textile mills, and water and sewage treatment facilities. Additionally, single-core or three-core medium voltage cables can be connected, safeguarded, and supported by medium voltage cable accessories like connectors, joints, and terminations.
Building infrastructure for electricity will be essential in developing medium voltage cables commercial patterns. Urbanization and rapid industrialization have increased the need to upgrade the energy infrastructure in different countries to adjust to the rapid expansion. In addition, there will probably be a large need for medium voltage cables due to the rising cost of building energy-efficient substructures with overhead and underground electrical designs. As a result, effective MV cables and their accessories are needed to deliver electricity to many nations' remote places, which promotes the growth of the sector.
The need for power has dramatically increased in the last few years. Numerous industries are experiencing a sharp rise in the demand for dependable power grid infrastructure, emergency power backup systems, and a consistent power supply. The mining sector has seen a sharp increase in demand for a steady supply of electricity. Many heavy-duty pieces of equipment, including drillers, cranes, conveyor belts, and digging machines, are utilized in mining operations. These pieces of equipment need a constant power source, even in hostile conditions. Similar to this, the petrochemical and oil and gas sectors require extremely dependable electrical power to safeguard personnel, property, the environment, and the ongoing functioning of critical processes. In addition, a number of tasks are performed in the oil and gas fields, such as loading, drilling, and pumping, all of which need a constant power source. Thus, the increasing demand for uninterrupted power supply is anticipated to present new opportunities for the medium voltage cable market players during the forecast period.
Key segments that contributed to the derivation of the medium voltage cable market analysis are installation and end users.
The geographic scope of the medium voltage cable market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. In terms of revenue, APAC accounted for the largest medium voltage cable market share. Additionally, India is observing an increase in the use of underground wires. Many of the 100 smart city projects being undertaken across the country involve underground wires. The government's housing initiatives, such as Pradhan Mantri Awan Yojana (PMAY), are likely to encourage a considerable increase in residential building construction in India.
The regional trends and factors influencing the Medium Voltage Cable Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Medium Voltage Cable Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 46.12 billion |
| Market Size by 2031 | US$ 81.37 billion |
| Global CAGR (2023 - 2031) | 7.4 % |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Installation Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Medium Voltage Cable Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Medium Voltage Cable Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The medium voltage cable market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for speech and language disorders and strategies:
(Source: Nexans, Press Release)
The “Medium Voltage Cable Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The global medium voltage cable market was estimated to be US$ 46.12 billion in 2023 and is expected to grow at a CAGR of 7.4 % during the forecast period 2023 - 2031.
The increasing demand for uninterrupted power supply and developing electricity infrastructure are the major factors that propel the global medium voltage cable market.
Renewable energy integration is anticipated to play a significant role in the global medium voltage cable market in the coming years.
The key players holding majority shares in the global medium voltage cable market are Cleveland Cable Company, Dynamic Cables, KEI Industries Limited, LEONI, and Nexans.
The global medium voltage cable market is expected to reach US$ 81.37 billion by 2031.