North America Medium Voltage Cable and Accessories Market Overview, Growth, Trends, Analysis, Research Report (2021-2031)

The North America medium voltage cable and accessories market size was valued at US$ 5.83 billion in 2024 and is expected to reach US$ 7.97 billion by 2031; it is estimated to register a CAGR of 4.7% during 2025–2031. Advancements in cable technology are likely to remain a key market trend.

North America Medium Voltage Cable and Accessories Market Analysis

The rising need for electricity supply is expected to drive the medium voltage cable and accessories market. The demand for more electricity is increasing due to the growing population and industrialization in developing economies. In addition, the growing urban population has resulted in increased construction activities in commercial, residential, industrial, infrastructure, and other sectors. For instance, in Q2 of 2023, the construction of an electric vehicle battery manufacturing plant started in Michigan, which is expected to be completed by Q4 of 2025. These construction activities are directly increasing the need for electricity generation and distribution, which is surging the demand for medium voltage cables and accessories. Furthermore, the rising focus on power generation through renewable energy sources has resulted in the development of new power grids and distribution lines.

North America Medium Voltage Cable and Accessories Market Overview

A medium voltage cable distributes electricity from power substations to transformer stations. It has a minimum power rating of 1kV and goes up to 69kV. Medium voltage cables and accessories are used for electricity supply to commercial and residential buildings as well as industrial distribution circuits. They have indoor use in power supply stations and outdoor use in cable ducts, underground, and cable trays for industrial buildings, switchboards, and power stations. In addition, these cables are also used in pulp and paper mills, steel mills, textile mills, petrochemical plants, water and sewage treatment facilities, railroads, mines, and electrical utility generating plants. Also, medium voltage cable accessories such as cable terminations, cable joints, and connectors are designed to connect, protect, and support medium voltage cables for single-core or three-core.

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North America Medium Voltage Cable and Accessories Market: Strategic Insights

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North America Medium Voltage Cable and Accessories Market Drivers and Opportunities

Increasing Need to Upgrade Aging Power Distribution Networks

North America experiences extreme weather conditions. The National Oceanic and Atmospheric Administration reports that the US has seen weather and climate disasters worth billions of dollars in 2023. Tragic events such as the deadly Maui firestorm, extreme flooding in California and New England, Hurricane Idalia's category four winds battering the Gulf Coast, and devastating hailstorms and tornados throughout the central US highlight the major challenges that occurred due to the changing climate, increasing the reliability of US electricity grid. The majority of the US electric grid was built in the 1960s and 1970s. However, automation and some emerging technologies have enhanced the system. The US aging infrastructure is struggling to meet modern electricity needs, such as renewable energy resources and growing building and transportation electrification. For instance, 70% of transmission lines are over 25 years old and are approaching the end of their typical 50–80-year lifespan. Moreover, according to data from the US Energy Information Administration, US electricity customers were without power for slightly longer than seven hours on average in 2021. Therefore, the aging infrastructure results in frequent failures, inefficiencies, and safety risks.

Medium voltage cables are critical components of this modernization effort. They are used to transmit electricity from substations to consumers, particularly in urban and industrial areas, and are integral in maintaining grid stability. Replacing outdated cables with modern, more efficient medium voltage cables is essential to ensure that power is transmitted securely and without interruption. Medium voltage cables with improved insulation, durability, and thermal resistance are being increasingly developed, enabling utilities to replace aging cables with higher-performing solutions. Thus, the increasing need to upgrade aging power distribution networks drives the North America medium voltage cable and accessories market growth.

Rising Investments in Renewable Energy

The government initiatives to raise power generation through wind and solar power plants are proliferating. The US continued to attract the most renewable energy investment. According to the Renewables 2024 Global Status Report Collection, investment in renewables in the country jumped 60% in 2023 to reach US$ 92.9 billion, and wind power experienced much higher growth (up 174.3% to US$ 37.1 billion in 2023). In October 2024, the Canadian Minister of Energy and Natural Resources announced an investment of C$ 500 million (US$ 363.5 million) in the Smart Renewables and Electrification Pathways program Utility Support Stream. This funding was planned to be awarded to projects that upgrade existing assets, increase grid reliability, add new renewable energy resources, and help accommodate growing power demand. Moreover, since 2021, the Smart Renewables and Electrification Pathways Program (SREPs) has approved funding for 72 projects, enabling the deployment of ~2,700 megawatts of new renewable energy capacity, which will produce enough electricity to power 700,000 homes annually. In addition, the Mexico National Energy Plan sets a goal that 50% of the country's electricity to come from renewable sources by 2030. Thus, the government in North America was increasingly investing in wind and solar power plant construction. A few of the major renewable energy projects carried out worldwide are mentioned below:

• Kitty Hawk Offshore Wind Farm: A 122,405-acre offshore wind farm is being planned for an area 39 nautical kilometers off the coast of Kitty Hawk, North Carolina. The area is ideal for such a farm, with wind speeds averaging 32kmph ~80m above the ocean's surface. The project is still in the planning stages but it is hoped that they can begin selling power to the nearby states by 2030.
• Texas Mariah Onshore Wind Farm: This is a 10,000 MW wind farm project that is planned to be constructed across the Parmer, Sherman, and Dallam counties. Started in 2022, the project is still under development.
• Gemini Solar Project – Nevada: The Gemini Solar Project is one of the largest solar farms under construction in the US. Located about 30 miles northeast of Las Vegas, this 690 MW photovoltaic power plant is expected to supply clean energy to over 260,000 homes. The Gemini Solar Project will also help Nevada achieve its ambitious renewable energy targets, which include obtaining 50% of its electricity from renewable sources by 2030 and 100% by 2050.

As renewable energy sources such as wind, solar, and hydro continue to expand, the demand for MV cables is likely to increase to transport electricity efficiently from generation sites to the grid. Thus, there is a growing number of renewable energy projects. Thus, a growing number of renewable energy projects and investments is expected to create lucrative growth opportunities for the medium voltage cable and accessories market.

North America Medium Voltage Cable and Accessories Market Report Segmentation Analysis

Key segments that contributed to the derivation of the North America medium voltage cable and accessories market analysis are installation, product, voltage, and end user.

• Based on installation, the market is bifurcated into overhead and underground. The overhead segment is further subsegmented into ACSR (Aluminum Conductor Steel Reinforced), AAAC (All Aluminum Alloy Conductor), AACSR (Aluminum Alloy Conductor Steel Reinforced), and others. The underground segment is further subsegmented into XLPE (Cross-Linked Polyethylene), PVC (Polyvinyl Chloride), PILC (Paper Insulated Lead Covered), and others. The overhead segment dominated the market in 2024.
• By product, the market is bifurcated into cables and accessories. The accessories segment is further subsegmented into terminations, joints, and others. The cables segment dominated the market in 2024.
• On the basis of voltage, the market is segmented into 1-5, 6–13, 23, 34, 45, and 69. The 6–13 segment dominated the market in 2024.
• In terms of end user, the market is categorized into industrial, infrastructure, and renewables. The industrial segment dominated the market in 2024.

North America Medium Voltage Cable and Accessories Market Share Analysis by Geography

• The North America medium voltage cable and accessories market is segmented into US, Canada, and Mexico. The US dominated the market in 2023, followed by Canada and Mexico.
• Enterprises in North America constantly optimize the overall business processes to meet the customer needs for high-quality products and services. As medium voltage cables and their accessories offer reliable connection with a power source during unpredictable power outages and withstand direct exposure to harsh environmental conditions, they are used by various industries, including oil & gas, chemicals, energy & power, mining, and transportation. North America is observing massive growth in the oil & gas sector due to the growing investments in it. According to the Energy Information Administration (EIA) report, the US and Canada contribute 14.5% and 5.8% of the world's total crude oil production. Also, as per the same source, in July 2022, the US oil production reached 12.1 million barrels per day (bpd), with a 200,000 bpd rise from May. With the expansion of midstream infrastructure, this upward oil production trend is expected to continue during the forecast period. This growing expansion of the oil & gas sector escalates the demand for medium-voltage cables that are durable and can withstand harsh environments.

North America Medium Voltage Cable and Accessories Market Regional Insights

The regional trends and factors influencing the North America Medium Voltage Cable and Accessories Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses North America Medium Voltage Cable and Accessories Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

North America Medium Voltage Cable and Accessories Market Report Scope

North America Medium Voltage Cable and Accessories Market Players Density: Understanding Its Impact on Business Dynamics

The North America Medium Voltage Cable and Accessories 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 North America Medium Voltage Cable and Accessories Market are:

1. ABB Ltd
2. Prysmian SpA
3. Nexans SA
4. TE Connectivity Ltd
5. Southwire Company LLC
6. Houston Wire & Cable Co.

Disclaimer: The companies listed above are not ranked in any particular order.

North America Medium Voltage Cable and Accessories Market News and Recent Developments

The North America medium voltage cable and accessories market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the North America medium voltage cable and accessories market are listed below:

• Sumitomo Electric Industries, Ltd. announced that its wholly owned subsidiary, A.L.M.T. Corp., completed the acquisition of all the shares of Esteves Group from Diamond Tools Group B.V. Through this acquisition, A.L.M.T. will utilize both companies' diamond die product lineups, technological capabilities, sales networks, and service bases to strengthen its global business development, including the expansion of sales channels in Europe and the United States.

(Source: Sumitomo Electric Industries, Ltd, Press Release, September 2024)

• Enexis Netbeheer intends to lay several thousand kilometers of underground power cables to expand the power grid in the Dutch provinces of Groningen, Drenthe, Overijssel, Brabant, and Limburg to prepare for an increasing amount of renewable energy. The long-term framework agreement with NKT will secure the supply of the necessary medium-voltage power cables. NKT will deliver ~600 km of power cables per year over the next eight years.

(Source: NKT AS, Press Release, October 2024)

North America Medium Voltage Cable and Accessories Market Report Coverage and Deliverables

The "North America Medium Voltage Cable and Accessories Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:

• North America medium voltage cable and accessories market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• North America medium voltage cable and accessories market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST and SWOT analysis
• North America medium voltage cable and accessories market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the North America medium voltage cable and accessories market
• Detailed company profiles