Medium Voltage Cable Market Size
| Study Period | 2020 - 2029 |
| Market Size (2024) | USD 48.71 Billion |
| Market Size (2029) | USD 63.36 Billion |
| CAGR (2024 - 2029) | 5.40 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Medium Voltage Cable Market Analysis
The Medium Voltage Cable Market size is estimated at USD 48.71 billion in 2024, and is expected to reach USD 63.36 billion by 2029, growing at a CAGR of 5.40% during the forecast period (2024-2029).
Increasing urbanization and industrialization, as well as aging power infrastructure in power transmission and distribution networks, are likely to drive the medium-voltage cable market.
On the downside, the dearth of investments to revamp the transmission and distribution lines is likely to hinder market growth in the near future.
With rising electrification projects in regions such as Africa, medium-voltage cables are used for power distribution from substations to the customer. The increasing rural electrification in African and Asian countries is expected to offer tremendous opportunities for medium-voltage cable market players in the future.
Asia-Pacific is expected to be the largest and the fastest-growing region during the forecast period, supported by a high urbanization growth rate and growing electricity demand, mainly from China and India.
Medium Voltage Cable Market Trends
The Underground Segment to Witness Significant Growth
- In urban areas, underground cables are more favored as above-ground space constraints. Owing to growth in urbanization and renewable energy projects across various economies worldwide, the installation of underground cables has gained traction, where overhead cables or underwater cables may endanger lives and pose economic constraints.
- Underground cables are a safe and reliable source of electricity transfer. Their capacity ranges from low to medium voltage levels. Owing to their robust manufacturing and materials, underground cables are less prone to faults than their counterparts. Moreover, they can be repaired quickly.
- Countries such as Germany are increasingly installing underground power cables to serve the power demands of large and small consumers. For instance, in November 2023, construction of a 300 km underground HVDC transmission cable commenced in South Germany. The transmission route known as an A-Nord is expected to facilitate 2000 MW of wind energy to Osterath from the North Sea Port. Such developments highlight the expanding underground cable market in Europe.
- The rise in electricity generation owing to electricity demand from end-consumers and the increase in an alternative source of energy is likely to lead to the growth of the medium-voltage cable market in future years. As per the Statistical Review of World Energy, electricity generation in 2022 stood at over 29,165 terawatt-hours, an increase of roughly 2% from the previous year.
- Therefore, based on the above-mentioned factors, the underground segment in the market studied is likely to witness significant growth during the forecast period.
Asia-Pacific to Dominate the Market
- Asia-Pacific has emerged as one of the major medium-voltage cable markets in recent years. The rise in energy demand associated with urbanization, economic modernization, and better living standards across the region has resulted in the growth of sustainable power systems, which, in turn, has increased the demand for the medium-voltage cable market in this region.
- Many countries in Asia-Pacific require more transmission and distribution (T&D) networks, and electricity is not available in some remote and rural areas. The region is investing heavily in building a transmission line network to bring electricity to these areas. Vietnam is also replacing the power cables from overhead to underground in two of its major cities, Ho Chi Minh City and Hanoi. Besides deploying underground cables on major roads, the exercise has also been extended to passages within the cities. The overhead cable replacements are expected to take place between 2020 and 2025, driving the market for underground cables.
- In addition, many countries, such as India, have felt the need to have a dedicated transmission corridor to evacuate growing intermittent renewable energy electricity to end-consumers. This has driven the deployment of medium-voltage cables in Asia-Pacific. According to the International Renewable Energy Agency, the installed capacity of clean energy sources in the region in 2023 stood at 1,961,099 MW, an increase from the previous year's 1,633,347 MW.
- In countries such as India, the power transmission and distribution grid has been experiencing significant gradations and modifications to make it capable of transmitting to the agriculture sector (and other sectors as well). For instance, in May 2023, the Gidderwindi region in Punjab witnessed the installation of a 66 kV transmission line and substation to ensure uninterrupted power supply to farmers during the paddy sowing season. Similar projects are likely to be rolled out in the future to eradicate power supply issues in India.
- Therefore, factors like expansions and upgrades, especially in Asia-Pacific, are expected to have a positive impact on the medium-voltage cables market during the forecast period.
Medium Voltage Cable Industry Overview
The medium voltage cable market is moderately fragmented. The key players in the market include (in no particular order) Cablel Hellenic Cables Group, Nexans SA, Eland Cables Ltd, NKT AS, and Prysmian SpA.
Medium Voltage Cable Market Leaders
Eland Cables Ltd
Nexans SA
Prysmian SpA
NKT A/S
Cablel Hellenic Cables Group
*Disclaimer: Major Players sorted in no particular order
Medium Voltage Cable Market News
- February 2023: Prysmian Group confirmed its support for upgrading the United Kingdom’s electricity grid. The company was awarded a medium-voltage cable framework agreement with National Grid Electricity Distribution for a minimum of 3 years.
- May 2023: Swedish utility company Ellevio awarded a turnkey contract to upgrade part of its power grid in the Stadshagen area of Stockholm, Sweden, to NKT. Under the contract, NKT will replace low and medium-voltage cables.
Medium Voltage Cable Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2029
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Increase in Electricity Propelled by Growing Industrialization and Urbanization
4.5.1.2 Aging Power Sector Infrastructure
4.5.2 Restraints
4.5.2.1 Limited Investments to Support Medium-voltage Transmission Network
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Voltage Level
5.1.1 Less than 35 kV
5.1.2 Greater than 35 kV
5.2 Application
5.2.1 Residential
5.2.2 Commercial and Industrial (C&I)
5.2.3 Utility
5.3 Insulation
5.3.1 Cross-linked Polyethylene (XLPE)
5.3.2 Ethylene Propylene Rubber (EPR)
5.3.3 Other Insulations
5.4 Location of Deployment
5.4.1 Overhead
5.4.2 Underground
5.5 Geography
5.5.1 North America
5.5.1.1 United States
5.5.1.2 Canada
5.5.1.3 Rest of North America
5.5.2 Europe
5.5.2.1 United Kingdom
5.5.2.2 Spain
5.5.2.3 NORDIC
5.5.2.4 Russia
5.5.2.5 Turkey
5.5.2.6 Germany
5.5.2.7 Italy
5.5.2.8 Rest of Europe
5.5.3 Asia-Pacific
5.5.3.1 China
5.5.3.2 India
5.5.3.3 Japan
5.5.3.4 Malaysia
5.5.3.5 Thailand
5.5.3.6 Indonesia
5.5.3.7 Vietnam
5.5.3.8 Rest of Asia-Pacific
5.5.4 South America
5.5.4.1 Brazil
5.5.4.2 Argentina
5.5.4.3 Colombia
5.5.4.4 Rest of South America
5.5.5 Middle East and Africa
5.5.5.1 United Arab Emirates
5.5.5.2 Saudi Arabia
5.5.5.3 South Africa
5.5.5.4 Nigeria
5.5.5.5 Qatar
5.5.5.6 Egypt
5.5.5.7 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Cablel Hellenic Cables Group
6.3.2 Nexans SA
6.3.3 Eland Cables Ltd
6.3.4 NKT AS
6.3.5 Prysmian SpA
6.3.6 Siemens AG
6.3.7 Southwire Company LLC
6.3.8 Riyadh Cables Group
6.3.9 The Okonite Company
6.3.10 General Cables Corporation
- *List Not Exhaustive
6.4 Market Ranking Analysis
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Medium Voltage Cable Industry Segmentation
The medium voltage cable is a medium that is used to facilitate the transfer of electricity to different end-consumers. Medium voltage cables are predominantly used to distribute electricity from substations to transformers. A medium voltage cable is comprised of a conductor, insulation, internal semiconductor screen, cable external semiconductor, cable metal screen, inner and outer sheath, and amour.
The medium-voltage cable market is segmented by voltage level, application, location of deployment, insulation, and geography. By technology, it is divided into less than 35 kV and greater than 35 kV. By application, it is divided into residential, commercial, industrial (C&I), and utility. By location of deployment, it is divided into overhead and underground. By insulation, it is divided into cross-linked polyethylene (XLPE), ethylene propylene rubber (EPR), and other insulations. By geography, it is divided into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. The report also covers the market size and forecasts for the medium voltage cable market in terms of revenue (USD).
| Voltage Level | |
| Less than 35 kV | |
| Greater than 35 kV |
| Application | |
| Residential | |
| Commercial and Industrial (C&I) | |
| Utility |
| Insulation | |
| Cross-linked Polyethylene (XLPE) | |
| Ethylene Propylene Rubber (EPR) | |
| Other Insulations |
| Location of Deployment | |
| Overhead | |
| Underground |
| Geography | ||||||||||
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Medium Voltage Cable Market Research FAQs
How big is the Medium Voltage Cable Market?
The Medium Voltage Cable Market size is expected to reach USD 48.71 billion in 2024 and grow at a CAGR of 5.40% to reach USD 63.36 billion by 2029.
What is the current Medium Voltage Cable Market size?
In 2024, the Medium Voltage Cable Market size is expected to reach USD 48.71 billion.
Who are the key players in Medium Voltage Cable Market?
Eland Cables Ltd, Nexans SA, Prysmian SpA, NKT A/S and Cablel Hellenic Cables Group are the major companies operating in the Medium Voltage Cable Market.
Which is the fastest growing region in Medium Voltage Cable Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Medium Voltage Cable Market?
In 2024, the Asia Pacific accounts for the largest market share in Medium Voltage Cable Market.
What years does this Medium Voltage Cable Market cover, and what was the market size in 2023?
In 2023, the Medium Voltage Cable Market size was estimated at USD 46.08 billion. The report covers the Medium Voltage Cable Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Medium Voltage Cable Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Medium Voltage Cable Industry Report
Statistics for the 2024 Medium Voltage Cable market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Medium Voltage Cable analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
