Global Medium Voltage Cables Market is Projected to Reach USD 90.3 Billion by 2033 Driven by the Growing Adoption for Cleaner Energy Sources

Global Medium Voltage Cables Market Statistics, Outlook and Regional Analysis 2025-2033

The global medium voltage cables market size was valued at USD 61.1 Billion in 2024, and it is expected to reach USD 90.3 Billion by 2033, exhibiting a growth rate (CAGR) of 4.33% from 2025 to 2033.

The ongoing transition towards cleaner energy sources across various regions is one of the major factors boosting the medium voltage cables market growth. According to data from the US Energy Information Administration, renewable energy accounted for 8.4% of total primary energy production and 21% of total utility-scale electricity generation in the United States in the year 2022. This creates the need for extensive cable networks in wind farms, solar power plants, and other renewable energy installations to connect power generation units to substations and grid networks. Additionally, rapid urbanization across the globe that fuels the need for modern infrastructure, including energy distribution networks is bolstering the market growth. For instance, Europe's urban areas host over two-thirds of the European Union's (EU) population. They account for about 80% of energy use in the region. In line with this, medium voltage cables play a crucial role in ensuring uninterrupted electricity supply in these areas, supporting residential and commercial sectors.

The recent shift towards smart grids and the need for enhanced power distribution efficiency is also creating a positive outlook for the medium voltage cable market growth. In the United States, the Smart Grid Grants program was initiated that will invest up to $3 billion for fiscal years 2022-2026 in grid resilience technologies and solutions for institutions of higher education, for-profit entities, non-profit entities, along with state and local governmental entities, and tribal nations.  Smart grid technology involves the use of digital communications and data analytics to optimize electricity distribution. Medium voltage cables act as the backbone of these systems, facilitating consistent and reliable energy transfer. In addition to this, the continuous advancements in cable manufacturing technology have led to the development of more efficient, heat-resistant, and eco-friendly medium voltage cables, which are fueling the market growth. For instance, In July 2023, PRYSMIAN S.p.A. launched a new innovative photovoltaic (PV) cable solution for solar power generation. These cables have been designed for easy transmission of electrical power generated by solar panels, ensuring an effective and efficient flow of power connecting the components of solar power circuits.

Global Medium Voltage Cables Market Statistics, By Region

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific accounted for the largest market share on account of rapid urbanization, growing adoption of renewable energy, and rising population.

Asia-Pacific Medium Voltage Cables Market Trends:

Asia Pacific represented the largest region in the medium voltage cables market due to rapid industrialization, urbanization, and extensive infrastructure development. Moreover, the region's growing energy needs, fueled by population growth and economic expansion, which led to large-scale investments in power generation and distribution projects, are fueling the market growth. As per industry reports, India's power sector is expected to attract investment worth Rs. 17 lakh crore (US$ 205.31 billion) in the coming years. Moreover, the rising demand for renewable energy sources, such as solar and wind power, is also fueling the need for medium-voltage cables as these projects require extensive cable installations.

North America Medium Voltage Cables Market Trends:

North America’s market for medium voltage cables is supported by an established power distribution network and ongoing investments in grid modernization. Moreover, the increasing adoption of smart grid technologies and renewable energy sources, such as solar and wind power, is driving the market growth.

Europe Medium Voltage Cables Market Trends:

Europe's medium voltage cables market is driven by strong environmental regulations, increasing focus on sustainable energy, and the modernization of aging infrastructure. Along with this, the ongoing transition to renewable power, which requires robust cable networks for efficient energy transfer, is contributing to the market growth.

Latin America Medium Voltage Cables Market Trends:

The Latin American medium voltage cables market is growing steadily, spurred by infrastructural investments and energy projects. Moreover, the increasing urbanization and economic development that led to the expansion of electricity distribution networks to accommodate new residential, commercial, and industrial areas is fostering the market growth.

Middle East and Africa Medium Voltage Cables Market Trends:

The medium voltage cables market in the Middle East and Africa region is driven by large-scale infrastructure projects, urban development, and the region's increasing electricity consumption. Moreover, the rising investment in upgrading their power distribution networks to meet growing energy demands is catalyzing the market growth.

Top Companies Leading in the Medium Voltage Cables Industry

Some of the leading medium voltage cables market companies include ABB Ltd, Brugg Cables (Shanghai) Co. Ltd., Eland Cables, Hellenic Cables S.A., LS Cable & System (LS Group), Nexans S.A., NKT A/S, Prysmian S.p.A., Riyadh Cables, Southwire Company LLC, Sumitomo Electric Industries Ltd., Synergy Cables, TPC Wire & Cable, among many others.

In February 2024, Nexans acquired a major contract to supply 6,000 kilometers of low and medium voltage cables and services to a leading Italian energy company to support Italy's energy transition initiatives. These cables are manufactured at Nexans' Italian factory in Battipaglia and use 100% guaranteed low-voltage carbon, which efficiently reduces greenhouse gases (GHG) by 35-50%, depending on the products.

Global Medium Voltage Cables Market Segmentation Coverage

• On the basis of the voltage, the market has been categorized into up to 25kV, 26kV-50kV, 51kV-75kV, and 76kV-100kV, wherein 26kV-50kV represent the leading segment. This voltage range is preferred due to its widespread use in power distribution networks for urban and industrial applications. Moreover, it offers an optimal balance between capacity and efficiency for medium voltage power transmission.
• Based on the product, the market is classified into termination cables, joints, XLPE cables, and others, amongst which termination cables dominate the market. They lead the market as they are essential for connecting power systems securely and effectively, ensuring seamless operation in electrical networks and reducing power loss at junctions.
• On the basis of the installation, the market has been divided into underground, submarine, and overhead. Among these, overhead accounts for the majority of the market share, as it is cost-effective, easier to maintain, and widely adopted in urban and rural areas for efficient power transmission over medium distances.
• Based on the end user, the market is segregated into industrial, commercial, and utility. Among these, the industrial sector accounts for the majority of the market share. This sector drives the market for medium voltage cables due to its continuous and high-power demand for running machinery, manufacturing processes, and large-scale operations that require reliable electrical infrastructure.