PUBLISHER: The Insight Partners | PRODUCT CODE: 1761188
PUBLISHER: The Insight Partners | PRODUCT CODE: 1761188
The medium voltage cable and accessories market size was valued at US$ 38.51 billion in 2024 and is expected to reach US$ 58.88 billion by 2031; it is estimated to register a CAGR of 6.5% during 2025-2031.
The medium voltage cable and accessories market is segmented into five major regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Asia Pacific dominated the medium voltage cable and accessories market in 2024. Europe is the second-largest contributor to the global medium voltage cable and accessories market, followed by North America.
The medium voltage cable and accessories market in APAC is segmented into China, India, Japan, Australia, South Korea, and the Rest of APAC. The medium voltage cable and accessories market in Asia Pacific (APAC) is segmented into Australia, India, China, Japan, South Korea, and the Rest of APAC. The rising population in the region has fuelled industrial, commercial, and residential construction activities. For example, the construction of the Sydney metro to Western Sydney airport rail line started in Q2 of 2023 in New South Wales, Australia. The project aims to deliver a fast, safe, and reliable metro in the country and is expected to finish in Q2 2026. In Q2 of 2023, the construction of the Wadala GST office building started in Mumbai, India, and it is expected to be completed in Q2 2026. The project aims to provide better administrative facilities to the people in the city. The construction of the Minamiikebukuro Two Chome C Area Type One Urban redevelopment project started in Q2 of 222 in Tokyo, Japan, with an investment of ~US$ 1,022 million. The project aims to provide better residential facilities and is expected to be completed in Q4 2025. In Q2 of 2022, the construction of the Cadia Qui Nhon Mixed-Use development project started in Vietnam with an investment of US$ 320 million. The project will provide facilities, including residential and retail, to meet the lifestyle needs of people in the country. The project is projected to be completed in Q4 2024. Thus, the focus on construction activities fuels the demand for medium voltage cables and accessories in the region.
According to the Wood Makenzie projections, Asia Pacific has set a goal to add ~122 GW of new wind capacity by 2030 to surpass the estimated new capacity of Europe and the US. As per the same report, Taiwan, South Korea, Japan, Vietnam, and India will be among the world's top 20 largest offshore wind markets and will have a combined capacity of 29 GW from 2021 to 2030. In 2022, wind power accounted for ~10% of Asia-Pacific's power capacity mix, coal accounted for 45%, and petrol contributed 12%; this is projected to change in 2050, as the shares of solar and wind power will account for 50% of the region's power capacity. According to the National Energy Administration (NEA), China's renewable energy sector added power of 109 GW from January to June 2023, accounting for 77% of all new installations nationwide. This power includes 5.36 GW of hydropower, 22.99 GW of wind power, 78.42 GW of solar power, and 1.76 GW of biomass power. Thus, the addition of solar and wind power capacity in APAC to increase renewable energy production drives the market growth in APAC.
Based on product, the medium voltage cable and accessories market is bifurcated into cables and accessories. The cables segment held the largest medium voltage cable and accessories market share. Medium voltage (MV) cables are gaining significant attention due to the growing global demand for energy. MV cables are continuously evolving through technological innovations and improvements to meet the increasing need for power transmission. These advancements ensure their stability, reliability, high efficiency, and energy-saving capabilities. As the new energy sector rapidly develops, the application scope of MV cables is also expanding, playing a crucial role in supporting clean energy transmission. Market players are expanding their production capacity to cater to the growing demand. For instance, in January 2025, to support the growing demand for medium-voltage power cables in Europe, NKT's sites in Velke Mezirici, Czech Republic, and Falun, Sweden, finalized their respective investment plans on schedule and budget. The new production lines are enhancing both capacity and capabilities to increase output. MV cables have a wide range of applications, playing a crucial role in transmitting and distributing high-power electrical energy within the backbone lines of power systems. They are essential in urban underground power grids, power station outgoing lines, and the internal power supply of industrial and mining enterprises. Additionally, MV cables are key in underwater transmission lines that cross rivers and seas, demonstrating their versatility in various environments.
ABB Ltd; Prysmian SpA; Nexans SA; TE Connectivity Ltd; Southwire Company LLC; Houston Wire & Cable Co.; Belden Inc are among the key medium voltage cable and accessories market players that are profiled in this market study.
The overall medium voltage cable and accessories market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the medium voltage cable and accessories market size. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the medium voltage cable and accessories market.