PUBLISHER: The Insight Partners | PRODUCT CODE: 1780292
PUBLISHER: The Insight Partners | PRODUCT CODE: 1780292
The Global Medium Voltage Cable Market size was valued at US$ 26.24 billion in 2024 and is expected to reach US$ 41.28 billion by 2031; it is estimated to record a CAGR of 6.9% from 2025 to 2031.
The Global Medium Voltage Cable 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 market in 2024, followed by North America and Europe, respectively. The medium voltage cables market in Asia Pacific (APAC) is segmented into Australia, India, China, Japan, South Korea, and the Rest of APAC. Renewable energy's contribution surged from 15% in 2016 to 22% in 2021, increasing more than 1% annually. It further increased from 3.0% in 2022 to 25.7% in 2023. Also. in 2023, solar power generation increased to 11.2%, up from 9.9% the previous year, and is nearing the photovoltaic (PV) share (15%) projected by the Sixth Basic Energy Plan for FY2030. Combined with the 1.0% share of wind power, the share of VRE (variable renewables) is 12.2%, up from 10.8% in 2022. In terms of renewables other than solar power, biomass power accounted for 5.7% of energy generation, up from 4.6% the year before. Thus, the increasing renewable power generation fuels the growth of the medium voltage cables market in Japan.
As per the India Brand Equity Foundation (IBEF), the oil & gas industry is growing, and players are investing significantly to cater to the growing demand. The IBEF estimated that the industry was anticipated to attract US$ 25 billion in investments in production and exploration in 2022. Further, the government has provided 100% FDI in upstream and private sector refining projects. India currently anticipates bringing 21 new nuclear power reactors into operation by 2031. The country is aiming to have 450 GW of renewable energy capacity by 2030. Out of this 450 GW, ~280 GW is anticipated to be solar energy. Thus, favorable economic policies and expansion of the power generation industry drive the market growth in India.
The Global Medium Voltage Cable Market, by End User, is segmented into Industrial, Infrastructure and Renewables. The Industrial segment held the largest medium voltage cable market share in 2024. Medium voltage cables are used to transfer power from substations to transformers, motors, and other machinery. The cables transfer power to motors, machines, and other equipment in industrial plants. Additionally, they are utilized to link transformers and other plant machinery. It can also transmit power to far-off areas, including mines, oil and gas rigs, and construction sites. Thus, with the growing application, several players are taking the initiative to develop medium-voltage cables and accessories. For instance, in August 2023, RFL Group launched a new product category of medium-voltage power cables for its well-known cable brand- Bizli Cables. The demand for strong MV cables to accommodate larger power requirements and assure the reliability of production processes is rising with the growing industrialization. Furthermore, the emphasis on sustainable operations in many industrial settings is increasing demand for high-quality cables that save energy and reduce operational downtime.
ABB Ltd, Prysmian SpA, Nexans SA, TE Connectivity Ltd, Southwire Company LLC, Houston Wire & Cable Co., Belden Inc, LS Cable & System USA, Ensto Oy, NKT AS, The Okonite Co, Sumitomo Electric Industries Ltd, 3M Co, Eaton Corp Plc, and Hitachi Energy Ltd are among the key players profiled during this market study. Several other essential market players were also studied and analyzed to get a holistic view of the global Global Medium Voltage Cable Market and its ecosystem.
The overall global medium voltage cable 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 Global Medium Voltage Cable 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 Global Medium Voltage Cable Market.