PUBLISHER: The Insight Partners | PRODUCT CODE: 2087112
PUBLISHER: The Insight Partners | PRODUCT CODE: 2087112
North America Medium Voltage Cable and Accessories Market
The North America Medium Voltage Cable and Accessories Market is expected to grow from US$ 5,835.7 million in 2024 to US$ 7,970.9 million by 2031, registering a CAGR of 4.7% during the forecast period from 2025 to 2031.
Market Overview
The North American market, comprising the United States, Canada, and Mexico, is witnessing steady growth as industries increasingly focus on improving operational efficiency and ensuring reliable power supply solutions. Medium voltage cables and accessories are widely used due to their ability to provide stable electricity transmission, even in harsh environmental conditions and during power disruptions.
These systems are extensively deployed across key industries such as oil & gas, chemicals, power generation, mining, and transportation, where uninterrupted and durable power connectivity is essential.
The oil and gas sector, in particular, is a major driver of demand. According to the U.S. Energy Information Administration (EIA), the United States and Canada contribute 14.5% and 5.8% of global crude oil production, respectively. U.S. crude oil output reached 12.1 million barrels per day in July 2022, marking an increase of 200,000 barrels per day compared to May of the same year. With continued investment in midstream infrastructure, production levels are expected to rise further, supporting sustained demand for robust medium voltage cable systems capable of operating in demanding environments.
Market Segmentation
By Installation: Overhead and Underground
(Overhead segment held the dominant share in 2024)
By Overhead Type: ACSR, AAAC, AACSR, Others
(ACSR led the segment)
By Underground Type: XLPE, PVC, PILC, Others
(XLPE dominated the market)
By Product: Cables and Accessories
(Cables accounted for the largest share)
By Accessories Type: Terminations, Joints, Others
(Terminations held the leading position)
By Voltage Level: 1-5 kV to 69 kV
(6-13 kV segment dominated in 2024)
By End User: Industrial, Infrastructure, Renewables
(Industrial segment held the largest share)
Market Outlook
The increasing adoption of underground cable systems is driving innovation in insulation materials and voltage performance. Advances in material science are enabling the development of high-performance polymers with superior electrical and mechanical properties. For example, Teflon-based cables can withstand temperatures up to 250°C, significantly higher than conventional polymer cables, which typically tolerate up to 70°C.
In addition, there is a growing emphasis on sustainable and low-emission solutions. Manufacturers are introducing eco-friendly cable technologies designed to reduce greenhouse gas emissions. In May 2023, Nexans launched a new range of low-carbon cables that can reduce emissions by approximately 35-50%, addressing the environmental impact of traditional materials such as aluminum and plastics.
Country Insights
The United States remains the leading market in the region, driven by infrastructure modernization, renewable energy expansion, and ongoing electrification initiatives.
Under the Infrastructure Investment and Jobs Act, the Grid Deployment Office is overseeing a US$ 10.5 billion Grid Resilience and Innovation Partnerships (GRIP) program aimed at strengthening grid flexibility and improving resilience against extreme weather events. Furthermore, in October 2024, the U.S. Department of Energy allocated over US$ 600 million to enhance grid reliability and support recovery efforts in states impacted by severe weather events such as Hurricanes Helene and Milton.
These large-scale investments are expected to significantly boost demand for medium voltage cables and accessories across the country.
Competitive Landscape
Key players operating in the North America Medium Voltage Cable and Accessories Market include ABB Ltd, Eaton Corporation plc, Sumitomo Electric Industries Ltd, Nexans SA, 3M Co, TE Connectivity Ltd, Prysmian SpA, NKT A/S, Belden Inc, Hitachi Energy Ltd, The Okonite Co, Southwire Company LLC, Houston Wire & Cable Co., LS Cable & System USA, and Ensto Oy.
These companies are actively pursuing strategies such as product innovation, capacity expansion, and mergers and acquisitions to strengthen their market presence and enhance their product portfolios.