Medium Voltage Cables Market Size, Share & Industry Analysis, By Installation (Overhead and Underground), By Voltage (1 kV - 15 kV, 16 kV - 35 kV, and 36 kV - 70 kV), By Application (Industrial, Commercial, and Utility), and Regional Forecast, 2024-2032

The global medium voltage cables market size was USD 38.97 billion in 2023. The market is projected to grow from USD 41.81 billion in 2024 to USD 76.31 billion in 2032 at a CAGR of 7.81% over the forecast period (2024-2032). The Medium Voltage Cable market in the U.S. is projected to grow significantly, reaching an estimated value of USD 11.15 billion by 2032, driven by the surging construction projects, aging power infrastructure and integration of renewable energy sources on the grid network.

Energy is the quintessential need to smoothly conduct daily life operations in small households as well as large-scale industrial facilities. Various cable assemblies are readily utilized to conduct the electric current and run power in and out of establishments. Medium Voltage (MV) cables are produced using different materials, such as aluminium and copper, and are largely installed across distribution networks. These products significantly help in providing power to numerous application verticals with high efficiency and safety.

The sudden increase in the affected population with the severe acute respiratory syndrome (SARS) CoV-2 virus has degraded the fiscal situation of various nations. Numerous countries and industries have observed the shutdown of operations to adhere to strict guidelines, such as social distancing and national lockdowns, to contain the outbreak. Furthermore, various players in the industry have also reported different problems, including a substantial decline in overall revenues and a drop in new investment opportunities.

Moreover, several organizations are currently working on developing a vaccine to enable the lifestyle to be adapted to pre-pandemic situations. Also, different state and federal governments have introduced economic stimulus plans to aid various-sized businesses to overcome the impact of COVID-19. These packages are also directed to ramp up investments across different verticals, thereby stabilizing the demand for medium-voltage cables. For instance, in March 2020, the government of India announced an assistance plan to help the electricity distribution companies strengthening their liquidity positions. The administration offered several benefits including reducing security sum by about 50% for future purchases, renouncing late payment penalties, and a three-month payment moratorium.

Medium Voltage Cables Market Trends

Collaborations to Boost the Technological Landscape to Shape Industry Outlook

Different industry players have initiated partnership efforts to boost the integration of advanced solutions, propelling the market. The key market participants have also introduced new alternatives to effectively optimize the setup and functioning of cables with different voltage ratings. For instance, in August 2020, TEPCO Power Grid, Inc. and Sumitomo Electric Industries cooperated to fabricate a new remote cable monitoring system specializing in underground networks.

Paradigm Shift Toward Clean Energy Generation Technologies to Boost Industry Outlook

Growing concerns to reduce the harmful greenhouse gas emissions have propelled countries to deploy significantly low carbon power generation alternatives aiding the medium voltage cables market growth. The installation of various renewable energy systems has pushed MV cable manufacturers to design new and efficient solutions to accommodate the rise of clean technologies, such as solar and onshore & offshore wind power, into grid networks.

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Medium Voltage Cables Market Growth Factors

Rapidly Increasing Renewable Energy Supply to Propel Market Growth

The rapid growth of the renewable energy industry is one of the most important factors accelerating the growth of the medium voltage cable market. Renewable energy is very useful as it helps tackle the challenges caused by greenhouse gases and other harmful gases, protecting the environment. Various developing as well as developed countries have observed a significant rise in energy intake over the years, favoring the global market. Several nations have also experienced significant investments to transform the transmission & distribution networks and support reliable electric supply across different verticals. For instance, according to the Global Energy Statistical Yearbook 2020, the total global electricity consumption soared significantly between 2010 and 2019, observing nearly a 24.3% increase during the period. The report further stated that the majority of this growth was witnessed in developing regions, such as Asia Pacific and the Middle East and Africa.

Renewable energy power generation and distribution depend more on medium voltage power cables as they cover sustainability and cost efficiency while maintaining the natural landscape and resources in balance with grid distribution. The installation of renewable energy production requires special cables, which are made with medium voltage electrical cables with high heat resistance and high breakdown value. Medium voltage power cables are widely used to connect wind turbines and solar panels, which are further connected to power grids for power distribution. The rapid adoption of renewable energy sources across the globe has led manufacturers to design medium voltage power cables as needed, especially for solar and wind energy, such as designing cables with three-phase systems.

Developing Electricity Infrastructure to Play a Pivotal Role in Shaping Medium Voltage Cables Market Trends

Rapid industrialization and urbanization have propelled the need to advance the energy infrastructure in various nations to adapt to fast-paced growth. Besides, the increasing construction expenditure to build energy-efficient substructures with overhead & underground electrical designs will likely generate significant demand for medium-voltage cables. Consequently, efficient MV cables and their accessories are required to transfer energy to the remote areas of several countries, favouring the industry expansion.

RESTRAINING FACTORS

High Initial Expenditure and Project Delays May Obstruct Market Growth

Enhanced expenditure of laying cables in underground locations owing to the high cost of civil work may hamper the medium voltage cable market. Additionally, underground installation projects entail complex maintenance operations, including difficult inspection & repair procedures as compared to overhead cables.

Medium Voltage Cables Market Segmentation Analysis

By Installation Analysis

Overhead Cables Segment to Observe Significant Growth over the Forecast Period

Based on installation, the global market can be bifurcated into underground and overhead. The overhead installation segment is expected to witness substantial growth owing to ease of installation, low transmission losses, and low deployment costs. Underground cables are also experiencing considerable traction due to feasible placement in numerous industry verticals such as power utilities and mining.

By Voltage Analysis

1 kV - 15 kV Voltage Segment is Backed by Various Operational Advantages Favoring their Demand

This industry can be categorized into three segments based on voltage: 1 kV - 15 kV, 16 kV - 35 kV, and 36 kV - 70 kV. 1 kV - 15 kV cables will likely observe a significant growth rate owing to their numerous benefits, such as long operational life, low power losses, easy integration into cable circuit designs, and fewer power interruptions. Also, the 16 kV - 35 kV segment is set to hold a substantial market share due to its large application potential across numerous industries, including water treatment facilities, petrochemical plants, textile & steel mills, and others.

Furthermore, enhanced voltage array capabilities, reduced costs for ring and radial intra-array configurations, less requirement for substation systems, and multiple design alternatives are among the key factors propelling the demand for the 36 kV - 70 kV segment.

By Application Analysis

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Rapid Infrastructural Development to Aid Utility Application to Lead the Market Size

Based on application, this market can be broadly trifurcated into industrial, commercial, and utility. The utility sector is anticipated to hold a dominating position in the market owing to the increasing urbanization and rural electrification projects along with development in electrical infrastructure to serve the increasing demand. Additionally, increasing construction activities of advanced public infrastructure are set to propel the growth of the medium voltage cables in commercial applications.

The industrial segment is set to grow significantly over the forecast period supported by increasing investment in transforming various verticals along with increasing infrastructure activities across the chemical & petrochemicals, industrial robotics, and cable instrumentation sectors.

REGIONAL INSIGHTS

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The market has been analyzed geographically across five key regions: North America, Asia Pacific, Latin America, Europe, and the Middle East & Africa. The Asia Pacific market was estimated at USD 11.14 billion in 2020 and will likely lead the market size over the forecast period. Various factors such as strong economic growth of nations, rapid electrification objectives, increasing energy demand, and optimized cable manufacturing capabilities are some of the key factors promoting regional expansion.

The European market is projected to observe significant growth owing to the significant carbon reduction targets along with a rising inclination toward boosting the potential for clean energy generation. In addition, the European Commission has directed the member countries to adhere to substantial near and long-term targets to limit carbon discharges. For instance, in March 2020, the Commission proposed the new European Climate Law to state the target and guidelines to achieve carbon-neutrality by 2050. The legislature further directed member states to diminish GHG emissions by at least 55% from 1990 levels by 2030.

Significant investments to transform different industries, such as oil & gas, mining, and petrochemicals, along with the presence of key players are projected to bode the growth of the North America market. Besides, the U.S. and Canada are also focusing on expanding their renewable energy generation capacity to support the energy transition and bridge the energy demand gap. For example, in March 2020, the International Renewable Energy Agency (IRENA) reported that the total installed clean energy capacities in the U.S. equaled over 264.5 GW in 2019 rising from about 246.6 GW in 2018, observing around 7.3% year-on-year increment.

List of Key Companies in Medium Voltage Cables Market

Nexans SA is Targeting to Secure Large Contract to Fortify its Global Foothold

The global market has observed many local, regional, and global participants manufacturing and providing MV cables at different stages. These companies emphasize developing advanced solutions and acquiring long-term agreements to deliver products in bulk quantity. For example, in October 2020, NKT declared it would enter into a long-term frame agreement with a Sweden-based utility company called Ellevio to deliver low and medium-voltage cables for four years. The company is set to provide power cables from 1 to 36 kV to boost and strengthen the power grid across Central Sweden.

Furthermore, Nexans, a French cable manufacturer providing numerous advanced solutions, is focusing on gathering large contracts and offering its innovative cabling portfolio to enhance its reach.

For instance, in July 2020, the company inked a new agreement worth about EUR 2.1 million or over USD 2.3 million to supply 206 km of its fire-retardant power cables. The products are set to be integrated with Serbia’s largest power plant and include about 144 kV of low voltage cables along with 62 km of MV cables.

LIST OF KEY COMPANIES PROFILED:

• Prysmian Group (Italy)


• Nexans (France)


• NKT A/S (Denmark)


• ABB (Switzerland)


• Brugg Cables (Switzerland)


• Riyadh Cables Group Company (Saudi Arabia)


• ZTT (China)


• General Cable Technologies Corporation (U.S.)


• FURUKAWA ELECTRIC CO., LTD. (Japan)


• Jiangnan Group Limited. (China)


• Tratos (England)


• Universal Cables Ltd. (India)


• Schneider Electric (France)


• DUCAB (UAE)


• Synergy Cables (Israel)

KEY INDUSTRY DEVELOPMENTS:

• In February 2024, Nexans was awarded 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 from February 2024 for 16 months. This agreement strengthens Nexans' position as a long-term partner of the power plant and a key player in sustainable electrification. The low-voltage and medium-voltage cables are manufactured at Nexans' Italian factory in Battipaglia and use 100% guaranteed low-voltage carbon, which reduces greenhouse gases by 35-50%, depending on the products. In addition to reducing greenhouse gas emissions, these products will be used in underground power lines designed to withstand even more extreme weather events affecting power distribution infrastructure worldwide.


• In February 2024, Itron, Inc. and Schneider Electric are collaborating to improve energy and power grid management as homeowners and businesses increasingly adopt distributed energy resources (DER) such as rooftop solar, battery energy storage, electric vehicles and grid-side microgrids. Companies are gradually integrating their smart grid and distributed energy resources (DER) management solutions to digitize electricity supply and demand in medium voltage range. The demand for electricity is growing rapidly due to the electrification of traffic, heating and more. According to the US Energy Information Administration, by 2050, the US grid capacity will nearly double from 2022, and the Canadian grid capacity is projected to reach 226 GW by 2050.


• In August 2022, ABB  earned order worth more than $300 million, which means that they are involved in constructing two new medium voltage direct current transmission lines. Two 800 Kv transmission lines from Shanxi province to Nanning province can transmit 8,000 MW of wind power, and the other line is from Jiuquan to Hunan province, which can transmit 8,000 MW of thermal power. According to the country's average consumption, such energy can satisfy the needs of 26 million users. ABB supplies medium voltage cable DC-DC converter, transformers and components, capacitors and filters, and medium voltage cable breakers.


• In April 2020, General Cable Corporation declared to complete its brand integration with Italy-based Prysmian Group. The combination will enable Prysmian SPA to strengthen its multi-brand architecture by joining three key commercial brands.


• In December 2019, NKT announced that it would conclude ABB's purchase of the Technology Consulting division to fortify its R&D capabilities. The acquisition aims to foster the company’s ability to improve power cable development in several areas, including Applied Mechanics, Chemistry & Materials, and Electrical Testing.

REPORT COVERAGE

The market research report comprehensively assesses the global medium voltage cables market by offering valuable insights, facts, industry-related information, and historical data. Several methodologies and approaches are adopted to make meaningful assumptions and views. Furthermore, the report offers a detailed industry analysis and information per market segments, helping our readers get a comprehensive global market overview. 

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