Medium Voltage Cable Market Growing at 5.40% CAGR, Driven by Grid Expansion and Renewable Energy Projects

Mordor Intelligence has published a new report on the "Medium Voltage Cable Market," offering a comprehensive analysis of trends, growth drivers, and future projections.

Medium Voltage Cable Market Introduction:

The Medium Voltage Cable Market is projected to reach USD 66.78 billion by 2030, growing from USD 51.34 billion in 2025 at a CAGR of 5.40% during the forecast period (2025-2030). This steady growth is fueled by large-scale investments in power infrastructure, the expansion of renewable energy projects, and the modernization of electricity transmission and distribution networks. As countries transition toward cleaner and more reliable power systems, the need for efficient medium voltage cable solutions continues to rise.

Asia-Pacific is emerging as the fastest-growing market, supported by rapid urbanization, industrialization, and government initiatives to strengthen grid connectivity. Meanwhile, ongoing projects in Europe and North America focusing on grid reliability and smart grid integration are also expected to drive global market demand through 2030.

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Key Trends in the Medium Voltage Cable Market

Grid Modernization and Network Reinforcement

Utilities worldwide are under pressure to modernize outdated transmission and distribution grids. Aging cable systems, rising load demands, and regulatory mandates are pushing operators to replace or augment existing infrastructure. Such efforts directly support demand for medium voltage cables capable of handling higher currents, better insulation, and longer service life.

Growth in Renewable Energy and Distributed Generation

As solar farms, wind parks, microgrids, and rooftop systems proliferate, medium voltage cables are increasingly used to link generation points to substations and feeders. In many regions, especially where solar and wind capacity is being added rapidly, the demand for medium voltage interconnection cables is rising.

Rising Demand in Emerging Economies

Regions such as Asia-Pacific, Latin America, and parts of Africa are seeing fast electrification, industrial expansion, and grid extension into rural and peri-urban areas. These markets present abundant opportunities for medium voltage cable manufacturers. In particular, Asia-Pacific has been a focal point for wire and cable growth, commanding a majority of global revenue share in broader cable markets.

Pressure on Raw Material Costs

Fluctuations in prices of copper, aluminum, and polymer insulators impose cost pressures on cable makers. Volatility in commodity markets can squeeze margins and affect project timelines. Producers are compelled to optimize material usage, negotiate better procurement agreements, or adopt alternative materials or designs where feasible.

Increasing Use of XLPE and Advanced Insulations

Cross-linked polyethylene (XLPE) insulations are becoming more prevalent for medium voltage cables, due to their better thermal performance, longer lifespan, and lower losses compared to older insulation types. Such advanced insulations support higher current ratings and longer cable runs, which is especially important in expanding grid systems.

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Market Segmentation of the Medium Voltage Cable Market

By Voltage Band

1 kV to 7 kV
Above 7 kV up to 35 kV

By Cable Design / Construction
Single core
Multicore
Armored vs. non-armored
Shielded vs. unshielded

By Installation / Deployment Method
Underground
Overhead
Submarine / water crossings

By End-User / Application
Utilities / Transmission & Distribution
Renewable energy plants (wind, solar)
Industrial / Manufacturing
Infrastructure projects (e.g., rail, metro)

Key Players in the Medium Voltage Cable Market:

Eland Cables Ltd
Nexans SA
Prysmian SpA
NKT A/S
Cablel Hellenic Cables Group

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Market Segmentation of the Medium Voltage Cable Market

To fully understand demand dynamics, the medium voltage cable market can be segmented by voltage range, cable design, installation method, and end-user.

Key segmentation areas include:

By Voltage Band
1 kV to 7 kV
Above 7 kV up to 35 kV

By Cable Design / Construction
Single core
Multicore
Armored vs. non-armored
Shielded vs. unshielded

By Installation / Deployment Method
Underground
Overhead
Submarine / water crossings
By End-User / Application

Utilities / Transmission & Distribution
Renewable energy plants (wind, solar)
Industrial / Manufacturing
Infrastructure projects (e.g., rail, metro)
Forecast & Market Outlook Conclusion:

In the forecast period - typically through 2030 - the global medium voltage cable market is expected to record steady increases in demand and value, reflecting the interplay of grid upgrades, renewable integration, and electrification of underserved regions. Given prevailing trends in raw material pressures, innovation in insulation, and shifting deployment approaches, manufacturers who can maintain cost efficiency and product performance will be best placed.

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