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Medium Voltage Cable Market Size (2024 - 2029)

The Medium Voltage Cable Market is projected to experience significant growth, driven by factors such as increasing urbanization, industrialization, and the need to upgrade aging power infrastructure. The market's expansion is particularly notable in regions with rising electrification projects, offering substantial opportunities for market participants. However, challenges such as insufficient investments in transmission and distribution infrastructure may impede growth. The Asia-Pacific region is anticipated to lead in terms of market size and growth rate, fueled by high urbanization and electricity demand, especially in China and India.

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Market Size of Medium Voltage Cable Industry

Medium Voltage Cable Market Summary
Study Period 2020 - 2029
Market Size (2024) USD 48.71 Billion
Market Size (2029) USD 63.36 Billion
CAGR (2024 - 2029) 5.40 %
Fastest Growing Market Asia-Pacific
Largest Market Asia Pacific
Market Concentration Medium

Major Players

Medium Voltage Cable Market Major Players

*Disclaimer: Major Players sorted in no particular order

Medium Voltage Cable Market Analysis

The Medium Voltage Cable Market size is estimated at USD 48.71 billion in 2024, and is expected to reach USD 63.36 billion by 2029, growing at a CAGR of 5.40% during the forecast period (2024-2029).

Increasing urbanization and industrialization, as well as aging power infrastructure in power transmission and distribution networks, are likely to drive the medium-voltage cable market.

On the downside, the dearth of investments to revamp the transmission and distribution lines is likely to hinder market growth in the near future.

With rising electrification projects in regions such as Africa, medium-voltage cables are used for power distribution from substations to the customer. The increasing rural electrification in African and Asian countries is expected to offer tremendous opportunities for medium-voltage cable market players in the future.

Asia-Pacific is expected to be the largest and the fastest-growing region during the forecast period, supported by a high urbanization growth rate and growing electricity demand, mainly from China and India.

Medium Voltage Cable Industry Segmentation

The medium voltage cable is a medium that is used to facilitate the transfer of electricity to different end-consumers. Medium voltage cables are predominantly used to distribute electricity from substations to transformers. A medium voltage cable is comprised of a conductor, insulation, internal semiconductor screen, cable external semiconductor, cable metal screen, inner and outer sheath, and amour.

The medium-voltage cable market is segmented by voltage level, application, location of deployment, insulation, and geography. By technology, it is divided into less than 35 kV and greater than 35 kV. By application, it is divided into residential, commercial, industrial (C&I), and utility. By location of deployment, it is divided into overhead and underground. By insulation, it is divided into cross-linked polyethylene (XLPE), ethylene propylene rubber (EPR), and other insulations. By geography, it is divided into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. The report also covers the market size and forecasts for the medium voltage cable market in terms of revenue (USD).

Voltage Level
Less than 35 kV
Greater than 35 kV
Application
Residential
Commercial and Industrial (C&I)
Utility
Insulation
Cross-linked Polyethylene (XLPE)
Ethylene Propylene Rubber (EPR)
Other Insulations
Location of Deployment
Overhead
Underground
Geography
North America
United States
Canada
Rest of North America
Europe
United Kingdom
Spain
NORDIC
Russia
Turkey
Germany
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
Malaysia
Thailand
Indonesia
Vietnam
Rest of Asia-Pacific
South America
Brazil
Argentina
Colombia
Rest of South America
Middle East and Africa
United Arab Emirates
Saudi Arabia
South Africa
Nigeria
Qatar
Egypt
Rest of Middle East and Africa
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Medium Voltage Cable Market Size Summary

The medium voltage cable market is poised for significant growth, driven by factors such as increasing urbanization, industrialization, and the need to upgrade aging power infrastructure. The market is expected to expand as electrification projects gain momentum, particularly in regions like Africa and Asia, where rural electrification offers substantial opportunities. The Asia-Pacific region is anticipated to be the largest and fastest-growing market, fueled by high urbanization rates and rising electricity demand, especially in China and India. The shift towards underground cables, due to their safety and reliability, is gaining traction globally, with countries like Germany and Vietnam leading the way in adopting these solutions to meet power demands and enhance infrastructure resilience.

The market landscape is moderately fragmented, with key players such as Cablel Hellenic Cables Group, Nexans SA, Eland Cables Ltd, NKT AS, and Prysmian SpA actively participating in various projects to upgrade and expand power grids. Notable developments include Prysmian Group's involvement in the UK's electricity grid upgrade and NKT's contract in Sweden to replace low and medium-voltage cables. These initiatives underscore the growing importance of medium voltage cables in supporting sustainable power systems and accommodating the increasing demand for electricity. As countries continue to invest in transmission and distribution networks, particularly in Asia-Pacific, the medium voltage cable market is expected to experience robust growth during the forecast period.

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Medium Voltage Cable Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2029

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

        1. 1.5.1.1 Increase in Electricity Propelled by Growing Industrialization and Urbanization

        2. 1.5.1.2 Aging Power Sector Infrastructure

      2. 1.5.2 Restraints

        1. 1.5.2.1 Limited Investments to Support Medium-voltage Transmission Network

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

    8. 1.8 Investment Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Voltage Level

      1. 2.1.1 Less than 35 kV

      2. 2.1.2 Greater than 35 kV

    2. 2.2 Application

      1. 2.2.1 Residential

      2. 2.2.2 Commercial and Industrial (C&I)

      3. 2.2.3 Utility

    3. 2.3 Insulation

      1. 2.3.1 Cross-linked Polyethylene (XLPE)

      2. 2.3.2 Ethylene Propylene Rubber (EPR)

      3. 2.3.3 Other Insulations

    4. 2.4 Location of Deployment

      1. 2.4.1 Overhead

      2. 2.4.2 Underground

    5. 2.5 Geography

      1. 2.5.1 North America

        1. 2.5.1.1 United States

        2. 2.5.1.2 Canada

        3. 2.5.1.3 Rest of North America

      2. 2.5.2 Europe

        1. 2.5.2.1 United Kingdom

        2. 2.5.2.2 Spain

        3. 2.5.2.3 NORDIC

        4. 2.5.2.4 Russia

        5. 2.5.2.5 Turkey

        6. 2.5.2.6 Germany

        7. 2.5.2.7 Italy

        8. 2.5.2.8 Rest of Europe

      3. 2.5.3 Asia-Pacific

        1. 2.5.3.1 China

        2. 2.5.3.2 India

        3. 2.5.3.3 Japan

        4. 2.5.3.4 Malaysia

        5. 2.5.3.5 Thailand

        6. 2.5.3.6 Indonesia

        7. 2.5.3.7 Vietnam

        8. 2.5.3.8 Rest of Asia-Pacific

      4. 2.5.4 South America

        1. 2.5.4.1 Brazil

        2. 2.5.4.2 Argentina

        3. 2.5.4.3 Colombia

        4. 2.5.4.4 Rest of South America

      5. 2.5.5 Middle East and Africa

        1. 2.5.5.1 United Arab Emirates

        2. 2.5.5.2 Saudi Arabia

        3. 2.5.5.3 South Africa

        4. 2.5.5.4 Nigeria

        5. 2.5.5.5 Qatar

        6. 2.5.5.6 Egypt

        7. 2.5.5.7 Rest of Middle East and Africa

Medium Voltage Cable Market Size FAQs

The Medium Voltage Cable Market size is expected to reach USD 48.71 billion in 2024 and grow at a CAGR of 5.40% to reach USD 63.36 billion by 2029.

In 2024, the Medium Voltage Cable Market size is expected to reach USD 48.71 billion.

Medium Voltage Cable Market Report Snapshots

Medium Voltage Cable Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)