According to a recent report by TechSci Research, “Medium Voltage Cable Market – Global Industry Size, Share, Trends, Competition Forecast Opportunities, 2030F,” the global medium voltage (MV) cable market was valued at USD 51.6 billion in 2024 and is projected to reach USD 70.6 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.2% during the forecast period. Several factors are driving this steady growth, with electrification projects, modernization of existing infrastructure, and rising industrial power needs at the forefront.

One of the most important growth drivers is the rapid expansion of electrification in rural and remote areas, particularly in emerging economies. Governments across Asia, Africa, and Latin America are launching large-scale initiatives to extend electricity access to underserved regions. These programs require significant investments in transmission and distribution networks, in which medium voltage cables are essential components. As these electrification projects progress, they are significantly boosting MV cable demand worldwide.

Another key factor is the modernization of aging power infrastructure, especially in developed economies like North America and Europe. Much of the existing grid infrastructure in these regions was installed decades ago and now requires upgrades to meet modern power demands. Replacement of older cable networks with modern MV systems ensures higher load capacity, improved efficiency, and better digital connectivity. This modernization trend is further amplified by the rising demand from data centers, the growth of electric vehicles (EVs), and the deployment of EV charging infrastructure—all of which require robust, reliable medium voltage systems for consistent power delivery.

Industrial growth is also contributing to market expansion. The rise of industrial automation, the scaling of manufacturing operations, and the construction of new facilities worldwide are pushing energy requirements higher. This has created a stronger demand for medium voltage cables in heavy industries such as mining, oil and gas refineries, and large-scale processing plants.

Technological advancements are enhancing the appeal of MV cables. Innovations such as eco-friendly materials, improved thermal performance, and designs that reduce environmental impact are making these cables more attractive to both private companies and public utilities. As industries and governments place greater emphasis on sustainability and operational efficiency, such advanced products are finding increasing acceptance in the marketplace.

Product Segment Analysis – The Dominance of Cable Joints

By product type, the joints segment held the largest market share in 2024 and is expected to maintain its leadership position through 2030. Cable joints are critical accessories that connect two or more cable ends, enabling uninterrupted and safe electrical transmission over extended distances. Their importance spans utility grids, industrial facilities, and commercial developments, making them indispensable to the efficiency and safety of MV cable networks.

The surge in demand for medium voltage cables globally—driven by renewable energy projects, grid modernization efforts, and urban infrastructure expansion—has a direct impact on the need for reliable cable joints. This demand is particularly strong in underground and submarine cable applications, where the reliability and durability of joints are paramount due to the high cost and difficulty of accessing and repairing such installations. In these scenarios, joints must deliver excellent mechanical strength, electrical insulation, and resistance to moisture, chemical exposure, and extreme temperatures.

Recent advancements in jointing technologies—such as pre-molded joints, heat-shrink solutions, and cold-shrink designs—have improved installation speed, safety, and overall performance. These innovations have made it easier for utility providers and contractors to install and maintain MV cable systems with minimal disruption.

Retrofitting and grid upgrades are another major factor supporting the joints segment’s growth. In regions with aging electrical infrastructure, like North America and Europe, frequent cable replacements require extensive use of joints. Meanwhile, rapidly urbanizing regions in Asia-Pacific, Africa, and the Middle East are investing heavily in new transmission and distribution networks, creating a parallel surge in demand for jointing solutions.

The increasing complexity of urban cable routes—often involving limited space, sharp bends, and irregular paths—also makes high-performance joints essential. In renewable energy projects such as wind farms and solar parks, MV cables and joints are used extensively to connect generation systems to substations and main grid lines. This broad applicability ensures that the joints segment will remain a cornerstone of the MV cable industry in the coming years.

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Regional Outlook – Asia Pacific’s Rapid Expansion

Asia Pacific is emerging as the fastest-growing regional market for medium voltage cables. The region’s growth is being driven by rapid industrialization, accelerating urbanization, and substantial investment in energy infrastructure. Countries such as China, India, Japan, South Korea, and several Southeast Asian nations are experiencing a sharp rise in electricity demand, fueled by expanding manufacturing bases, increasing populations, and the development of modern urban centers.

This demand surge is prompting large-scale development and upgrading of transmission and distribution networks, where medium voltage cables are essential. Additionally, governments across the region are investing heavily in renewable energy generation. Major projects—such as India’s “Green Energy Corridor” and China’s expansive wind and solar programs—depend on MV cables for connecting renewable plants to substations and urban grids. National rural electrification programs are also significantly boosting MV cable consumption.

Infrastructure development initiatives in Asia Pacific extend beyond the power sector. Smart cities, industrial parks, high-speed rail networks, and advanced transportation systems all require medium voltage cable installations. The region’s growth is further supported by foreign direct investments, with several international companies setting up cable manufacturing facilities to benefit from competitive production costs and proximity to high-growth markets.

Favorable government policies, strong public-private partnerships, and a robust construction industry are reinforcing this growth trajectory. As Asia Pacific countries prioritize energy security, grid reliability, and sustainable development, the demand for MV cables—and related accessories like joints—is expected to rise at an accelerated pace.

Market Outlook

Looking ahead, the global medium voltage cable market is poised for steady and sustained growth through 2030. Electrification initiatives in emerging economies, modernization efforts in developed markets, expansion of renewable energy systems, and the ongoing industrial boom will all serve as strong growth engines. Technological innovations will continue to improve product performance, safety, and environmental sustainability, making MV cables even more integral to global power infrastructure.

The dominance of the joints segment reflects the central role that accessories play in ensuring uninterrupted, safe, and efficient power transmission. Meanwhile, Asia Pacific’s rapid expansion highlights the shifting geographic dynamics of the market, with the region set to be a major growth driver.

In an increasingly electrified and interconnected world, medium voltage cables will remain critical to supporting reliable energy distribution, enabling industrial development, and connecting renewable energy sources to the grid.

Key market players in the Medium Voltage Cable Market are:

Prysmian Group
Nexans S.A.
Southwire Company, LLC
General Cable Technologies Corporation
LS Cable System Ltd.
Sumitomo Electric Industries, Ltd.
Dubai Cable Company (Pvt) Ltd. (Ducab)
TF Kable Group (Tele-Fonika Kable S.A.) 

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“The global Medium Voltage Cable Market presents significant opportunities driven by increasing investments in renewable energy, smart grid development, and urban infrastructure expansion. Rising demand for reliable and efficient power transmission in emerging economies offers growth potential for cable manufacturers and solution providers. Technological advancements, such as smart cables with real-time monitoring, are creating new market segments.

Additionally, government initiatives for rural electrification and energy transition in regions like Asia-Pacific, Africa, and Latin America are accelerating cable deployment. Expansion in data centers, EV infrastructure, and industrial automation further boosts medium voltage cable demand, positioning the market for strong long-term growth.” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.

“Medium Voltage Cable Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product (Termination Cables, Joints, Cross-Linked Polyethylene (XLPE) Cables, Other), By Installation (Underground, Submarine, Overhead), By Application (Industrial, Commercial, Utility), By Region, By Competition, 2020-2030F” has evaluated the future growth potential of Medium Voltage Cable Market and provides statistics information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Medium Voltage Cable Market.

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