Medium Voltage Power and Control Cable Market Size & Share 2025 - 2034

Medium Voltage Power and Control Cable Market Size

The global medium voltage power and control cable market was valued at USD 48 billion in 2024 and is estimated to reach the value of USD 91.1 billion by 2034, growing at a CAGR of 6.5% from 2025 to 2034. An increase in the urbanization of smart cities is directly proportional to the need for reliable power distribution networks. In the energy, telecommunications, and even the manufacturing sectors, control and power cables aid in the transport and distribution of electricity as well as automation.

The demand for high-quality cables is growing with the worldwide transition to electric vehicles (EVs) and the need for supporting infrastructure, including charging stations and grid connections which need proper cable management. Global EV sales skyrocketed in 2024, hitting 17.1 million units with a 25% increase on the previous year. This was entirely fueled by things like subsidies, tax credits, and emissions standards.
 

The transition to renewable energy sources like wind and solar necessitates the expansion and modernization of power grids. This shift increases the need for advanced cabling systems, capable of handling variable energy inputs and ensuring efficient transmission. In 2024, global solar power saw significant growth, with capacity additions reaching 593 GW, a 91% increase from 2023.
 

The emergence of new technologies and advanced automation in manufacturing processes is creating increased demand for control cables. Cables are crucial in signal transmission and ensure smooth operation of automated systems. With the transformation of factories to smart manufacturing systems, there is an increasing dependence on interlinked machines, sensors, and robots which need accurate as well as continuous data and electrical power for flawless functioning.
 

The evolution of control cables is adopting new designs geared to meet many emerging demands due to integration of the Industrial Internet of Things (IIoT), which gives a further impetus to the adoption of control cables. Modern control cables are being designed to withstand harsh environments such as extreme temperatures, chemicals, and mechanical stress, while simultaneously supporting high-speed data transfer and electromagnetic interference (EMI) resistance.
 

The U.S. Trump administration tariffs are likely to affect the power and control cable industry both in the short run and long run mainly in the areas of cost escalation, disruption of supply chains, and the changing strategic direction of manufacturers and project developers.
 

Many power and control cable components, including copper, aluminum, insulation materials, and specialty polymers, are either imported or rely on global supply chains. The Trump-era tariffs, particularly those on imports from China and certain Asian and European countries, will increase the cost of these essential raw materials and semi-finished goods.
 

Medium Voltage Power and Control Cable Market Trends

• The global shift towards renewable energy sources, such as wind and solar, necessitates the expansion and modernization of power grids. In 2024, Europe installed 16.4 GW of new wind capacity in 2024 (gross installations). Onshore wind made up 84% of new installations for a total capacity. MV cables are essential for transmitting electricity from these renewable sources to the grid, supporting the transition to cleaner energy.
   
• The adoption of electric vehicles (EVs) is boosting the demand for MV cables that are employed in the infrastructure of EV charging stations and help in efficient power distribution to reduce energy losses during the charging processes. The demand for EVs has tremendously increased globally. For example, India witnessed an impressive surge in EV sales in 2024, surpassing 2 million units which is a 24% increase from the previous year.
   
• Industry 4.0 and the rapid advancement of smart grid systems are changing the energetic and automation landscapes of industries with new and sophisticated technologies, along with power and control systems of automation and intelligence. Driving this change is the ever-growing need for operational excellence, safety, and integration in modern industrial settings, which requires, among other things, an increasing supply of medium voltage (MV) control cables.
   
• The U.S., Germany, the UK, and Japan have developed countries and have increasing concerns towards aging infrastructure for government, utilities, and industrial stakeholders. At present, the functioning power distribution network in this region was developed decades ago and is currently operating well beyond its expected service life. Such degradation puts power reliability, safety, efficiency, and the responsiveness of modern energy systems at risk.
   
• Cable materials and designs are expanding new horizons in the development of the medium voltage (MV) power and control cable market. Manufacturers are responsively focusing R&D to develop new cable designs with optimal environmental footprint to achieve sustainability, operational efficiency, and meet the requirements for the MV power and control cables.
   

Medium Voltage Power and Control Cable Market Analysis

• Global market for medium voltage power and control cables was valued at USD 41.1 billion in 2022, USD 44.5 billion in 2023, and was set to reach USD 48 billion in 2024. Power distribution systems are critical for developed and developing economies as urbanization and industry growth is occurring at a rapid rate. MV cables are the primary means of powering substations in conjunction with industrial plants.
   
• The investment in smart grids infrastructure is boosting the demand for such cables on a large scale. For instance, China disclosed that it will modernize and expand its power grids with USD 442 billion in investments over the period 2021-2025. These investments will significantly drive the overall market of medium voltage power and control cable across the world in coming years.
   
• Based on product, power cable segment is anticipated to exceed USD 75.5 billion by 2034 owing to the growing demand for electricity, will further continue to rise. The increased energy consumption due to industrialization, urbanization, and digitalization studies will further create a strong demand for these cables. Power cables also play an important role in ensuring advancements of systems.
   
• Similarly, the control cable is projected to hit USD 15.3 billion by 2034 since the rise of Industry 4.0 has significantly increased the demand for control cables, which are critical in transmitting control signals between various automated systems. Industries are increasingly adopting robotics, sensors, and PLCs (programmable logic controllers) to enhance production efficiency, quality control, and predictive maintenance.
   
• As countries modernize their power grids and transition toward smart grids, the need for control cables becomes even more pronounced. The emerging economies are also investing heavily in multiple projects. For instance, energy investment in the Middle East was expected to reach approximately USD 175 billion in 2024. This investment will drive the MV power and control cable market significantly across the world.

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• Based on application, the utilities segment is expected to achieve a CAGR of over 6.6% till 2034 due to several factors, which demand powerful and efficient control systems. The urban and industrialization in developing countries increases the requirement of dependable electricity distribution networks. Infrastructural advancements to fulfill the energy requirements in these regions will support the utilities segment growth significantly.
   
• Utilities segments are expanding due to the global transition to clean sources of wind, solar, and hydroelectric power. In 2024, U.S. hydropower generation is forecasted to grow 6% and hit 250 billion kilowatt-hours. This increase follows a low period in 2023, most dramatically in the Northwest and Rocky Mountain regions.
   
• Also, in the year 2024, hydropower in the UK provided nearly 2% of the country’s electricity, an increase from the previous year’s 1.8%. Renewable resources helps to mitigate climate change in the UK further, alongside the shifts in clean energy and increase in fossil fuel free electricity generation. It is projected that the low-carbon renewables will, for the first time in 2024, surpass the generation of electricity from fossil fuels.
   
• The value of the industries segment of the MV power and control cable market is anticipated to reach USD 39 billion by 2034 as a result of the adoption of industrial automation, process electrification, renewable energy system integration, and a heightened focus on sustainable and energy-efficient industrial practices. The technological advancements at the industries will create requirement for energy and high-performance power and control cables which advance the operational efficiency.
   
• Parts of Asia Pacific, Latin America, and Africa are some of the emerging markets that are rapidly being industrialized, shifting towards automated manufacturing. Advanced technologies such as robotics, Artificial Intelligence (AI), and machine learning are being implemented in these regions to optimize production and consequently, lower costs.

• The U.S. medium voltage power and control cable market was valued at USD 5.7 billion, USD 6.2 billion, and USD 6.7 billion in 2022, 2023, and 2024, respectively. A significant portion of the growth in the U.S. MV power and control cable market can be attributed to ongoing infrastructure modernization efforts. The U.S. has been investing heavily in upgrading its aging power grids, including both transmission and distribution networks.
   
• As part of a broader trend of electrification, the U.S. is witnessing increased investment in electric vehicles (EVs) and related infrastructure. Recently, the Federal Government has set a goal to make half of all new vehicles sold in the U.S. in 2030 zero-emissions vehicles, and to build a convenient and equitable network of 500,000 chargers to help make EVs accessible to all Americans for both local and long-distance trips.
   
• Europe also plays a crucial role in this industry since it is focusing on clean energy technologies on a large scale. As per reports, Europe has set a target to reach a 72% share of renewables in power generation by 2030. Around 70% of future renewable generation and electricity storage will be directly connected to the distribution grid.
   
• Asia Pacific is also one of the fastest-growing regions in the world, The growing need for power and control cables is directly linked to the expansion of industries, commercial facilities, and urban infrastructures. As more cities in the region grow and require advanced infrastructure to support their expanding populations, the demand for reliable power and control systems increases.
   
• The MEA region is undergoing substantial infrastructure development, particularly in urbanization, industrialization, and power distribution networks. Countries such as Saudi Arabia, UAE, Qatar, and Egypt are investing heavily in developing new cities, industrial zones, and commercial facilities. MV cables are critical for these projects, as they ensure the reliable transmission of power to homes, businesses, and industrial plants.
   

Medium Voltage Power and Control Cable Market Share

Top 4 companies, including Prysmian, Belden, Nexans, and Sumitomo hold more than 30% market around the world. These companies are known for their comprehensive and innovative product portfolios. They offer a wide range of cables, including power cables, control cables, fiber optic cables, and specialty cables tailored to different industries such as energy, telecommunications, industrial automation, and construction.
 

Medium Voltage Power and Control Cable Market Companies

• In January 2024, Denmark-headquartered power cable manufacturer and installation company NKT is expanding its presence in India and has inaugurated a new office in Chennai. Globally, NKT has grown its order backlog of high-voltage projects to approximately USD 12 billion by the end of the second quarter of 2024 and is currently investing more than USD 1 billion in its high-voltage business based in Europe to meet the growing demand for power cables.
   
• In January 2023, Nexans partnered with TriMet to co-develop a tooling material made from recycled aluminum for manufacturing rods for cables. The collaboration aims to reduce carbon emissions while maintaining the necessary mechanical properties and conductivity standards for the product.
   

Major players operating in the medium voltage power and control cable market are:

• Bahra Electric
• Belden Inc.
• Elsewedy Electric
• FURUKAWA ELECTRIC
• Havells India.
• KEI Industries
• Klaus Faber
• Leoni Cables
• LS Cables
• NKT A/S
• Polycab
• Prysmian Group
• Riyadh Cables
• RR Kabel
• Southwire Company LLC
• Sumitomo Electric
• Thermo Cables
• Top Cables
   

Medium Voltage Power and Control Cable Industry News

• In April 2025, Revolve Renewable Power Corp., a North American owner, operator and developer of renewable energy projects, has announced project development work on the Company’s two utility scale wind projects in Mexico is being accelerated as a result of increased regulatory certainty.  Development work on its two most advanced projects, which have a combined projected capacity of 531 megawatts, is intensifying following new electricity generation regulations that have been implemented in Mexico.
   
• In January 2025, VSB France, the French subsidiary of the VSB Group, reports a highly successful year in 2024. With an impressive portfolio of around 2 GW in renewable energy projects, the company is entering 2025 with determination and clear objectives. The focus remains on the development of wind energy, ground-mounted solar PV, agrivoltaics, and energy marketing.
   
• In November 2024, China installed 8 GW of solar in a range of countries under its “Belt and Road” development program in 2024. As Chinese manufacturers drive down the costs of renewable power technology, they are spearheading its deployment in many developing markets that previously lacked access to affordable clean energy. Since the inception of the BRI, China has completed 156 GW of overseas power projects, including 22 GW of solar, reflecting its growing focus on clean energy.
   
• In November 2024, Axpo has secured a combined capacity of 163MW in recent public tenders for solar and wind energy organized by the French Energy Regulatory Commission (CRE), the results of which were announced in November 2024. The projects are expected to contribute significantly to local renewable energy supply and align with France’s ambitious energy targets. Axpo’s solar division, through its subsidiary Urbasolar, secured the second-highest awarded capacity in France at 124 megawatts peak (MWp).
   

This medium voltage power and control cable market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2021 to 2034, for the following segments:

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Market, By Product

• Power cable
• Control cable

Market, By Application

• Utilities
• Industries
  • Power Plants
  • Oil & Gas
  • Cement
  • Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Netherlands
  • Italy
  • Spain
  • Germany
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Kuwait
  • South Africa
  • Egypt
• Latin America
  • Brazil
  • Argentina
  • Peru