Medium Voltage Wire and Cable Market Size - By Deployment, By Insulation, By Application, Analysis, Growth Forecast, 2025 - 2034

Medium Voltage Wire and Cable Market Size

The global medium voltage wire and cable market size was valued at USD 64.7 billion in 2024. The market is expected to grow from USD 71.6 billion in 2025 to USD 135.2 billion in 2034, at a CAGR of 7.3%, according to Global Market Insights Inc.

• Technological advancements in cable manufacturing, such as improved insulation materials, are enhancing the performance and longevity of medium voltage cables. Innovations that increase the efficiency, flexibility, and cost-effectiveness of MV cables make them more attractive to businesses, governments, and utilities. Moreover, smart grids and digital monitoring technologies are increasingly being integrated with MV networks to enhance energy efficiency and reduce downtime, further boosting the demand for advanced MV cables.
   
• Developing countries are particularly focused on expanding their electricity networks, while developed nations are focused on replacing outdated and aging infrastructure. Countries including China, India and Brazil are becoming fastest growing economies in the world. China's economy in 2024 was estimated to be around USD 18.28 trillion in nominal GDP. This places China as the second largest economy globally, behind the U.S.
   
• The global transition to renewable energy sources, such as solar, wind, and hydroelectric power, is contributing to the growth of the MV wire and cable market. Many countries are focusing on renewable energy for consumption. For instance, 70% of Canada's electricity comes from renewable sources and 82% from non-greenhouse gas (non-GHG) emitting sources such as solar, hydro, wind and nuclear power. These figures indicate a strong demand for medium voltage wire and cable across the world.
   
• Rapid urbanization and infrastructure modernization continue to be pivotal growth drivers for the medium voltage (MV) wire and cable market. Governments across Asia-Pacific, Europe, and North America are investing in grid upgrades to support growing populations and industrial activity. For instance, the U.S. medium voltage cable market is seeing significant expansion due to infrastructure modernization and renewable energy integration.
   
• The global transition to renewable energy is accelerating MV cable demand. According to the International Energy Agency (IEA), solar photovoltaic (PV) technology will account for 80% of the growth in global renewable capacity between now and 2030. In Canada, 70% of electricity is already sourced from renewables, with 82% from non-GHG emitting sources like hydro, solar, and wind. This trend is mirrored globally, with countries ramping up renewable projects that require robust MV cable infrastructure.
   
• Smart grid technologies and digital monitoring systems are reshaping the MV cable landscape. At the REWIREcable 2025 conference, industry leaders showcased innovations such as AI-powered ERP systems, predictive maintenance, and real-time cable drum tracking. These advancements are enabling utilities and industries to reduce downtime, improve fault detection, and optimize energy distribution. Manufacturers are also increasingly integrating IoT and AI into MV cable systems to meet the evolving demands of smart infrastructure.
   

Medium Voltage Wire and Cable Market Trends

• As countries continue to prioritize sustainable energy sources, the integration of renewable energy into existing power grids has become a major trend. Solar and wind energy projects, which often operate at medium voltage levels, require robust MV cable systems to connect power plants to substations and the broader grid. This trend is accelerating the demand for high-quality MV cables capable of withstanding varying environmental conditions and ensuring stable energy transmission from renewable sources.
   
• The increasing use of electric vehicles (EVs) is boosting the demand for medium voltage wire and cable for charging and battery system interfaces. Global sales of EVs topped 17.1 million in 2024, a 25% increase from 11.2 million in 2023. This shows positive growth for the international MV wire and cable industry.
   
• The development of smart grids is a significant trend in the MV wire and cable market. Smart grids utilize digital technology and sensors to optimize power distribution, enhance reliability, and reduce energy losses. As part of smart grid infrastructure, MV cables are being designed with advanced monitoring capabilities to detect faults, improve performance, and ensure seamless integration with other grid components.
   
• The medium voltage wire and cable demand is increasing at faster pace owing to growing focus on adoption of solar and wind energy. Efficient cabling for power transmission is needed on a global scale for the vast renewable project countries are investing in. From August to December of 2024, the U.S. alone is estimated to increase its solar power capacity by 30%, bringing the total capacity to an astounding 131 GW.
   
• Safety concerns and regulatory standards have led to an increased focus on environmental sustainability and safety in the MV cable market. The growing emphasis on fire-resistant, low-smoke, and non-toxic cables aligns with the global push for greener and safer electrical systems. This has led to the adoption of environmentally friendly materials such as halogen-free compounds, which contribute to reducing environmental impact while ensuring safety in case of fires or accidents.
   
• The rise of electric vehicles (EVs) and battery energy storage systems (BESS) is creating new opportunities for MV cable applications. The U.S. is expected to expand its EV charging stations from 4 million to 35 million by 2030, requiring high-voltage, durable cables for rapid charging infrastructure. MV cables with advanced insulation and thermal resistance are being developed to meet these needs, aligning with sustainability goals and regulatory standards.
   
• Another significant trend is the rising focus on eco-friendly and sustainable designs. Manufacturers are developing environmentally benign wire and cables that minimizes the use of hazardous substances and reduces energy consumption. The trend toward eco-efficient materials aligns with global efforts to reduce the carbon footprint of electrical infrastructure.
   

Medium Voltage Wire and Cable Market Analysis

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• The medium voltage wire and cable market was valued at USD 52 billion, USD 57.9 billion and USD 64.7 billion in 2022, 2023 and 2024 respectively. This growth is mainly due to increasing demand for grid modernization, renewable energy integration, industrial expansion, and the shift toward digital and eco-friendly wire and cable technologies. The rising advent of advanced technologies is also creating a demand for MV wire and cables across the world.
   
• Overhead cables segment is anticipated to reach more than USD 74.5 billion by 2034 and will significantly grow in coming years mainly due to the rising government investments in this industry. For instance, in 2024, Canada Government has set a smart power grid program, with the investment of USD 100 million, for the better utilization of electricity assets, foster innovation.
   
• Overhead cables are widely used for cost-effective and rapid deployment of electrical networks, especially in rural and semi-urban areas. Their installation is relatively inexpensive compared to underground systems, making them ideal for regions with vast open spaces and lower population density. Overhead lines also allow easier maintenance and fault detection, reducing downtime during repairs. This segment remains significant because of its role in grid expansion projects and renewable energy integration, such as connecting wind farms to substations.
   
• The industrial sector, including manufacturing, mining, and oil & gas, also relies on medium voltage cables for operations. Therefore, the growing oil & gas industry is also propelling the demand for these cables worldwide. According to the finance ministry, Russia's oil and gas revenues jumped by 26% in 2024 to USD 108 billion after falling by 24% in 2023. These figures will indicate a strong demand for MV wires and cable across the world.
   
• The companies in this industry are also investing massive amounts to expand their business, creating a strong platform for the medium voltage wire and cable market in coming decades. For instance, in 2024, the UK announced that it is planning to see a significant investment of up to USD 35 billion in its electricity grid infrastructure, primarily managed by National Grid.
   
• On the other hand, underground cables are essential for urban environments where space constraints, aesthetic considerations, and safety regulations prohibit overhead lines. They offer enhanced reliability and protection against weather-related disruptions, which is increasingly important as climate change intensifies extreme weather events.
   
• Underground systems also reduce electromagnetic exposure and improve urban aesthetics, making them preferable for densely populated areas and critical infrastructure zones. Thus, the rising demand for these cables will significantly drive the medium voltage wire and cable in coming years.
   

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• Based on insulation, the polyethylene XLPE segment is projected to grow with CAGR of more than 6.5% through 2034. XLPE insulation offers several advantages over traditional materials such as PVC and rubber. Its high-temperature resistance allows cables to operate efficiently at elevated temperatures, leading to improved thermal performance and longer service life.
   
• Additionally, XLPE exhibits excellent electrical properties, including high dielectric strength and low dielectric loss, which enhance the efficiency and safety of power transmission. Its mechanical robustness and chemical resistance further make it suitable for diverse environments, including underground and industrial installations.
   
• The increasing infrastructure investments globally, particularly in emerging economies, are a key driver for the growth of XLPE-insulated cables. Governments and private sector players are focusing on expanding and upgrading power grids to accommodate rising energy demands and integrate renewable energy sources. XLPE cables, with their high performance and durability, are ideal for these applications, ensuring reliable and efficient power delivery.
   
• The developing countries including India, Saudi Arabia, and Brazil are investing in multiple projects, thereby creating a demand for the wire and cable across the sector. Electrical consumption in these countries have also increased due to rising population. In 2023, India's per capita electricity consumption was 985. Whereas, in 2024, it increased to 1,395 kWh, showing that the rising consumption will create a need of multiple projects, thereby creating a need for the XLPE insulated MV wire and cable across the world.
   
• Similarly, EPR (Ethylene Propylene Rubber) insulation holds a significant position in the medium voltage (MV) wire and cable market due to its unique combination of electrical performance, flexibility, and environmental resilience. As industries and utilities seek reliable and durable solutions for power distribution, EPR-insulated cables are increasingly preferred, especially in applications demanding high flexibility and resistance to harsh environmental conditions.
   
• The developing countries including India, Saudi Arabia, and Brazil are investing in multiple projects, thereby creating a demand for these cables across the sector. Electrical consumption in these countries have also increased due to rising population. In 2023, India's per capita electricity consumption was 985. Whereas, in 2024, it increased to 1,395 kWh, showing that the rising consumption will create a need of multiple projects, thereby creating a need for the MV wire and cable across the regions.
   
• With the ongoing expansion of power infrastructure and the need for high-performance cables in challenging environments, the EPR segment is expected to experience steady growth, contributing significantly to the overall market trajectory. Its role in enabling safe, reliable, and flexible power distribution makes it an essential component in modern electrical systems worldwide.
   

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• The U.S. medium voltage wire and cable market in 2022, 2023 and 2024 was valued at USD 4.7 billion, USD 5.1 billion and USD 5.5 billion respectively. U.S. is investing on a large scale in the power transmission as well distribution, growing the demand for MV wire and cable across the world. In 2023, investor-owned utilities spent about USD 170 billion to expand the electricity grid, indicating the promising future for the MV wire and cable market across the U.S.
   
• The U.S., the second largest economy in the world, accounts for 15% of global clean energy investment, and remains a major investor in oil and gas. Clean energy investment in the U.S. more than tripled from 2018 to 2023, when annual clean investment totaled nearly USD 248 billion. These figures shows that the demand for MV wire and cable will be increasing in coming decades.
   
• North America is stepping ahead in the utilization of renewable energy, growing the demand for medium voltage wire and cable market. The IEA projects that over 6,000 GW of new renewable electricity generation will be required by 2040 to address increasing global net zero commitments This rising need will further create the necessity of extensive wiring and cable, thereby boosting the market growth.
   
• The automotive sector (especially EV) also plays a vital role in the growth of medium voltage wire and cable market since it is highly growing due to rising preference for the EV. In 2024, the UK sold 381,970 electric vehicles (EVs), which was a record high and a 21.4% increase from 2023. Similarly, Hybrid electric vehicles (HEVs) saw a year-on-year increase of 261,398 registrations.
   
• The APAC region is also experiencing a noteworthy rise in industrialization, thus increasing the need for wire and cables. In 2023, the Asia Pacific’s real GDP amounted to USD 56.6 trillion, constituting 61% of the globe's total. In this year Asia Pacific region exported USD 11.7 trillion worth of merchandise goods, and USD 2.7 trillion worth of commercial services.
   
• Japan is also playing an important role in the wire and cable industry, since Japan is progressing remarkably in the end use industries of MV wire and cable market. World Economics estimates Japan's 2024 GDP at USD 6.31 trillion in PPP terms (Purchasing Power Parity) and an initial estimate of USD 6.38 trillion for 2025. Therefore, the MV wire and cable industry will be witnessing large demand in the APAC in coming years.
   

Medium Voltage Wire and Cable Market Share

Top 5 companies including Prysmian, Belden, Nexans, Sumitomo Electric, and NKT hold more than 40% market around the world. The major companies consistently work on new products and solutions which makes them a crucial part of the industry globally. These companies place a high focus on investment, especially on research and development. Besides, these companies apply different methods of market development in order to obtain considerable shares in the industry.
 

Medium Voltage Wire and Cable Market Companies

• Prysmian Group is driving innovation and sustainability in the MV wire and cable sector through its “Connect to Lead” strategy. With the acquisition of Encore Wire and the launch of its E-Path sustainability label, Prysmian is embedding measurable ESG criteria into its cable products. The company’s use of recycled materials and low-carbon aluminum, along with its Euro 929M offshore wind contracts and Euro 450M EIB-backed expansion, positions Prysmian as a key enabler of the energy transition and smart grid modernization across Europe and North America.
   
• Nexans is pioneering climate-smart MV cable solutions with its AMCL 12/24 kV line, featuring recyclable thermoplastic insulation and up to 45% recycled plastic in the sheath. Manufactured locally in Sweden, these cables offer up to 50% lower climate impact. Nexans’ broader sustainability strategy includes integrating 10% recycled aluminum in low-voltage cables and committing to carbon neutrality by 2050 under SBTi guidelines. Its Cable Loop initiative and investments in circularity reinforce Nexans’ role in building resilient, low-carbon electrification ecosystems.
   
• Belden is redefining MV cable applications through its Fault-Managed Power System (FMPS) cables, formerly known as Digital Electricity cables. These UL-listed Class 4 cables safely transmit up to 2,000W over 2 km, supporting smart grid infrastructure, distributed antenna systems, and renewable energy integration. Belden’s hybrid copper-fiber designs and robust industrial-grade cables are engineered for high-performance, secure, and scalable power delivery in smart buildings and industrial automation.
   

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

• alfanar Group: alfanar manufactures medium voltage cables up to 35kV with XLPE or TR-XLPE insulation, available in single and three-core configurations. Their cables meet IEC and BS standards and are suitable for indoor and outdoor installations.
   
• Bahra Cables: Bahra Electric produces XLPE and TR-XLPE insulated medium voltage cables up to 36kV, tested to IEC and BS standards. Their cables feature flame retardant jackets and various armoring options for industrial and utility applications.
   
• BELDEN: Belden offers medium voltage cables like the RailTuff series, designed for rolling stock and industrial use. These cables feature XLPO insulation, tinned copper conductors, and comply with EN and IEC fire safety standards.
   
• Brugg Kabel AG: Brugg provides medium voltage cables up to 30kV, engineered for long service life and high reliability. Their systems include tailored accessories and are designed for demanding power distribution environments.
   
• Ducab: Ducab’s Powerplus medium voltage cables are rated up to 33kV, featuring XLPE insulation and options for lead sheathing and armoring. They are manufactured to BS and IEC standards and used across industrial and utility sectors.
   
• Dynamic Cables: Dynamic Cables, based in India, offers MV XLPE cables and aerial bunched conductors up to 36kV. Their solutions are tailored for power distribution, infrastructure, and railway signaling, with a strong focus on quality, affordability, and compliance with Indian and international standards.
   
• Elsewedy Electric: Elsewedy offers a wide range of medium voltage cables up to 18/30kV, available in single and three-core formats. Their cables are designed for reliable power distribution in commercial, residential, and industrial settings.
   
• HELUKABEL: HELUKABEL’s MV90 series includes TR-XLPE insulated cables rated up to 35kV, suitable for direct burial and conduit installations. These cables are built for high-performance applications like data centers and renewable energy.
   
• Jeddah Cables: Jeddah Cables manufactures medium voltage cables from 3.6 kV to 36kV, with XLPE insulation and various armoring options. Their products comply with IEC standards and are KEMA type tested for industrial and utility use.
   
• KEI Industries: KEI offers medium voltage covered conductors (MVCC) ranging from 11kV to 33kV, featuring XLPE insulation and UV-resistant outer layers. These are designed for overhead distribution in harsh environments.
   
• LS Cables: LS Cable provides medium voltage cables from 5kV to 46kV, engineered for industrial, utility, and renewable energy sectors. Their MV UD cables with Jacketed Concentric Neutral (JCN) offer superior fault protection and are ideal for underground and wet conditions, enhancing safety and reliability in modern grid systems.
   
• Nexans: Nexans provides a broad range of medium voltage cables including XLPE and EPR insulated types, rated up to 36kV. Their cables are used in underground distribution systems and meet international standards for industrial and infrastructure projects.
   
• NKT A/S: NKT manufactures medium voltage cables ranging from 6kV to 50kV, designed for harsh environments and long service life. Their portfolio includes universal and dynamic cables for utilities and renewable energy applications.
   
• Prysmian Group: Prysmian offers a wide range of medium voltage cables from 1kV to 46kV, featuring XLPE, EPR, and PVC insulation. Their solutions support industrial, commercial, and utility networks with high reliability and advanced fire-resistant options.
   
• Riyadh Cables: Riyadh Cables produces medium voltage cables from 3.5kV to 30kV with XLPE insulation and various sheathing options. Their cables meet IEC standards and are suitable for infrastructure, industrial, and utility applications.
   
• Saudi Cable Company: SCC offers XLPE insulated medium voltage cables in armored and unarmored designs, compliant with IEC and BS standards. Their cables are tailored for durability and performance in industrial and utility sectors.
   
• SSG Cable: SSG Cable manufactures a wide range of medium voltage cables from 3.3kV to 45kV, including XLPE-insulated and flame-retardant types. Their cables are designed for industrial, marine, mining, and renewable energy applications, backed by global certifications (CE, UL, VDE) and over 50 years of manufacturing expertise.
   
• Sumitomo Electric Industries: Sumitomo Electric provides medium voltage cables designed for essential infrastructure, with optimized structures for installation environments. Their offerings emphasize reliability, flexibility, and environmental compatibility.
   
• Synergy Cables: Synergy Cables offers a full range of medium voltage cables up to 36kV, designed for industrial, utility, and renewable energy applications. Their cables feature XLPE, EPR, or PVC insulation and comply with international standards like IEC, UL, and BS, ensuring high durability and performance in underground and harsh environments.
   
• Tratos Group: Tratos produces high-performance medium voltage cables up to 45kV for utilities, transport, oil & gas, and renewable sectors. Their MV cables, including the TratoSubmarine series, feature HEPR insulation, double steel armoring, and enhanced fire resistance, meeting stringent standards like IEC 60502-2 and BS 7870.
   
• ZTT: ZTT manufactures medium voltage cables from 6kV to 30kV with XLPE insulation and various shielding and armoring options. Their cables meet IEC standards and are available with features like fire resistance, waterproofing, and rodent protection.
   

Medium Voltage Wire and Cable Industry News

• In January 2025, Sumitomo Electric displayed its Thunderbolt 5 cables at Integrated Systems Europe (ISE) 2025. The company plans to underscore the benefits of these cables which increase the effectiveness of high-speed data transfer in cutting-edge audio-visual and IT technologies. Thunderbolt 5 cables offer enhanced connectivity and performance, enabling users to maximize the capabilities of next-gen technologies in the rapidly evolving industry.
   
• In October 2024, Alfanar has secured contracts worth USD 5.3 billion with the Saudi Electricity Company (SEC) to enhance Saudi Arabia’s power infrastructure. The agreements cover substations, transmission lines, and smart grid solutions to support the country’s energy transition. Alfanar’s expertise in power and automation strengthens its role in Saudi Arabia’s electricity sector development.
   
• In February 2023, the U.S. Department of Energy announced USD 48 million in funding to support a new program focused on developing power grid technologies that improve control and protection of the domestic power grid. This initiative aligns with broader goals to accelerate renewable energy deployment and achieve 100% clean electricity by 2035.
   

This medium voltage wire and 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 Deployment

• Overhead
• Underground

Market, By Insulation

• Cross-linked Polyethylene (XLPE)
• Ethylene Propylene Rubber (EPR)
• Others

Market, By Application

• Residential
• Commercial
• Industrial
• Utility

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

• North America
  • U.S.
  • Canada
  • Mexico 
• Europe
  • UK
  • France
  • Netherlands
  • Italy
  • Spain
  • Sweden
  • Denmark
  • Germany
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Indonesia
  • Philippines
  • New Zealand
  • Malaysia
  • Thailand
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Iraq
  • Kuwait
  • Qatar
  • South Africa
  • Egypt
  • Nigeria
• Latin America
  • Brazil
  • Argentina
  • Peru