Medium Voltage Wire and Cable Market Size - By Product, By Application, Analysis, Share, & Forecast, 2025 - 2034

Medium Voltage Wire and Cable Market Size

The medium voltage wire and cable market was valued at USD 64.7 billion in 2024 and is estimated to reach the value of USD 135.3 billion by 2034, growing at a CAGR of 7.3% from 2025 to 2034. Governments across the world are investing heavily in upgrading and modernizing power infrastructure to meet growing energy demands. For instance, in 2023, utilities spent more than USD 17.2 billion on electrical infrastructure in the U.S.
 

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are particularly focused on expanding their electricity networks, while developed nations are focused on replacing outdated and aging infrastructure.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 is estimated to be around USD 18.28 trillion USD 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 medium voltage wire and cable market. Many countries are focusing on the renewable energy for the 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 are indicating a strong demand for the medium voltage wire and cable across the world.
 

The global adoption of 5G technology is creating a demand for fiber-optic and copper cables with high precision. The new technology comes with promises of increased data traffic and high-speed connections which other industries are pitching in to support. Telecom and data center companies are spending a lot to improve their infrastructure and can install thousands of miles of specialized cabling systems that support high-speed, high-bandwidth, and low latency services.
 

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 the positive growth for the international medium voltage wire and cable market.
   
• 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 projects 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.
   

Medium Voltage Wire and Cable Market Analysis

• The medium voltage wire and cable industry was valued at USD 52 billion, USD 57.9 billion and USD 64.7 billion in 2022, 2023 and 2024 respectively. This growth is attributed to rapid urban expansion and growing industrial activities that require robust power distribution networks, increasing demand for cables.
   
• 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 be indicating a strong demand for the MV wire and cable across the world.
   
• Based on product, the signal & control segment is projected to reach more than USD 17.5 billion by 2034, due to the rising government investments in this industry. Based on the Commission's European Grid Action Plan, published in November 2023, more than 80 billion in investment will be needed by 2030 to meet this growing electricity demand. These investments will help the medium voltage wire and cable market grow significantly.
   
• The fiber optics cable segment is also expected to hold the market share of more than 6.4% in 2024, due to growing demand for the telecommunication industry as well as commercial sectors that are dependent on relaying of signals, supervision of systems. Over the past decade, the telecommunications sector has invested an average of USD 50 billion per year in order to modernize and adapt network, rising the application for the medium voltage wire 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 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.
   
• Signal and control cables play a crucial role in the medium voltage wire and cable market, offering vital functions across various industries. These cables are important for sending electrical signals and controlling systems in an application’s environment where precision, reliability, and efficiency are vital. Their relevance is further increased owing to the rapid technological changes and the need for automation, safety, and integration in industries such as manufacturing, telecommunications, transport, and energy.
   

• Based on application, the utilities segment dominated about 27.3% share of the medium voltage wire and cable market in 2024. This growth will continue to happen due to growing demand for the wire and cable in infrastructure industry. In 2023, China alone invested approximately USD 59 billion in electric power grid construction projects.
   
• The automotive segment is anticipated to cross USD 13.8 billion by 2034. The companies are bringing significant innovations in automotive sector, finding the need for more advanced wiring systems. Countries including Germany, China, U.S. and Japan are stepping ahead in the automotive sector.  In 2023, Germany produced over 4.1 million passenger cars, making it Europe's top producer. These figures indicate the strong need for the MV wire and cables.
   
• Additionally, building infrastructure also carries significance since the MV wire and cable are highly required in the infrastructure applications. The federal government's allocation of USD 62 billion for infrastructure development in 2025 will be channeled towards projects that focus on public safety, sustainability, and economic growth infrastructure funding impact.
   
• The communication cables are critical in providing broadband penetration and high-speed data transmission services across continents to satisfy the ever-growing insatiable demand. India is the world's second-largest telecommunications market with a total telephone subscriber base stood at 1,203.69 million, making it the crucial region for the medium voltage wire and cable market growth.
   
• Moreover, the construction industry is extremely crucial for the growth of medium voltage wire and cable industry. The total volume of commercial real estate investments (retail, office and industrial) in Europe reached around USD 280 billion till the beginning of 2023.These activities will also contribute to the MV wire and cable industry on a massive scale.
   

• 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. Since U.S. is one of the most developed countries in the world, it is progressing significantly in the MV wire and cable industry. U.S. Government is taking massive efforts, along with the large number of investments, growing the MV wire and cable market considerably in the coming years.
   
• 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.
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• The 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.
   
• The automotive sector (specially EV) also plays a vital role in business growth of medium voltage wire and cable 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 4 companies including Prysmian, Belden, Nexans, Sumitomo Electric 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

• Nexans sells power transmission and distribution cables together with the corresponding infrastructure. Nexans signed a contract with RTE and 5 other European Suppliers in November 2024 to produce and deliver underground power cables for the renovation of the French national power grid.
   
• Sumitomo Electric Industries focuses on high voltage electricity transmission and fiber optic networks due to the key strength provided by his global manufacturing units and research units. In May 2024, Sumitomo Electric began construction of a new factory for subsea cables in Scotland to support the Shetland 2 525kV HVDC cable project for SSEN Transmission.
   
• In January 2023, Nexans has teamed up with TriMet on a project to co-develop a tooling material made from recycled aluminum for producing rods for cables. The collaboration aims to reduce carbon emissions while ensuring the product meets the necessary technical standards for mechanical properties and conductivity.
   

Medium Voltage Wire and Cable Market Companies

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

• alfanar Group
• Bahra Cables
• BELDEN
• Brugg Kabel AG
• Ducab
• Elsewedy Electric
• Federal Cables
• Fujikura
• HELUKABEL
• Jeddah Cables
• KEI Industries
• Midal Cables
• Naficon
• Nexans
• NIBE Industrier AB
• NKT A/S
• Power Plus Cables
• Prysmian Group
• Riyadh Cables
• Saudi Cable Company
• Sumitomo Electric Industries
• ZTT
   

Medium Voltage Wire and Cable Industry News

• In 2023 January, Nexans had the sales of approximately USD 6.8 billion, significantly influencing the commercial wire and cable sector. Nexans joined Authentic Vision in fighting cable counterfeiting through the adoption of Meta-Anchor technology, showing the industry’s fidelity towards product verification and supply chain security.
   
• In June 2024, a French subsea power cable manufacturer, Nexans, completed the acquisition of La Triveneta Cavi s.p.a., an Italian company specializing in medium and low-voltage cables. This acquisition marks a major advancement in Nexans' strategy to establish itself as a dedicated electrification player.
   
• In April 2024, Finolex Cables introduced a series of eco-safe wires under the FinoGreen brand, which is expected to comprise about 5% of the company’s wire business. The new FinoGreen line features flame-retardant and halogen-free industrial cables specifically designed to reduce safety risks in electrical installations and prevent accidents, particularly fires.
   
• 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 Product

• Coaxial Cables/Electronic Wires
• Fiber Optics Cables
• Power Cables
• Signal & Control Cable
• Telecom & Data Cables

Market, By Application

• Food & Beverages
• Automotive
• Material Handling/Logistics
• Entertainment/Leisure
• Utilities
• Railways
• Consumer Electronics
• Building Infrastructure
• 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
  • 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