Medium Voltage Cables Market Analysis

Global Medium Voltage Cables Market Overview

Medium Voltage Cables Market Size was valued at USD 29,654.9 million in 2022. The Medium Voltage Cables Market is projected to grow USD 47,938.8 million by 2030, exhibiting a compound annual growth rate (CAGR) of 5.6% during the forecast period (2024 - 2030). The medium voltage cables are available in a variety of configurations, including single-core, three-core, and four-core cables. Single-core cables are used for simple applications, such as connecting a substation to a transformer. Three-core cables are used for more complex applications, such as distributing electricity to a large area. Four-core cables are used for special applications, such as connecting a substation to a wind turbine. medium voltage cables are rated for a specific voltage and current.

Medium voltage cables are in high demand because of their high operational efficiency, proper load distribution between circuits, improved system stability, easy and quick installations, and convenient virtual deployment, medium voltage cables are installed in a variety of ways, depending on the application. growing urbanization and industrialization and the need for the power supply in rural areas in these areas will also have a positive impact on the growth of the market. Overhead medium voltage cables are typically supported by towers or poles. Underground medium voltage cables are typically buried in trenches. Substation cables are typically installed in cable trays or duct banks. medium voltage cables are subject to a variety of regulations, including those governing the materials used in the cable, the construction of the cable, and the installation of the cable.

Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review

Medium Voltage Cables Market Trends

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  Rising Demand for Renewable Energy and Infrastructure Development Drive Growth for Medium Voltage Cables Market

  
  

The medium voltage cables market has witnessed significant growth due to the rising demand for renewable energy and infrastructure development. Renewable energy sources, such as wind, solar, and hydropower, have gained prominence as countries around the world seek to reduce greenhouse gas emissions and mitigate climate change. The transition towards renewable energy is driven by the need to shift away from fossil fuels and towards cleaner and more sustainable sources of power generation. In this context, medium voltage cables have emerged as an essential component of renewable energy systems.

Wind farms, solar parks, and other renewable energy installations require medium voltage cables to transmit the electricity they generate to the electrical grid. These cables are designed to withstand higher voltage levels, typically ranging from 1 kV to 36 kV, which are commonly used in medium voltage applications. They serve as the critical link between the power generation source and the grid, enabling the seamless integration of renewable energy into the existing infrastructure. The growing deployment of renewable energy installations worldwide has driven the demand for medium voltage cables. Countries are investing in wind farms and solar parks, leading to increased production of electricity from these sources. To ensure efficient and reliable transmission of this electricity, medium voltage cables are needed to connect the renewable energy installations to the grid.

Furthermore, the expansion of infrastructure, particularly in emerging economies, has contributed to the growth of the medium voltage cables market. Rapid urbanization, industrialization, and population growth have led to increased electricity consumption. As a result, power transmission and distribution networks need to be expanded to meet the rising demand. Medium voltage cables are crucial for transmitting power over longer distances and connecting power sources to urban centers and industrial areas.

The development of smart grids has further fueled the demand for medium voltage cables. Smart grids are advanced electricity distribution systems that incorporate digital communication and automation technologies. They enable efficient two-way communication and electricity flow between power producers and consumers. Smart grids rely on high-quality medium voltage cables to ensure efficient power transmission and distribution. These cables play a critical role in transmitting power from the generation source to consumers and ensuring the smooth operation of the smart grid infrastructure.

To meet the growing demand for medium voltage cables, manufacturers and suppliers in the market are investing in research and development activities. They aim to enhance cable performance, improve insulation properties, and increase transmission efficiency. Technological advancements in cable materials have led to the development of improved insulation materials and higher conductor capacities, enabling more efficient power transmission, there is a strong focus on energy efficiency and reducing power losses in power transmission and distribution systems. Medium voltage cables with low transmission losses and improved insulation properties are highly sought after. These cables help minimize energy wastage during transmission, leading to improved overall system efficiency and reduced environmental impact.

In conclusion, the rising demand for renewable energy and infrastructure development has been a driving force behind the growth of the medium voltage cables market. The increasing deployment of renewable energy installations and the integration of clean energy into existing infrastructure have led to a surge in demand for medium voltage cables. Furthermore, the expansion of infrastructure and the development of smart grids have further fueled this demand. Manufacturers and suppliers are investing in research and development to enhance cable performance and meet the evolving needs of the market. Overall, the medium voltage cables market is set to continue its growth trajectory in the coming years, driven by the global shift towards renewable energy and the expansion of infrastructure worldwide.

Medium Voltage Cables Market Segment Insights

Medium Voltage Cables Market by Installation Insights

The Medium Voltage Cables Market  segmentation, based on installation it has been segmented as underground, submarine, and overhead. Among them, the underground cables occupy the dominant share in the medium voltage cables market in 2022. Underground cables are more aesthetically pleasing than overhead cables. They do not disrupt the landscape and can be installed in areas where overhead cables would not be feasible, such as in historical districts or near airports. Underground cables are safer than overhead cables. They are less likely to cause accidents, such as power outages or fires. Urban areas are becoming increasingly congested, making it difficult to install and maintain overhead cables. Underground cables are a more feasible option for these areas.

Medium Voltage Cables Market by Voltage Insights

The Medium Voltage Cables Market  segmentation based on voltage, the market is segmented as Up to 25Kv, 26kV-50kV, 51kV-75kV, and 76Kv-100kV. 26kV to 50kV cables are compatible with a wide range of applications, including substations, transformers, and medium voltage generator sets. This makes them a versatile option for a variety of customers. 26kV to 50kV cables are widely available from a variety of manufacturers. This makes it easy for customers to find the cables they need and at a competitive price. 26kV to 50kV cables are relatively cost-effective. This makes them a good option for customers who are looking for a reliable and affordable solution.

Medium Voltage Cables Market by Product Insights

The Medium Voltage Cables Market  segmentation based on the Product, has been segmented as terminations cables, joints, XLPE Cables, and others. Termination cables held the largest share of 2022 Data centers are one of the major consumers of medium voltage cables. Termination cables are used to connect medium voltage cables to the equipment in data centers. The increasing demand for data centers is driving the demand for termination cables. Renewable energy sources, such as solar and wind power, are often located in remote areas. Termination cables are used to connect medium voltage cables to renewable energy sources and then to the grid. The rising adoption of renewable energy is driving the demand for termination cables.

Medium Voltage Cables Market Regional Insights

By Region, the study segments the Medium Voltage Cables Market into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. Among them the Asia Pacific region holds a major share in the market of medium voltage cables market, as in Asia Pacific countries are still developing and as population growth and urbanization rates is rising which will affect the market of medium voltage cables market. Medium-voltage MV cables play an important role in wind farms as they are used in underground and overhead power lines, bringing power from the nacelle to the base of the tower and within large turbine generators. With China aiming to expand its wind and solar capacity to 1,200 gigawatts by 2030, the demand for medium voltage carbon is also expected to rise significantly

Medium Voltage Cables Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Medium Voltage Cables Market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Medium Voltage Cables Market industry must offer cost-effective products to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the global MV power cable to benefit clients and expand the Medium Voltage Cables market sector is to manufacture locally to reduce operating costs. Some of the key players operating in the Medium Voltage Cables Market are Brugg Kabel AG. (Switzerland), Hellenic Cables (Germany), Eland Cables (England), Prysmian Group (US), SACO AEI Polymers (Wisconsin), Nexans S.A. (France), NKT A/S (Denmark), Sumitomo Electric Industries, Ltd. (Japan), Southwire Company LLC (US) and TPC (US). To increase their global reach and client base, key firms are concentrating on acquisitions and product innovation.

Brugg Kabel AGis one of the leading operators in the underground cable sector, designing, developing, creating, installing, and maintaining electrical cables of all voltage levels. In February 2020, Terna Energy Solutions S.r.l acquired 90% stake in the share capital of Brugg Kabel AG as part of the strategy of Non-Regulated Activities development. The acquisition of Brugg Kabel will allow Terna to insource a center of excellence for research, development, and testing of one of the TSO’s core technologies, such as underground cables. Formerly, Brugg Cables operated as an independent division of the Brugg Group with its own production facilities in Switzerland, China, and Poland and sales and installation offices in Germany, India, and the Middle East.

Hellenic Cablesis a leading European provider of reliable and competitive cable solutions. With 6 manufacturing plants across 3 countries, Cablel® Hellenic Cables covers a wide range of cable products and solutions, from Land and Submarine Power cables to Fiber Optics, Telecommunication cables and Magnet Wires. Cablel® Hellenic Cables operates one of the largest and most advanced submarine cable plants in the world, Fulgor. The plant is undergoing an investment program in excess of EUR 150 million over the last eight years to become a trusted provider of turnkey submarine cable solutions for the Offshore Wind industry and Submarine Interconnections globally.

Key Companies in the Medium Voltage Cables Market includes

• Brugg Kabel AG. (Switzerland)


• Hellenic Cables (Germany)


• Eland Cables (England)


• Prysmian Group (US)


• SACO AEI Polymers (Wisconsin)


• Nexans S.A. (France)


• NKT A/S (Denmark)


• Sumitomo Electric Industries, Ltd. (Japan)


• Southwire Company LLC (US)


• TPC (US)

Medium Voltage Cables Industry Developments

November 2021 Prysmian Group completed the acquisition of Omnisens S.A., a leader in high-performance fiber-optic based monitoring solutions for safer and more efficient use of critical infrastructures. The acquisition is in line with Prysmian Group’s strategy to grow and reinforce its value-added business, continuously increasing its drive towards a digital, remote and electrified global industrial transformation. Omnisens’ advanced DTS/DAS technology is a complementary add-on to the Group’s monitoring solutions range, enhancing opportunities to target a business with a long-term growth trend and unlocking significant commercial synergies..

Sept-2021 Nexans SA announced it has entered into a Share Purchase Agreement with Xignux SA of Mexico to acquire Centelsa, a premium cable maker in Latin America active in the production of cables for Building and Utilities applications. Centelsa had a total turnover of more than $250 million in 2020 and an enterprise value of $225 million. The closing of the transaction is subject to regulatory approvals and took place in the first half of 2022. Centelsa acquisition is fully aligned with the Group’s strategic ambition to become a Pure Electrification Player and it enhances Nexans commitment to electrify the world. This world class, iconic South American operation further contributes to Nexans ability to serve renewable projects in the Andean Region and enhances the group capacity in our Building and Energy Distribution activity. 

Jan-2022 NKT is extending its portfolio of low-voltage power cables with the acquisition of the UK based company Ventcroft Ltd specializing in fire-resistant building wires and low voltage power cables. The acquisition is an important step in the NKT strategy to grow the business with a strong product portfolio including fire-resistant power cables, telecom power cables and building wires.

April 2024: To meet the increasing customer demand for medium-voltage power cables necessary for renewable energy projects and grid enhancements throughout Europe, NKT is making investments in its medium-voltage factories in Denmark, Sweden, and the Czech Republic to augment production capacity and capabilities. Electrical grid administrators are presently undertaking significant upgrade initiatives to remain current.

January 2024: To finance its ambitious expansion strategies of expanding into MV cable manufacturing, Master Tec Group Bhd, a leader of wires and cables, initiated an initial public offering (IPO). The construction of two manufacturing facilities in Alor Gajah, Malacca, and the acquisition of new machinery and equipment to facilitate the company's expansion into the production of MV power cables will each receive two-thirds of the IPO proceeds. Its primary goal is to strengthen its standing as a well-established provider of wires and cables solutions in the markets in which it operates.

For example, the construction of a 300-kilometer underground HVDC line in South Germany began in November 2023. This transmission path called A-Nord, is to move 2000 MW of wind energy from North Sea Port to Osterath. Such developments highlight Europe’s ever-growing market for underground cables.

In August 2023, ABB expanded its partnership with Northvolt when it came to electrifying the world’s largest battery recycling facility. Now, this partnership also includes battery recycling; ABB will perform process electrification for the world’s largest battery recycling plant named Revolt Ett, which is being established by Northvolt in Skellefteå, northern Sweden.

The ERJ Joint was successfully installed by Brugg Cables at DEWA Dubai, which replaced older faulty joints and offered reliability of up to 60% cost and time savings compared to traditional repair methods during April 2023. Previously installed at Transco Abu Dhabi as well, this milestone has played an important role in consolidating ERJ Joint as it effectively addresses utility network challenges.

In August 2023, Hellenic Cables S.A., a segment of Cenergy Holdings, signed an agreement with DEME Offshore to deliver inter-array cables at 66kV for Eoliennes en Mer Dieppe Le Tréport (EMDT), an offshore wind farm expected to be commissioned by 2026. The company will design, manufacture and provide the cables and accessories interconnecting the wind turbines with the offshore substation.

For instance, in May 2023, there was the installation of a new transmission line and substation rated at 66 kV in the Gidderwindi region of Punjab, ensuring there was uninterrupted power supply during the paddy sowing season. These are some other projects that can be taken up in the future to deal with India’s energy problems.

May 2023: Swedish utility company Ellevio awarded NKT a turnkey contract to upgrade part of its power grid in the Stadshagen area of Stockholm, Sweden. The company will replace low and medium-voltage cables.

February 2023: Prysmian Group has supported upgrading the United Kingdom’s electricity grid. As per the agreement, National Grid Electricity Distribution awarded the company a framework contract for medium-voltage cables lasting at least 3 years.

Medium Voltage Cables Segmentation

Medium Voltage Cables Installation Outlook

• Underground,


• Submarine


• Overhead

Medium Voltage Cables Voltage Outlook

• Up to 25Kv


• 26kV-50kV


• 51kV-75kV


• 76Kv-100kV

Medium Voltage Cables Product Outlook

• Termination Cables


• Joints


• XLPE Cables


• Others

Medium Voltage Cables End Users Outlook

• Industrial


• Commercial


• Utility

Medium Voltage Cables Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Middle East & Africa
  
  
  
  • Saudi Arabia
  
  
  • UAE
  
  
  • South Africa
  
  
  • Rest of Middle East & Africa
  
  
  
  


• South America
  
  
  
  • Brazil
  
  
  • Argentina
  
  
  • Rest of South America