According to our latest study on "Medium Voltage Cable and Accessories Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis - by Installation, Product, Voltage, End User," the medium voltage cable and accessories market size was valued at US$ 38.51 billion in 2024 and is expected to reach US$ 58.88 billion by 2031; it is estimated to register a CAGR of 6.5% during 2025-2031.

The medium voltage cable and accessories market is segmented into five major regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Asia Pacific dominated the market in 2023, followed by Europe and North America, respectively. The Europe medium voltage cable and accessories market is segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. In terms of revenue, Germany dominated the medium voltage cable and accessories market share. Germany's Climate Law establishes a framework for achieving net zero emissions by 2045. The nation's ambitious Energiewende (i.e., energy transition) aims to phase out coal entirely by 2030. It also aims to generate 80% of all electricity supply from renewables by 2030 and 100% by 2035. Major legislative revisions in renewable energy planning support aims of 100-110 GW onshore wind, 30 GW offshore wind, and 200 GW solar, as well as investments in 10 GW hydrogen by 2030. Under the Energy Efficiency Act, Germany is working to reduce energy consumption by 500 TWh by 2030, which is almost one-fifth of its energy use in 2022. Thus, such renewable energy expansion in Germany fuels the growth of the medium voltage cable and accessories market.

Various contruction projects are being carried out in the UK. For instance, the Transpennine Route project prioritizes the upgrade of the Manchester to York route, which will increase capacity and cut journey times across the Pennines. The electrification of the Manchester Victoria to Stalybridge line by 2025 is expected to result in a cleaner and more efficient railway. Bankside at Colliers Yard is a 43-storey residential tower project that is 129 meters tall. It will be completed in 2025 and will contribute to the area's urban revitalization with 444 units. Statera Energy has announced plans to develop a 680-megawatt battery energy storage project at the Trafford Low Carbon Energy Park, eight miles southwest of Manchester. The project aims to boost the UK's renewable energy supply chain. Carrington Storage, scheduled to be completed in 2026, will be one of Europe's largest battery storage operations. Thus, such growth in construction projects boosts the expansion of the medium voltage cable and accessories market in the UK.

Key Findings of Medium Voltage Cable and Accessories Market Study:

The medium voltage cable and accessories market is segmented on the basis of installation, product, voltage, end user, and geography. Based on installation, the market is bifurcated into overhead and underground. The overhead segment is further subsegmented into ACSR (Aluminium Conductor Steel Reinforced), AAAC (All Aluminium Alloy Conductor), AACSR (Aluminium Alloy Conductor Steel Reinforced), and others. The underground segment is further subsegmented into XLPE (Cross-Linked Polyethylene), PVC (Polyvinyl Chloride), PILC (Paper Insulated Lead Covered), and others. By product, the market is bifurcated into cables and accessories. The accessories segment is further subsegmented into terminations, joints, and others. On the basis of voltage, the market is segmented into 1-5, 6-13, 23, 34, 45, and 69. In terms of end user, the market is categorized into industrial, infrastructure, and renewables. The medium voltage cable and accessories market, based on geography, is segmented into North America, Asia Pacific, Europe, the Middle East & Africa, and South America.

In terms of end user, the market is categorized into industrial, infrastructure, and renewables. The industrial segment held the largest medium voltage cable and accessories market share in 2024. Medium voltage cables are used to transfer power from substations to transformers, motors, and other machinery. The cables transfer power to motors, machines, and other equipment in industrial plants. Additionally, they are utilized to link transformers and other plant machinery. It can also transmit power to far-off areas, including mines, oil and gas rigs, and construction sites. Thus, with the growing application, several players are taking the initiative to develop medium-voltage cables and accessories. For instance, in August 2023, RFL Group launched a new product category of medium-voltage power cables for its well-known cable brand- Bizli Cables. The demand for strong MV cables to accommodate larger power requirements and assure the reliability of production processes is rising with the growing industrialization. Furthermore, the emphasis on sustainable operations in many industrial settings is increasing demand for high-quality cables that save energy and reduce operational downtime.

Infrastructure development is critical for the nation's economic development; thus, various countries are investing in building infrastructure. For instance, in April 2022, the Government of India's Smart Cities Mission (SCM), India allocated a budget of US$ 5,786 million to promote cities that offer basic infrastructure and a decent quality of life, as well as encourage the use of smart solutions in clean and sustainable environments. The ClimateSMART Cities Assessment Framework was introduced for 100 Smart cities to encourage comprehensive, climate-responsive development. In another instance, in September 2021, Dubai introduced more than 100 intelligent projects and 1,000 innovative services to improve sustainability and seamlessness and change the way of providing government services to its citizens. Thus, such infrastructure development is creating opportunities for medium voltage cables and accessories to connect the cities and provide infrastructure with power and electricity. MV cables are utilized in smart city initiatives, power grid upgrades, and to connect renewable energy sources to the grid. Infrastructure development and urbanization are significant drivers as governments and organizations strive to update their power networks and fulfill rising electrical demand in densely populated areas.

ABB Ltd; Prysmian SpA; Nexans SA; TE Connectivity Ltd; Southwire Company LLC; Houston Wire & Cable Co.; and Belden Inc are among the key players profiled in the medium voltage cable and accessories market report. Several other major players were studied and analyzed during the medium voltage cable and accessories market analysis to get a holistic view of the market and its ecosystem. The medium voltage cable and accessories market also provides detailed market insights, which help the key players strategize their growth. The report includes growth prospects owing to the current medium voltage cable and accessories market trends and their foreseeable impact during the forecast period.

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