The North America medium voltage cable and accessories market size was valued at US$ 5.83 billion in 2024 and is expected to reach US$ 7.97 billion by 2031; it is estimated to register a CAGR of 4.7% during 2025–2031. Advancements in cable technology are likely to remain a key market trend.
The rising need for electricity supply is expected to drive the medium voltage cable and accessories market. The demand for more electricity is increasing due to the growing population and industrialization in developing economies. In addition, the growing urban population has resulted in increased construction activities in commercial, residential, industrial, infrastructure, and other sectors. For instance, in Q2 of 2023, the construction of an electric vehicle battery manufacturing plant started in Michigan, which is expected to be completed by Q4 of 2025. These construction activities are directly increasing the need for electricity generation and distribution, which is surging the demand for medium voltage cables and accessories. Furthermore, the rising focus on power generation through renewable energy sources has resulted in the development of new power grids and distribution lines.
A medium voltage cable distributes electricity from power substations to transformer stations. It has a minimum power rating of 1kV and goes up to 69kV. Medium voltage cables and accessories are used for electricity supply to commercial and residential buildings as well as industrial distribution circuits. They have indoor use in power supply stations and outdoor use in cable ducts, underground, and cable trays for industrial buildings, switchboards, and power stations. In addition, these cables are also used in pulp and paper mills, steel mills, textile mills, petrochemical plants, water and sewage treatment facilities, railroads, mines, and electrical utility generating plants. Also, medium voltage cable accessories such as cable terminations, cable joints, and connectors are designed to connect, protect, and support medium voltage cables for single-core or three-core.
North America experiences extreme weather conditions. The National Oceanic and Atmospheric Administration reports that the US has seen weather and climate disasters worth billions of dollars in 2023. Tragic events such as the deadly Maui firestorm, extreme flooding in California and New England, Hurricane Idalia's category four winds battering the Gulf Coast, and devastating hailstorms and tornados throughout the central US highlight the major challenges that occurred due to the changing climate, increasing the reliability of US electricity grid. The majority of the US electric grid was built in the 1960s and 1970s. However, automation and some emerging technologies have enhanced the system. The US aging infrastructure is struggling to meet modern electricity needs, such as renewable energy resources and growing building and transportation electrification. For instance, 70% of transmission lines are over 25 years old and are approaching the end of their typical 50–80-year lifespan. Moreover, according to data from the US Energy Information Administration, US electricity customers were without power for slightly longer than seven hours on average in 2021. Therefore, the aging infrastructure results in frequent failures, inefficiencies, and safety risks.
Medium voltage cables are critical components of this modernization effort. They are used to transmit electricity from substations to consumers, particularly in urban and industrial areas, and are integral in maintaining grid stability. Replacing outdated cables with modern, more efficient medium voltage cables is essential to ensure that power is transmitted securely and without interruption. Medium voltage cables with improved insulation, durability, and thermal resistance are being increasingly developed, enabling utilities to replace aging cables with higher-performing solutions. Thus, the increasing need to upgrade aging power distribution networks drives the North America medium voltage cable and accessories market growth.
The government initiatives to raise power generation through wind and solar power plants are proliferating. The US continued to attract the most renewable energy investment. According to the Renewables 2024 Global Status Report Collection, investment in renewables in the country jumped 60% in 2023 to reach US$ 92.9 billion, and wind power experienced much higher growth (up 174.3% to US$ 37.1 billion in 2023). In October 2024, the Canadian Minister of Energy and Natural Resources announced an investment of C$ 500 million (US$ 363.5 million) in the Smart Renewables and Electrification Pathways program Utility Support Stream. This funding was planned to be awarded to projects that upgrade existing assets, increase grid reliability, add new renewable energy resources, and help accommodate growing power demand. Moreover, since 2021, the Smart Renewables and Electrification Pathways Program (SREPs) has approved funding for 72 projects, enabling the deployment of ~2,700 megawatts of new renewable energy capacity, which will produce enough electricity to power 700,000 homes annually. In addition, the Mexico National Energy Plan sets a goal that 50% of the country's electricity to come from renewable sources by 2030. Thus, the government in North America was increasingly investing in wind and solar power plant construction. A few of the major renewable energy projects carried out worldwide are mentioned below:
As renewable energy sources such as wind, solar, and hydro continue to expand, the demand for MV cables is likely to increase to transport electricity efficiently from generation sites to the grid. Thus, there is a growing number of renewable energy projects. Thus, a growing number of renewable energy projects and investments is expected to create lucrative growth opportunities for the medium voltage cable and accessories market.
Key segments that contributed to the derivation of the North America medium voltage cable and accessories market analysis are installation, product, voltage, and end user.
The regional trends and factors influencing the North America Medium Voltage Cable and Accessories Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses North America Medium Voltage Cable and Accessories Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2016 | US$ 4.83 Billion |
| Market Size by 2025 | US$ 6.61 Billion |
| Global CAGR (2016 - 2025) | 3.7% |
| Historical Data | 2014-2015 |
| Forecast period | 2017-2025 |
| Segments Covered |
By Systems
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The North America Medium Voltage Cable and Accessories Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the North America Medium Voltage Cable and Accessories Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The North America medium voltage cable and accessories market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the North America medium voltage cable and accessories market are listed below:
(Source: Sumitomo Electric Industries, Ltd, Press Release, September 2024)
(Source: NKT AS, Press Release, October 2024)
The "North America Medium Voltage Cable and Accessories Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below: