North America Medium Voltage Cable and Accessories Market is expected to reach US$ 7.97 Billion by 2031

Rising Demand for Uninterrupted Power Supply in Various Industries to Fuel North America Medium Voltage Cable and Accessories Market Growth During Forecast Period 

According to our latest study, “North America Medium Voltage Cable and Accessories Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Installation, Product, Voltage, End User, and Geography," the market 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. The North America medium voltage cable and accessories market report includes growth prospects owing to the current North America medium voltage cable and accessories market trends and their foreseeable impact during the forecast period.

The need for reliable power grid infrastructure, emergency power backup solutions, and a steady power supply is increasing tremendously in various industries, eventually driving the demand for power. The demand for an uninterrupted power supply has surged in the mining industry. Various heavy-duty equipment is used in mining operations, such as excavating machinery, conveyor belts, drillers, and cranes, which require a continuous power supply even in harsh environments. Similarly, in oil & gas and petrochemical industries, highly reliable electrical power is needed to protect people, assets, the environment, and the continuity of sensitive operations. Also, various activities are carried out in the oil & gas fields, including drilling, pumping, and loading, which require an uninterrupted power supply for continuous operation and safety. Moreover, on oil rigs, an uninterruptible power supply is mandatory to ensure that signal lighting is always operational. In addition, quality and availability of power are essential to maintaining uptime and meeting production schedules in the manufacturing industry. An unplanned outage stops production, diverts labor, and creates waste. Moreover, maintaining uptime is even more essential, with manufacturing companies running production lines 24/7. Uninterruptible power supply systems can reduce downtime in manufacturing by providing reliable backup power in an emergency. A UPS allows systems to shut down slowly, in alignment with standard procedures, as opposed to the rapid shutoff of an outage, which could damage the equipment. Thus, the rising demand for an uninterruptible power supply in mining, oil & gas, manufacturing, and petrochemical industries is raising the demand for medium voltage cables and accessories, as they help provide a regular power supply in the field.

North America Medium Voltage Cable and Accessories Market Share (%) – by Installation, 2024 and 2031

Source: The Insight Partners Analysis

The growing data center industry is boosting the demand for an uninterruptible power supply. The data center market is growing rapidly owing to the digital revolution and the 5G rollout. Data centers require an uninterrupted power supply to function optimally, as they constantly store and process mountains of digital data. A minor outrage in power could lead to significant data loss and disrupt business continuity. Medium-voltage (MV) cables are crucial components in large data centers as medium-voltage (MV) cables and uninterruptible power supplies (UPS) work together to ensure reliable and efficient power delivery, with MV cables connecting the data center to the main grid and UPS acting as a backup power source during outages. Thus, the rising demand for uninterrupted power supply drives the North America medium voltage cable and accessories market growth.  

ABB Ltd; Prysmian SpA; Nexans SA; TE Connectivity Ltd; Southwire Company LLC; Houston Wire & Cable Co.; Belden Inc; LS Cable & System USA; Ensto Oy; NKT AS; The Okonite Co; Sumitomo Electric Industries Ltd; 3M Co; Eaton Corp Plc; and Hitachi Energy Ltd are among the key players profiled in the North America medium voltage cable and accessories market report. Several other major players were also studied and analyzed during the market study to get a holistic view of the market and its ecosystem. 

The report includes the North America medium voltage cable and accessories market forecast by installation, product, voltage, and end user. Based on installation, the market is bifurcated into overhead and underground. The overhead segment is further subsegmented into ACSR (Aluminum Conductor Steel Reinforced), AAAC (All Aluminum Alloy Conductor), AACSR (Aluminum 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. In terms of revenue, the overhead segment held the largest North America medium voltage cable and accessories market share and is expected to register the highest CAGR during the forecast period.

The North America medium voltage cable and accessories market analysis has been performed by considering countries such asUS, Canada, and Mexico. In terms of revenue, the US held the largest North America medium voltage cable and accessories market share. The medium voltage cable and accessories market in the US is experiencing significant growth, driven by infrastructure enhancements, renewable energy adoption, and electrification initiatives. As part of the Infrastructure Investment and Jobs Act, the Grid Deployment Office is administering a US$ 10.5 billion Grid Resilience and Innovation Partnerships (GRIP) Program to enhance grid flexibility and improve the resilience of the power system against extreme weather. In addition, in October 2024, the US Department of Energy announced more than US$ 600 million through the Infrastructure Investment and Jobs Act to bolster grid resilience and reliability in the face of extreme weather and increased electricity demand across the states affected by Hurricanes Helene and Milton. These programs are anticipated to accelerate the adoption of medium voltage cables and accessories in the US for effective power transmission and distribution.

Key industry players, such as ABB Ltd., Prysmian SpA, and Nexans SA, are actively investing in countries such as the US. For instance, Prysmian's acquisition of Encore Wire in April 2024 aimed to strengthen its presence in North America. Additionally, TE Connectivity's acquisition of Richards Manufacturing enhances its portfolio in medium-voltage utility-grid products in the region.

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