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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.
North America Medium Voltage Cable and Accessories Market Analysis
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.
North America Medium Voltage Cable and Accessories Market Overview
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.
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North America Medium Voltage Cable and Accessories Market: Strategic Insights
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North America Medium Voltage Cable and Accessories Market: Strategic Insights
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North America Medium Voltage Cable and Accessories Market Drivers and Opportunities
Increasing Need to Upgrade Aging Power Distribution Networks
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.
Rising Investments in Renewable Energy
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:
- Kitty Hawk Offshore Wind Farm: A 122,405-acre offshore wind farm is being planned for an area 39 nautical kilometers off the coast of Kitty Hawk, North Carolina. The area is ideal for such a farm, with wind speeds averaging 32kmph ~80m above the ocean's surface. The project is still in the planning stages but it is hoped that they can begin selling power to the nearby states by 2030.
- Texas Mariah Onshore Wind Farm: This is a 10,000 MW wind farm project that is planned to be constructed across the Parmer, Sherman, and Dallam counties. Started in 2022, the project is still under development.
- Gemini Solar Project – Nevada: The Gemini Solar Project is one of the largest solar farms under construction in the US. Located about 30 miles northeast of Las Vegas, this 690 MW photovoltaic power plant is expected to supply clean energy to over 260,000 homes. The Gemini Solar Project will also help Nevada achieve its ambitious renewable energy targets, which include obtaining 50% of its electricity from renewable sources by 2030 and 100% by 2050.
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.
North America Medium Voltage Cable and Accessories Market Report Segmentation Analysis
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.
- 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. The overhead segment dominated the market in 2024.
- By product, the market is bifurcated into cables and accessories. The accessories segment is further subsegmented into terminations, joints, and others. The cables segment dominated the market in 2024.
- On the basis of voltage, the market is segmented into 1-5, 6–13, 23, 34, 45, and 69. The 6–13 segment dominated the market in 2024.
- In terms of end user, the market is categorized into industrial, infrastructure, and renewables. The industrial segment dominated the market in 2024.
North America Medium Voltage Cable and Accessories Market Share Analysis by Geography
- The North America medium voltage cable and accessories market is segmented into US, Canada, and Mexico. The US dominated the market in 2023, followed by Canada and Mexico.
- Enterprises in North America constantly optimize the overall business processes to meet the customer needs for high-quality products and services. As medium voltage cables and their accessories offer reliable connection with a power source during unpredictable power outages and withstand direct exposure to harsh environmental conditions, they are used by various industries, including oil & gas, chemicals, energy & power, mining, and transportation. North America is observing massive growth in the oil & gas sector due to the growing investments in it. According to the Energy Information Administration (EIA) report, the US and Canada contribute 14.5% and 5.8% of the world's total crude oil production. Also, as per the same source, in July 2022, the US oil production reached 12.1 million barrels per day (bpd), with a 200,000 bpd rise from May. With the expansion of midstream infrastructure, this upward oil production trend is expected to continue during the forecast period. This growing expansion of the oil & gas sector escalates the demand for medium-voltage cables that are durable and can withstand harsh environments.
North America Medium Voltage Cable and Accessories Market Report Scope
North America Medium Voltage Cable and Accessories Market News and Recent Developments
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:
- Sumitomo Electric Industries, Ltd. announced that its wholly owned subsidiary, A.L.M.T. Corp., completed the acquisition of all the shares of Esteves Group from Diamond Tools Group B.V. Through this acquisition, A.L.M.T. will utilize both companies' diamond die product lineups, technological capabilities, sales networks, and service bases to strengthen its global business development, including the expansion of sales channels in Europe and the United States.
(Source: Sumitomo Electric Industries, Ltd, Press Release, September 2024)
- Enexis Netbeheer intends to lay several thousand kilometers of underground power cables to expand the power grid in the Dutch provinces of Groningen, Drenthe, Overijssel, Brabant, and Limburg to prepare for an increasing amount of renewable energy. The long-term framework agreement with NKT will secure the supply of the necessary medium-voltage power cables. NKT will deliver ~600 km of power cables per year over the next eight years.
(Source: NKT AS, Press Release, October 2024)
North America Medium Voltage Cable and Accessories Market Report Coverage and Deliverables
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:
- North America medium voltage cable and accessories market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- North America medium voltage cable and accessories market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- North America medium voltage cable and accessories market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the North America medium voltage cable and accessories market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The key players, holding majority shares, in North America medium voltage cable and accessories market includes Prysmian S.p.A; ABB; Southwire Company, LLC; 3M; and Nexans.
The North America medium voltage cable and accessories market is expected to reach US$ 7.97 billion in the year 2031.
The US held the largest market share in 2024, followed by Canada and Mexico.
Advancements in cable technology is the future trends of the North America medium voltage cable and accessories market.
Increasing need to upgrade aging power distribution networks; rising demand for uninterrupted power supply in various industries; and growing construction of residential and commercial buildings are the driving factors impacting the North America medium voltage cable and accessories market.
The North America medium voltage cable and accessories market was valued at US$ 5.83 billion in 2024 and is projected to reach US$ 7.97 billion by 2031; it is expected to grow at a CAGR of 4.7% during 2025–2031.
The List of Companies - North America Medium Voltage Cable and Accessories Market
- ABB Ltd
- Hellenic Cables SA
- El Sewedy Electric Co
- Prysmian SpA
- NKT AS
- The Okonite Co
- Eland Cables Ltd
- Tratos Cavi SpA
- Nexans SA
- TPC Wire & Cable Corp
- TE Connectivity Ltd
- Southwire Company LLC
- Sumitomo Electric Industries Ltd
- 3M Co
- Eaton Corp Plc
- Houston Wire & Cable Co.
- Belden Inc
- Hitachi Energy Ltd
- LS Cable & System USA
- Ensto Oy
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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