As per MRFR analysis, the South Korea Medium Voltage Cables Market Size was estimated at 1.25 (USD Billion) in 2023.The South Korea Medium Voltage Cables Market Industry is expected to grow from 1.32(USD Billion) in 2024 to 2.7 (USD Billion) by 2035. The South Korea Medium Voltage Cables Market CAGR (growth rate) is expected to be around 6.722% during the forecast period (2025 - 2035).
Key South Korea Medium Voltage Cables Market Trends Highlighted
The South Korea Medium Voltage Cables Market is growing quickly since the nation is becoming more urbanized and industrialized. The growing need for dependable energy distribution in cities and the growth of smart grid technology is shaping the industry. The demand for medium voltage cables is also being affected by government programs that encourage the use of renewable energy sources like solar and wind power. The South Korean government is also spending money to upgrade its power infrastructure so that energy is more dependable and efficient. This is another factor that is driving the market. There are chances to look at the rising trend toward building in a way that is good for the environment and the use of green technology in city planning.
South Korea wants to become less dependent on energy from other countries and cut down on carbon emissions. Because of this, there is more interest in adopting medium voltage cables that help with cleaner energy distribution. This change gives manufacturers a chance to produce new cable options that fit with their aspirations for sustainability. Recent developments in the South Korean medium voltage cables market show that more and more people are using new materials and technologies that make cables last longer and work better. As electric cars become more common in the nation, there are also more chances for medium voltage cables to be used in charging infrastructure.
Also, the government's aggressive attitude to improving electrical safety regulations has created a need for high-quality cables, which has made the market more competitive among suppliers. Overall, these factors show how the medium voltage cables market in South Korea is always changing and growing, which shows both problems and opportunities for development.
Â
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
South Korea Medium Voltage Cables Market Drivers
Growing Energy Demand in South Korea
The demand for electricity in South Korea has been steadily increasing due to population growth, urbanization, and industrial expansion. According to the Ministry of Trade, Industry and Energy (MTIE), South Korea's electricity consumption has risen by approximately 6% over the last decade, prompting investments in power infrastructure. This demand necessitates upgrades to the electrical grid, particularly in the medium voltage segment, to ensure reliable distribution.
Established companies like Korea Electric Power Corporation (KEPCO) are actively involved in projects that aim to enhance the capacity and efficiency of the medium voltage systems. This trend links directly to the South Korea Medium Voltage Cables Market Industry, as enhanced medium voltage cable systems will be required to meet future energy demands and support new infrastructure developments aimed at sustainable energy solutions.
Government Initiatives for Renewable Energy
The South Korean government has set ambitious renewable energy goals, aiming to increase the share of renewable sources in the energy mix by over 20% by 2030. This initiative, laid out in the Renewable Energy 3020 Implementation Plan, is driving the need for robust medium voltage cable installations for new renewable energy projects.Â
As solar, wind, and other renewable energy sources become prevalent, infrastructure must be developed to accommodate the distribution of this energy.Prominent entities such as the Korea Renewable Energy Association are pushing for investments in technologies, thereby positively impacting the South Korea Medium Voltage Cables Market Industry.
Urban Infrastructure Development
Rapid urbanization in South Korea, especially in metropolitan areas like Seoul and Busan, has led to significant infrastructure development. Cities are investing heavily in smart grid technologies and urban electrical systems to meet the needs of their growing populations.Â
The Ministry of Land, Infrastructure and Transport reported urban construction investment reaching billions annually, fostering the need for medium voltage cables to enhance power delivery capabilities.Companies like LS Cable & System are at the forefront of manufacturing medium voltage cables tailored for urban development projects. Enhanced urban infrastructure projects directly contribute to the growth of the South Korea Medium Voltage Cables Market Industry.
Medium Voltage Cables Market Installation Insights
The Installation segment of the South Korea Medium Voltage Cables Market plays a critical role in enhancing the country's energy infrastructure, which is essential for supporting its robust industrial framework and expanding urban development. In recent years, South Korea has seen significant investments in renewable energy projects, thereby increasing demand for medium voltage cables. Among various installation methods, Underground installation holds a prominent share, as it offers advantages such as reduced space requirements, improved aesthetics, and enhanced safety by minimizing environmental impacts and potential hazards from weather.Â
These benefits make underground installations a preferred choice for urban environments, where space is at a premium, and public safety is of utmost priority. Submarine installations also present unique advantages, as they are crucial for connecting offshore wind farms and interconnecting islands to the main networks, further promoting the use of clean energy sources in South Korea. This segment is gaining traction due to the country’s ambitious energy transition goals, which aim to increase the proportion of renewable energy in the overall energy mix. Meanwhile, Overhead installations continue to play a significant role in rural areas and areas with less urban density, where cost-effectiveness and ease of maintenance remain key considerations. The diversification in installation methods reflects a growing trend toward sustainable practices and enhanced efficiency in the Medium Voltage Cables Market.Â
As the South Korean government continues to promote infrastructural enhancements, the focus on modernizing the electricity network is becoming evident, aligning with national policy objectives while simultaneously ensuring reliable power distribution. The increasing integration of smart technologies within this segment is expected to further drive market growth, enabling better monitoring and management of the electrical grid. Collectively, these factors contribute to the growth of the South Korea Medium Voltage Cables Market industry, accommodating the diverse needs of an evolving energy landscape. The overall segmentation dynamics within this market are indicative of a responsive approach to challenges like urbanization and environmental sustainability, addressing the complex networking requirements of the country's energy needs.
Â
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Medium Voltage Cables Market Voltage Insights
The South Korea Medium Voltage Cables Market, specifically focusing on the Voltage segment, showcases a diverse range of applications crucial for the development of the electrical infrastructure in the region. The sub-segments of Voltage, including Up to 25kV, 26kV-50kV, 51kV-75kV, and 76kV-100kV, play significant roles in the efficient transmission and distribution of electricity. The Up to 25kV category is often employed in residential and small commercial applications, making it vital for urban electrification projects.Â
In contrast, the 26kV-50kV range is increasingly utilized in industrial and utility settings, reflecting the growing need for robust connectivity in South Korea's rapidly expanding economy.The 51kV-75kV and 76kV-100kV segments are particularly important for large-scale energy transmission, supporting the power generation from renewable sources and ensuring stable energy supply. This growing demand for efficient power distribution and the transition towards renewable energy sources underscore the importance of these segments, highlighting their role in sustaining South Korea's economic growth and addressing its energy needs.
Medium Voltage Cables Market Product Insights
The South Korea Medium Voltage Cables Market encompasses various products that play a critical role in electrical distribution systems. Among these, Termination Cables are vital as they connect medium voltage cables to equipment, ensuring a reliable power supply in various applications such as industrial and construction settings. Joints serve as essential connectors that facilitate the interlinking of cables, ensuring seamless power flow and operational efficiency. XLPE Cables, known for their enhanced thermal and electrical properties, are increasingly favored for their ability to withstand high voltage applications, especially in urban developments and renewable energy sectors.
Other products within this market segment contribute to the flexibility and adaptability of installations, catering to diverse consumer needs. As smart grid developments and energy efficiency initiatives gain traction in South Korea, the demand for innovative medium voltage cable solutions is expected to rise, enhancing the significance of these product categories within the overall market ecosystem. Industry trends highlight a move towards sustainable materials and technologies in cable manufacturing, fueled by regulatory frameworks and growing environmental awareness among consumers, further shaping the industry's landscape.
Medium Voltage Cables Market End-User Insights
The End-User segment of the South Korea Medium Voltage Cables Market exhibits diverse applications, primarily divided into Industrial, Commercial, and Utility sectors. The Industrial sector plays a pivotal role, heavily relying on medium voltage cables for power distribution to machinery and equipment, ensuring operational efficiency. Meanwhile, the Commercial segment focuses on infrastructure like office buildings and retail outlets, where reliable power systems contribute significantly to business continuity and energy management.Â
The Utility sector is essential as it encompasses the distribution of electricity across urban and rural areas, directly influencing national energy strategies and sustainability goals.These sectors collectively underline the importance of medium voltage cables in supporting South Korea's growing infrastructure and technological advancements. The emphasis on transitioning to smart grids and renewable energy solutions fuels the demand for specialized medium voltage cables in these End-User categories.
South Korea Medium Voltage Cables Market Key Players and Competitive Insights
The South Korea Medium Voltage Cables Market is an essential segment of the electrical infrastructure industry, characterized by its critical role in the distribution of electricity and the efficiency of power systems. With the increasing demand for reliable energy supply, the market has witnessed significant developments over the years, showcasing a competitive landscape comprising both established players and new entrants. The industry benefits from advancements in technology, innovation in production techniques, and stringent safety standards that enhance the reliability and efficiency of medium voltage cables.Â
As the nation focuses on sustainability and increased energy efficiency, companies within this market have been actively exploring new materials, designs, and manufacturing processes to cater to the evolving needs of end users.Socar has established a significant presence in the South Korea Medium Voltage Cables Market, known for its strong performance and reputation for quality. The company specializes in producing medium voltage cables that comply with international standards, ensuring reliability and efficiency in power distribution. Socar’s strengths lie in its commitment to innovation and technology, which enable it to develop high-performance cable solutions tailored to meet the specific needs of various sectors. The firm emphasizes research and development, allowing it to stay ahead in design capabilities and product offerings. Its extensive distribution network further enhances its market presence, ensuring that Socar’s products are accessible to a wide range of customers in the region.
Taihan Electric Wire has solidified its position as a key player in the South Korea Medium Voltage Cables Market, gaining recognition for its diverse range of high-quality products and services. The company specializes in manufacturing medium voltage cables that cater to various applications, including industrial and commercial sectors. Taihan Electric Wire is known for its focus on research and development, consistently introducing innovative solutions that enhance performance and reliability. In addition to its strong product lineup, the company has made strategic moves through mergers and acquisitions to bolster its market position and expand its capabilities. With a commitment to sustainability and environmental responsibility, Taihan Electric Wire is dedicated to developing eco-friendly products that address the challenges of modern energy demands in South Korea, making it a formidable competitor in the medium voltage cable industry.
Key Companies in the South Korea Medium Voltage Cables Market Include:
South Korea Medium Voltage Cables Market Industry Developments
The South Korea Medium Voltage Cables Market has seen notable developments recently, particularly with significant investments and advancements in technology. Socar is focusing on expanding its infrastructure, which is expected to leverage medium voltage cable technology for smarter energy management. Taihan Electric Wire has reported increased production capacities to meet the rising demand driven by urbanization and renewable energy initiatives. Hanjin Heavy Industries is exploring innovative solutions in cable installation techniques, aiming for efficient deployment in various projects. Meanwhile, Nexans Korea is leading in sustainability efforts, developing eco-friendly cable products to comply with government regulations on environmental protection.Â
Hyundai Heavy Industries and Samhongsa are also bolstering their market positions through collaborations to enhance product offerings. In terms of mergers and acquisitions, Iljin Electric has pursued strategic partnerships to combine resources for better market coverage, while LS Cable and System continues to expand its footprint through acquisitions.Â
Over the past two to three years, investment in renewable energy projects has driven up the demand for medium voltage cables, reflecting the government's commitment to a greener future. The growth trajectory in this sector showcases the broader trends in South Korea towards better energy solutions.
South Korea Medium Voltage Cables Market Segmentation Insights
Medium Voltage Cables Market Installation Outlook
Medium Voltage Cables Market Voltage Outlook
Medium Voltage Cables Market Product Outlook
Medium Voltage Cables Market End-User Outlook
| Report Attribute/Metric Source: | Details |
| MARKET SIZE 2023 | 1.25(USD Billion) |
| MARKET SIZE 2024 | 1.32(USD Billion) |
| MARKET SIZE 2035 | 2.7(USD Billion) |
| COMPOUND ANNUAL GROWTH RATE (CAGR) | 6.722% (2025 - 2035) |
| REPORT COVERAGE | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| BASE YEAR | 2024 |
| MARKET FORECAST PERIOD | 2025 - 2035 |
| HISTORICAL DATA | 2019 - 2024 |
| MARKET FORECAST UNITS | USD Billion |
| KEY COMPANIES PROFILED | Socar, Taihan Electric Wire, Hanjin Heavy Industries, Nexans Korea, Hyundai Heavy Industries, Samhongsa, Iljin Electric, KEC International, LS Cable & System, Korea Electric Power Corporation, Hengsung Electric, Kohler Power Systems, Shinhan Electric, GM Electric, Daewoo Engineering & Construction |
| SEGMENTS COVERED | Installation, Voltage, Product, End-User |
| KEY MARKET OPPORTUNITIES | Rising renewable energy investments, Urban infrastructure development projects, Smart grid technology adoption, Energy efficiency regulations enforcement, Expansion of electric vehicle charging networks |
| KEY MARKET DYNAMICS | infrastructure development, renewable energy integration, regulatory compliance, technological advancements, increasing urbanization |
| COUNTRIES COVERED | South Korea |
Frequently Asked Questions (FAQ) :
The South Korea Medium Voltage Cables Market is expected to be valued at 1.32 USD Billion in 2024.
By 2035, the market is projected to reach a value of 2.7 USD Billion.
The expected CAGR for the market during the forecast period from 2025 to 2035 is 6.722%.
The market is segmented into underground, submarine, and overhead installations.
The underground segment is anticipated to grow from 0.45 USD Billion in 2024 to 0.94 USD Billion in 2035.
The submarine cable segment is expected to reach 0.52 USD Billion by 2035.
The overhead cable segment is projected to be valued at 1.24 USD Billion in 2035.
Key players in the market include Socar, Taihan Electric Wire, Hanjin Heavy Industries, Nexans Korea, and Hyundai Heavy Industries.
Challenges could include fluctuating raw material prices and increasing competition among key players.
Emerging trends such as renewable energy integration and smart grid technologies are expected to drive market growth.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Research Analyst Level I In her 3 years of experience in the market research field, she has handled critical cross-domain projects. she has an in-depth knowledge of market estimation & analysis, problem-solving, primary as well as secondary research, and team management.she holds an engineering degree and is an mba professional from a well-known university, capable of evaluating the market and competitive conditions. an exceptional strategist with excellent communication skills and a passion for delivering cutting-edge & practical insights for the market. proficient in multi-tasking, and can successfully deal with competing demands, while maintaining complete confidentiality. generated business through active client and project development, networking, and high-quality responses. her knowledge and skills have helped in making solid business decisions, securing funding from investors, and avoiding business failures.
© 2025 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
