Data Center Power Cable Market to Reach USD 4.72 Billion by 2035 as AI Campuses Pull Medium-Voltage Distribution Deeper Into the Data Hall

DC Market Insights estimates the data center power cable market at USD 2.26 billion in 2026, up 30.08% year over year from USD 1.74 billion in 2025, and forecasts USD 4.72 billion by 2035 at a 10.50% CAGR. Low-voltage cables held 40.4% of 2025 spending, while DC cables are forecast to grow fastest at 11.55% annually; North America led with 42.0% of the market and Asia Pacific is projected to grow at 12.46% annually. The report attributes demand growth to AI campus construction, higher rack density, copper prices and retrofits; its estimates are market research forecasts, not company earnings.

Analysis

This is a supplier-mix and pricing signal, not yet an earnings upgrade: the 2026 market step-up is explicitly influenced by copper prices, so reported dollar growth may overstate cable volume growth. The key read-through is whether suppliers can convert denser AI builds and MV distribution into higher real volumes and margins after metal pass-through, rather than simply booking a larger copper bill. Cable spend is still a small slice of data-center capex; the report’s TAM does not establish earnings materiality for any listed supplier.

PRY and NEX have the clearest article-linked exposure, but the evidence is not equivalent: PRY’s North American capacity addition is not expected online until 2027, while NEX’s cited data-center sales growth is a company-reported indicator, not proof of sustained market share gains. A possible second-order winner is the supplier able to secure MV capacity and deliver complete project packages; smaller or less vertically integrated competitors may lose on lead times. Conversely, busway adoption and aluminium substitution can limit cable value per MW, while copper volatility can pressure working capital if pass-through lags. The report is vendor research; its capacity, AI-share and copper assumptions need independent validation.

Near term, sentiment may lift cable names, but the more investable catalyst is 1–3 months of order, backlog, pricing and margin disclosure. Over 6–18 months, execution on capacity and data-hall architecture matters more than headline market CAGR. Contrarian risk: investors may capitalize copper-driven nominal growth as structural volume growth; the reverse risk is underestimating MV cable intensity as AI campuses move distribution closer to load.

Key Decisions for Investors

• Keep PRY and NEX on a relative long-watchlist, not an automatic market-buy: initiate only on pullbacks or after company disclosures confirm data-center order growth, pricing pass-through and margin conversion. Falsify the thesis if backlog/order growth weakens or segment margins contract despite higher sales.
• Prefer PRY’s stated 2027 North American MV capacity as a medium-term execution catalyst, not a near-term earnings catalyst. Track commissioning, utilization and customer qualification; delay the thesis if the plant timeline slips or incremental capacity is not supported by orders.
• Avoid treating NKT and KEI as equivalent beneficiaries based on this report alone; it supplies no company-specific order or margin evidence for them. Revisit only with verified data-center exposure, regional capacity and backlog disclosures.
• Monitor copper prices and aluminium/busway substitution alongside cable-company results. If market-value growth outpaces disclosed volumes, or copper pass-through strains working capital, fade the thematic enthusiasm; stronger-than-expected MV orders and stable margins would support adding exposure.