Underground Medium Voltage Cable Market is expected to grow at a CAGR of 5.1% through 2030F
The global Underground Medium Voltage
Cable Market is expected to be led by North America, driven by Technological
& Material Advances and Government Policies, Regulations & Investments during
the forecast period 2026-2030F
According to TechSci Research
report, “Underground Medium
Voltage Cable Market - Global Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2030F, The Global Underground Medium Voltage Cable
Market was valued at USD 11.6 billion in 2024 and is expected to reach USD 15.77 billion by 2030 with a CAGR of 5.1% through 2030. One significant driver is the rising need for improved grid reliability
and safety. Underground MV cables are less susceptible to weather-related
disruptions such as storms, floods, or extreme heat, which makes them ideal for
regions facing climate change-related challenges. As power outages become
costlier and more disruptive, utilities are increasingly investing in
underground cable networks to ensure stable and uninterrupted electricity
supply.
Another
key driver is the expansion of industrial zones and data centers. With
industries requiring uninterrupted power for critical operations and data
centers needing high-reliability electrical infrastructure, the demand for
durable and efficient underground MV cables is growing. Additionally, the
global trend toward electrification of transportation—such as electric vehicle
charging infrastructure and electrified railways—is adding pressure on power
distribution networks, further boosting the need for underground cabling
solutions. Government
regulations and safety mandates are also playing a role. Many countries have
introduced stricter standards for power distribution systems, pushing utilities
and developers to adopt underground cabling for enhanced safety and compliance.
Moreover, advancements in cable design and installation technology are reducing
costs, making underground MV cable deployment more feasible at scale.
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Based on Product, Cross-Linked
Polyethylene (XLPE) Cables segment dominated the Underground Medium Voltage
Cable Market in 2024 and maintain its leadership throughout the forecast period,
due to its superior performance characteristics, widespread adoption, and
compatibility with modern power distribution needs. XLPE cables are
particularly favored for their excellent electrical, thermal, and mechanical
properties, making them ideal for medium voltage applications ranging typically
between 1 kV and 35 kV. Unlike traditional PVC-insulated cables, XLPE cables
can operate at higher temperatures, often up to 90°C during normal operations
and even higher under short-circuit conditions, without deteriorating in
performance. This enables longer cable lifespans and improved reliability,
which is crucial for underground installations that are difficult and costly to
access once installed.
A key factor contributing to the
dominance of XLPE cables is their resistance to environmental stressors such as
moisture, chemicals, and abrasion. These features make them particularly
well-suited for underground applications, where cables are exposed to harsh
soil conditions, water intrusion, and fluctuating weather patterns. In
addition, XLPE insulation provides better current carrying capacity and reduced
dielectric losses, which translates into greater energy efficiency and
cost-effectiveness over time. These benefits have led utility companies,
infrastructure developers, and industrial users to increasingly prefer XLPE
cables over alternatives like PILC (Paper Insulated Lead Covered) or EPR
(Ethylene Propylene Rubber) cables.
Rapid urbanization, expanding
infrastructure projects, and the need to upgrade aging electrical grids have
further propelled the demand for XLPE underground MV cables. Countries across
North America, Europe, and Asia-Pacific are investing heavily in smart grid
initiatives, renewable energy integration, and undergrounding of power lines to
reduce outages and improve aesthetics in urban settings. These modernization
efforts almost universally specify XLPE cables due to their proven performance
and compliance with international safety and energy standards.
Additionally, XLPE cables are
lightweight and easier to handle compared to other types, which simplifies
installation and reduces labor costs—a major advantage in complex urban
underground cabling projects. The segment also benefits from ongoing technological
advancements, such as the development of water-tree retardant XLPE and
thermally upgraded XLPE variants, which further improve their durability and
operational efficiency.
Manufacturers like Prysmian Group,
Nexans, and NKT have significantly expanded their XLPE cable production
capacities to meet rising global demand. Many governments and utilities now
mandate or recommend XLPE in public infrastructure projects, reinforcing its
market leadership. As the global focus intensifies on energy reliability,
environmental sustainability, and operational efficiency, the XLPE segment is
expected to maintain its dominance in the underground MV cable market for the
foreseeable future.
Asia Pacific is emerging as the
fastest-growing region for the Underground Medium Voltage Cable Market, driven
by rapid urbanization, industrial expansion, and aggressive infrastructure
development across major economies such as China, India, Japan, and Southeast
Asian nations. The region is experiencing a massive transformation in its
energy infrastructure, with governments investing heavily in upgrading aging
transmission and distribution networks to support growing electricity demand
and reduce power losses. This shift is particularly evident in urban areas,
where underground cabling is increasingly preferred over overhead lines for
safety, reliability, and aesthetic reasons.
China, for instance, has committed to
massive grid modernization under its 14th Five-Year Plan, allocating billions
of dollars to improve power infrastructure. India, on the other hand, is
targeting 500 GW of renewable energy capacity by 2030, which necessitates
substantial investment in efficient, medium voltage cable networks for both
urban and rural electrification. The growth of smart cities and industrial
corridors further fuels demand for reliable and durable underground MV cables.
Moreover, favorable government policies,
foreign direct investments, and public-private partnerships are enabling
large-scale deployment of MV cable systems. Asia Pacific also benefits from the
presence of major cable manufacturers and a strong supply chain, ensuring
competitive pricing and timely delivery. The region’s growing emphasis on
renewable energy integration, grid resilience, and reduced transmission losses
continues to accelerate underground cabling projects. As a result, Asia Pacific
is poised to lead global growth in the underground MV cable market in the
coming years.
Key market players in the Underground
Medium Voltage Cable Market are: -
- Prysmian Group
- Nexans S.A.
- Southwire Company, LLC
- Sumitomo Electric Industries, Ltd.
- General Cable Technologies Corporation
- LS Cable & System Ltd.
- Furukawa Electric Co., Ltd.
- TPC Wire & Cable Corp.
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“The global underground medium voltage
cable market presents significant opportunities driven by increasing
urbanization, renewable energy expansion, and the global shift toward smart and
resilient power infrastructure. As countries aim to reduce transmission losses
and enhance power reliability, underground cabling is becoming a preferred
solution. Opportunities also lie in replacing aging grid infrastructure,
especially in developed nations, and in electrifying remote or rural areas
across emerging economies. Additionally, advancements in cable insulation
materials and smart grid technologies offer further growth potential. With
strong government support and rising investments, the market is well-positioned
for sustained expansion across both utility and industrial sectors.” said Mr.
Karan Chechi, Research Director of TechSci Research, a research-based global
management consulting firm.
“Underground Medium
Voltage Cable Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast, Segmented By Product (Termination Cables, Joints, Cross-Linked
Polyethylene (XLPE) Cables, Other), By Application (Industrial, Commercial,
Utility), By Region, By Competition, 2020-2030F” has evaluated the future
growth potential of Underground Medium Voltage Cable Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Underground Medium Voltage Cable Market.
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