Product Code: 30075
The Global Underground Medium Voltage Cable Market was valued at USD 11.6 billion in 2024 and is projected to reach USD 15.77 billion by 2030, growing at a CAGR of 5.1% during the forecast period. The market is gaining traction due to rapid urbanization, infrastructure development, and the increasing need for space-efficient and visually unobtrusive power distribution systems. Underground MV cables offer a safer and more reliable alternative to overhead lines, particularly in urban and densely populated environments. With growing investments in grid modernization and renewable energy integration, utility providers and governments are increasingly adopting underground cabling solutions to enhance grid resilience and minimize outage risks. These factors collectively contribute to the rising demand for underground MV cables across residential, commercial, and industrial applications.
Market Overview |
Forecast Period | 2026-2030 |
Market Size 2024 | USD 11.6 Billion |
Market Size 2030 | USD 15.77 Billion |
CAGR 2025-2030 | 5.1% |
Fastest Growing Segment | Termination Cables |
Largest Market | North America |
Key Market Drivers
Urbanization, Infrastructure Development & Grid Modernization
The continued global trend of urbanization, coupled with expanding infrastructure projects and the modernization of power grids, is a key driver for the underground medium voltage cable market. As cities become denser and more complex, the need for reliable, low-profile electrical distribution systems intensifies. Underground MV cables meet this need by reducing exposure to environmental hazards, minimizing maintenance disruptions, and improving the aesthetic of urban spaces. They also provide a more resilient infrastructure capable of withstanding extreme weather events and accidental damage, making them increasingly attractive for urban planners and utility providers seeking long-term, sustainable solutions for electricity transmission.
Key Market Challenges
High Installation and Maintenance Costs
A major barrier to the wider adoption of underground medium voltage cables is the high cost associated with their installation and ongoing maintenance. Underground systems require substantial investment in excavation, conduit placement, insulation materials, and civil engineering work-costs that are significantly higher than those for overhead cabling. Additionally, permitting processes and urban land use constraints further increase project timelines and expenditures. Fault detection and repair in underground systems are also more complex, often requiring specialized diagnostic equipment and excavation work, which adds time and cost to maintenance operations. These challenges can deter adoption, especially in budget-conscious or rural areas.
Key Market Trends
Rising Adoption of Smart Grid and Digital Monitoring Technologies
The underground MV cable market is experiencing a shift toward integration with smart grid and digital monitoring technologies. As utilities modernize their networks, there is growing demand for cables that support real-time diagnostics, predictive maintenance, and efficient load management. Smart grid infrastructure relies on underground cables equipped with sensors and monitoring systems that enhance grid reliability and operational efficiency. These innovations allow utility providers to detect and respond to faults more quickly, reduce energy losses, and extend the lifespan of the infrastructure. The incorporation of smart monitoring is particularly vital in urban environments and renewable energy projects, where efficiency and reliability are paramount.
Key Market Players
- 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.
Report Scope:
In this report, the Global Underground Medium Voltage Cable Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Underground Medium Voltage Cable Market, By Product:
- Termination Cables
- Joints
- Cross-Linked Polyethylene (XLPE) Cables
- Other
Underground Medium Voltage Cable Market, By Application:
- Industrial
- Commercial
- Utility
Underground Medium Voltage Cable Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- South America
- Brazil
- Colombia
- Argentina
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global Underground Medium Voltage Cable Market.
Available Customizations:
Global Underground Medium Voltage Cable Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to five).
Table of Contents
1. Product Overview
- 1.1. Market Definition
- 1.2. Scope of the Market
- 1.2.1. Markets Covered
- 1.2.2. Years Considered for Study
- 1.2.3. Key Market Segmentations
2. Research Methodology
- 2.1. Objective of the Study
- 2.2. Baseline Methodology
- 2.3. Key Industry Partners
- 2.4. Major Association and Secondary Sources
- 2.5. Forecasting Methodology
- 2.6. Data Triangulation & Validation
- 2.7. Assumptions and Limitations
3. Executive Summary
- 3.1. Overview of the Market
- 3.2. Overview of Key Market Segmentations
- 3.3. Overview of Key Market Players
- 3.4. Overview of Key Regions/Countries
- 3.5. Overview of Market Drivers, Challenges, and Trends
4. Voice of Customer
5. Global Underground Medium Voltage Cable Market Outlook
- 5.1. Market Size & Forecast
- 5.2. Market Share & Forecast
- 5.2.1. By Product (Termination Cables, Joints, Cross-Linked Polyethylene (XLPE) Cables, Other)
- 5.2.2. By Application (Industrial, Commercial, Utility)
- 5.2.3. By Region (North America, Europe, South America, Middle East & Africa, Asia Pacific)
- 5.3. By Company (2024)
- 5.4. Market Map
6. North America Underground Medium Voltage Cable Market Outlook
- 6.1. Market Size & Forecast
- 6.2. Market Share & Forecast
- 6.2.1. By Product
- 6.2.2. By Application
- 6.2.3. By Country
- 6.3. North America: Country Analysis
- 6.3.1. United States Underground Medium Voltage Cable Market Outlook
- 6.3.1.1. Market Size & Forecast
- 6.3.1.2. Market Share & Forecast
- 6.3.1.2.1. By Product
- 6.3.1.2.2. By Application
- 6.3.2. Canada Underground Medium Voltage Cable Market Outlook
- 6.3.2.1. Market Size & Forecast
- 6.3.2.2. Market Share & Forecast
- 6.3.2.2.1. By Product
- 6.3.2.2.2. By Application
- 6.3.3. Mexico Underground Medium Voltage Cable Market Outlook
- 6.3.3.1. Market Size & Forecast
- 6.3.3.2. Market Share & Forecast
- 6.3.3.2.1. By Product
- 6.3.3.2.2. By Application
7. Europe Underground Medium Voltage Cable Market Outlook
- 7.1. Market Size & Forecast
- 7.2. Market Share & Forecast
- 7.2.1. By Product
- 7.2.2. By Application
- 7.2.3. By Country
- 7.3. Europe: Country Analysis
- 7.3.1. Germany Underground Medium Voltage Cable Market Outlook
- 7.3.1.1. Market Size & Forecast
- 7.3.1.2. Market Share & Forecast
- 7.3.1.2.1. By Product
- 7.3.1.2.2. By Application
- 7.3.2. France Underground Medium Voltage Cable Market Outlook
- 7.3.2.1. Market Size & Forecast
- 7.3.2.2. Market Share & Forecast
- 7.3.2.2.1. By Product
- 7.3.2.2.2. By Application
- 7.3.3. United Kingdom Underground Medium Voltage Cable Market Outlook
- 7.3.3.1. Market Size & Forecast
- 7.3.3.2. Market Share & Forecast
- 7.3.3.2.1. By Product
- 7.3.3.2.2. By Application
- 7.3.4. Italy Underground Medium Voltage Cable Market Outlook
- 7.3.4.1. Market Size & Forecast
- 7.3.4.2. Market Share & Forecast
- 7.3.4.2.1. By Product
- 7.3.4.2.2. By Application
- 7.3.5. Spain Underground Medium Voltage Cable Market Outlook
- 7.3.5.1. Market Size & Forecast
- 7.3.5.2. Market Share & Forecast
- 7.3.5.2.1. By Product
- 7.3.5.2.2. By Application
8. Asia Pacific Underground Medium Voltage Cable Market Outlook
- 8.1. Market Size & Forecast
- 8.2. Market Share & Forecast
- 8.2.1. By Product
- 8.2.2. By Application
- 8.2.3. By Country
- 8.3. Asia Pacific: Country Analysis
- 8.3.1. China Underground Medium Voltage Cable Market Outlook
- 8.3.1.1. Market Size & Forecast
- 8.3.1.2. Market Share & Forecast
- 8.3.1.2.1. By Product
- 8.3.1.2.2. By Application
- 8.3.2. India Underground Medium Voltage Cable Market Outlook
- 8.3.2.1. Market Size & Forecast
- 8.3.2.2. Market Share & Forecast
- 8.3.2.2.1. By Product
- 8.3.2.2.2. By Application
- 8.3.3. Japan Underground Medium Voltage Cable Market Outlook
- 8.3.3.1. Market Size & Forecast
- 8.3.3.2. Market Share & Forecast
- 8.3.3.2.1. By Product
- 8.3.3.2.2. By Application
- 8.3.4. South Korea Underground Medium Voltage Cable Market Outlook
- 8.3.4.1. Market Size & Forecast
- 8.3.4.2. Market Share & Forecast
- 8.3.4.2.1. By Product
- 8.3.4.2.2. By Application
- 8.3.5. Australia Underground Medium Voltage Cable Market Outlook
- 8.3.5.1. Market Size & Forecast
- 8.3.5.2. Market Share & Forecast
- 8.3.5.2.1. By Product
- 8.3.5.2.2. By Application
9. Middle East & Africa Underground Medium Voltage Cable Market Outlook
- 9.1. Market Size & Forecast
- 9.2. Market Share & Forecast
- 9.2.1. By Product
- 9.2.2. By Application
- 9.2.3. By Country
- 9.3. Middle East & Africa: Country Analysis
- 9.3.1. Saudi Arabia Underground Medium Voltage Cable Market Outlook
- 9.3.1.1. Market Size & Forecast
- 9.3.1.2. Market Share & Forecast
- 9.3.1.2.1. By Product
- 9.3.1.2.2. By Application
- 9.3.2. UAE Underground Medium Voltage Cable Market Outlook
- 9.3.2.1. Market Size & Forecast
- 9.3.2.2. Market Share & Forecast
- 9.3.2.2.1. By Product
- 9.3.2.2.2. By Application
- 9.3.3. South Africa Underground Medium Voltage Cable Market Outlook
- 9.3.3.1. Market Size & Forecast
- 9.3.3.2. Market Share & Forecast
- 9.3.3.2.1. By Product
- 9.3.3.2.2. By Application
10. South America Underground Medium Voltage Cable Market Outlook
- 10.1. Market Size & Forecast
- 10.2. Market Share & Forecast
- 10.2.1. By Product
- 10.2.2. By Application
- 10.2.3. By Country
- 10.3. South America: Country Analysis
- 10.3.1. Brazil Underground Medium Voltage Cable Market Outlook
- 10.3.1.1. Market Size & Forecast
- 10.3.1.2. Market Share & Forecast
- 10.3.1.2.1. By Product
- 10.3.1.2.2. By Application
- 10.3.2. Colombia Underground Medium Voltage Cable Market Outlook
- 10.3.2.1. Market Size & Forecast
- 10.3.2.2. Market Share & Forecast
- 10.3.2.2.1. By Product
- 10.3.2.2.2. By Application
- 10.3.3. Argentina Underground Medium Voltage Cable Market Outlook
- 10.3.3.1. Market Size & Forecast
- 10.3.3.2. Market Share & Forecast
- 10.3.3.2.1. By Product
- 10.3.3.2.2. By Application
11. Market Dynamics
- 11.1. Drivers
- 11.2. Challenges
12. Market Trends and Developments
- 12.1. Merger & Acquisition (If Any)
- 12.2. Product Launches (If Any)
- 12.3. Recent Developments
13. Company Profiles
- 13.1. Prysmian Group
- 13.1.1. Business Overview
- 13.1.2. Key Revenue and Financials
- 13.1.3. Recent Developments
- 13.1.4. Key Personnel
- 13.1.5. Key Product/Services Offered
- 13.2. Nexans S.A.
- 13.3. Southwire Company, LLC
- 13.4. Sumitomo Electric Industries, Ltd.
- 13.5. General Cable Technologies Corporation
- 13.6. LS Cable & System Ltd.
- 13.7. Furukawa Electric Co., Ltd.
- 13.8. TPC Wire & Cable Corp.
14. Strategic Recommendations
15. About Us & Disclaimer