Underground Medium Voltage Cable Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product, By Application, By Region, By Competition, 2020-2030F

Description

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:

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
- 5.1.1. By Value
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
- 6.1.1. By Value
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
    - 6.3.1.1.1. By Value
  - 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
    - 6.3.2.1.1. By Value
  - 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
    - 6.3.3.1.1. By Value
  - 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
- 7.1.1. By Value
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
    - 7.3.1.1.1. By Value
  - 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
    - 7.3.2.1.1. By Value
  - 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
    - 7.3.3.1.1. By Value
  - 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
    - 7.3.4.1.1. By Value
  - 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
    - 7.3.5.1.1. By Value
  - 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
- 8.1.1. By Value
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
    - 8.3.1.1.1. By Value
  - 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
    - 8.3.2.1.1. By Value
  - 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
    - 8.3.3.1.1. By Value
  - 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
    - 8.3.4.1.1. By Value
  - 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
    - 8.3.5.1.1. By Value
  - 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
- 9.1.1. By Value
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
    - 9.3.1.1.1. By Value
  - 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
    - 9.3.2.1.1. By Value
  - 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
    - 9.3.3.1.1. By Value
  - 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
- 10.1.1. By Value
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
    - 10.3.1.1.1. By Value
  - 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
    - 10.3.2.1.1. By Value
  - 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
    - 10.3.3.1.1. By Value
  - 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.