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Report
Global Underground Medium Voltage Cable - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2025 - 2030)
Market Report I 2025-04-28 I 120 Pages I Mordor Intelligence
The Global Underground Medium Voltage Cable Market size is estimated at USD 16.82 billion in 2025, and is expected to reach USD 24.39 billion by 2030, at a CAGR of 7.71% during the forecast period (2025-2030).
Key Highlights
- Over the medium term, the global underground medium voltage cables market has been driven by the increasing integration of renewable energy generation, the aging power grid, and significant investments in transmission and distribution infrastructure.
- On the other hand, the market growth is restrained by rising raw material prices and the investments required for distributed renewable energy generation.
- Nevertheless, due to the need for reliable and resilient power distribution systems, increasing data centers, hospitals, and other industrial buildings, advancements in cable technology, and supportive government policies aimed at modernizing energy infrastructure. The global underground medium voltage cables market is expected to continue its growth trajectory.
- Asia-Pacific recently held a significant market share, and it is expected to be the fastest growing market during the forecast period.
Global Underground Medium Voltage Cable Market Trends
Commercial & Industrial Segment is Expected to Dominate
- Urban areas extensively utilize underground medium voltage cables to ensure a reliable and safe power supply. These cables not only eliminate the clutter of overhead lines but also mitigate the risk of power outages due to adverse weather or physical damage.
- These cables facilitate stable and efficient electricity distribution from power generation plants, encompassing both conventional and renewable sources, to end-users. As power demand surges, the number of power plants is anticipated to rise correspondingly.
- For instance, global electricity generation saw an uptick from 29,188.1 TWh in 2022 to 29,924.8 TWh in 2023, marking a growth rate of 2.52%. Moreover, projections indicate that by 2030, the global power market will augment its renewable capacity by an additional 5500 GW. Such developments are poised to escalate the demand for underground medium-voltage cables.
- Commercial and industrial entities, spanning large-scale data centers, commercial offices, hotels, hospitals, the IT and telecom sectors, railways, and small to medium-sized industries, depend on underground medium voltage (MV) power cables for a secure and uninterrupted power supply vital to their operations.
- Regions such as North America and Europe spearhead the adoption of these cables, driven by stringent safety and reliability regulations in commercial operations. Additionally, there's a pronounced focus on upgrading aging industrial infrastructure. The global shift towards sustainability and energy efficiency has further accelerated the adoption of advanced cabling solutions, adept at managing renewable energy inputs and optimizing outputs.
- In April 2024, NKT unveiled a EUR 100 million investment aimed at bolstering production capacity at its medium-voltage (MV) factories located in Denmark, Sweden, and the Czech Republic. This strategic expansion is set to bolster grid upgrades and renewable energy initiatives throughout Europe, with the newly enhanced production capacity slated to commence operations between 2025 and 2026.
- Given these dynamics, the commercial and industrial segment is poised to maintain its market dominance, fueled by the sector's liberalization and an ever-growing electricity demand.
Asia-Pacific Region is Expected to Dominate
- Due to rapid urbanization, industrialization, and rising energy demands in India, China, Japan, and South Korea, the Asia-Pacific (APAC) region is set to spearhead the global underground medium voltage cables market.
- Historically, the APAC region has been a hotspot for infrastructure development investments. Countries like China, India, and Japan have increasingly transitioned from overhead to underground cables, a shift largely fueled by their swift urbanization and industrial growth.
- Electricity generation in the Asia-Pacific region rose from 14,543.4 TWh in 2022 to 15,282.0 TWh in 2023, marking a growth rate of 5.08%. This consistent uptick underscores the region's commitment to addressing its burgeoning energy needs.
- Recently, there's been a notable surge in renewable energy projects and innovative grid initiatives. In light of this, governments are heavily investing to modernize their power infrastructure, with a pronounced emphasis on installing underground medium voltage (MV) cables.
- For example, the Indian government aims to double its installed capacity over the next decade, with a keen focus on boosting renewable energy. By 2030, India targets a renewable power generation capacity of 500 GW, a goal that will require an investment of about USD 225-250 billion.
- In light of escalating power demands, the Chinese government has allocated nearly USD 900 billion for its power grid infrastructure from 2021 to 2025. At the same time, the State Grid Corporation of China anticipates investments in power grid infrastructure and related sectors to surpass CNY 6 trillion, emphasizing areas like power transmission, electric vehicle chargers, and digital infrastructure.
- Given these dynamics, the Asia-Pacific region is poised to maintain its dominance in the underground medium voltage cables market.
Global Underground Medium Voltage Cable Industry Overview
The Global underground medium voltage cable market is semi-fragmented. Some of the key players in this market (in no particular order) include Prysmian SpA, NKT A/S, Sumitomo Electric Industries Ltd, Nexans SA, and Southwire Company
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1 Introduction
1.1 Scope of the Study
1.2 Study Assumptions and Market Definition
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast, In USD Million, Till 2029
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Increasing integration of renewable energy generation
4.5.1.2 Aging power grids and investments in transmission and distribution infrastructure
4.5.2 Restraints
4.5.2.1 Increasing raw material prices and investments in distributed renewable energy generation
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Buyers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products And Services
4.7.5 Intensity of Competitive Rivalry
4.8 Investment Analysis
5 MARKET SEGMENTATION
5.1 Voltage Level
5.1.1 Less Than 18 KV
5.1.2 18 KV To 36 KV
5.2 Application
5.2.1 Residential
5.2.2 Commercial and Industrial
5.2.3 Utility
5.3 Insulation
5.3.1 Cross-linked Polyethylene (XLPE)
5.3.2 Ethylene Propylene Rubber (EPR)
5.3.3 Other Insulations
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Rest of North America
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 France
5.4.2.3 United Kingdom
5.4.2.4 Spain
5.4.2.5 Nordic Countries
5.4.2.6 Turkey
5.4.2.7 Russia
5.4.2.8 Rest of Europe
5.4.3 Asia Pacific
5.4.3.1 China
5.4.3.2 India
5.4.3.3 Japan
5.4.3.4 Vietnam
5.4.3.5 Thailand
5.4.3.6 Indonesia
5.4.3.7 Malaysia
5.4.3.8 Rest of Asia Pacific
5.4.4 South America
5.4.4.1 Argentina
5.4.4.2 Brazil
5.4.4.3 Colombia
5.4.4.4 Rest of South America
5.4.5 Middle East and Africa
5.4.5.1 Saudi Arabia
5.4.5.2 United Arab Emirates
5.4.5.3 Egypt
5.4.5.4 Qatar
5.4.5.5 South Africa
5.4.5.6 Nigeria
5.4.5.7 Rest of Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers, Acquisitions, Joint Ventures, Collaborations, And Agreements
6.2 Strategies Adopted By Leading Players
6.3 Company Profiles
6.3.1 Hellenic Cables SA
6.3.2 Nexans SA
6.3.3 Southwire Company LLC
6.3.4 NKT AS
6.3.5 Prysmian SPA
6.3.6 Hengtong Group
6.3.7 LS Cable & System Limited
6.3.8 Polycab India Limited
6.3.9 The Okonite Company
6.3.10 USA Wire & Cable, Inc.
6.4 List of Other Prominent Companies
6.5 Market Ranking Analysis
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Need for reliable and resilient power distribution systems for residential, commercial, and industrial sectors
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