According to the latest TechSci Research report, “Underground Medium Voltage Cable Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030F”, the global market for underground medium voltage (MV) cables was valued at USD 11.6 billion in 2024 and is projected to reach USD 15.77 billion by 2030, registering a compound annual growth rate (CAGR) of 5.1% during the forecast period.
A major factor driving this growth is the rising need for improved grid reliability and safety. Underground MV cables are significantly less vulnerable to external disruptions caused by severe weather conditions, such as storms, flooding, or extreme heat waves. This resilience makes them particularly well-suited for regions increasingly affected by climate change. As power outages become more costly and disruptive for both businesses and communities, utilities worldwide are accelerating investments in underground cabling networks to secure uninterrupted and stable electricity supply.
Another powerful driver is the expansion of industrial zones and data centers. Industrial facilities depend on consistent power to maintain production schedules and avoid costly downtimes, while data centers require highly reliable electrical infrastructure to protect critical digital operations. In addition, the global transition toward electrification of transportation—including the deployment of electric vehicle (EV) charging infrastructure and the expansion of electrified rail systems—is putting new demands on power distribution networks. This growing load on the grid is pushing utilities to adopt durable underground MV cable systems to ensure efficiency and reliability.
Government regulations and safety mandates are also shaping market growth. Many countries have introduced more stringent standards for power distribution systems, encouraging or even requiring the adoption of underground cables for safety, efficiency, and compliance. Technological progress in cable design and installation methods is further improving the cost-effectiveness of underground cabling, making large-scale deployment increasingly viable for utilities, municipalities, and private developers.
Market by Product – XLPE Cables Leading the Way
Based on product segmentation, the Cross-Linked Polyethylene (XLPE) cables category dominated the underground MV cable market in 2024 and is expected to maintain its leadership through 2030. XLPE cables are valued for their superior performance, long service life, and adaptability to modern grid requirements. Typically used in applications ranging from 1 kV to 35 kV, XLPE cables offer excellent electrical, thermal, and mechanical properties, making them ideal for medium voltage underground installations.
Compared to traditional PVC-insulated cables, XLPE cables operate reliably at higher temperatures—often up to 90°C under normal loads and even higher during short-circuit events—without performance degradation. This enhanced heat tolerance directly contributes to longer operational lifespans and greater system reliability. These characteristics are especially important for underground installations, where cable accessibility is limited and repair costs are high.
A key strength of XLPE cables is their resistance to environmental stressors such as moisture, chemicals, and physical abrasion. In underground conditions where cables may be exposed to water ingress, soil movement, and temperature variations, XLPE insulation ensures sustained performance and safety. In addition, their superior current-carrying capacity and reduced dielectric losses translate into improved energy efficiency, lowering operational costs over time.
The industry’s preference for XLPE over alternatives such as Paper Insulated Lead Covered (PILC) or Ethylene Propylene Rubber (EPR) cables is also reinforced by global infrastructure trends. As cities expand and smart grid initiatives gain momentum, XLPE cables have become the go-to choice for new installations and grid modernization efforts. Urban undergrounding projects—undertaken to enhance reliability, safety, and aesthetics—frequently specify XLPE as the default solution.
XLPE cables also offer lighter weight and easier handling, reducing labor costs during installation. Ongoing innovation—such as water-tree retardant XLPE and thermally upgraded variants—further enhances durability, ensuring these cables can withstand challenging operating conditions for decades.
Global leaders in cable manufacturing, including Prysmian Group, Nexans, and NKT, have increased production capacities for XLPE cables to meet growing demand. Many government and utility projects now mandate XLPE for public infrastructure, reinforcing its market leadership. With the increasing emphasis on energy reliability, environmental sustainability, and operational efficiency, the XLPE segment is set to maintain its strong position well into the next decade.
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Regional Outlook – Asia Pacific Poised for Fastest Growth
While North America and Europe currently account for substantial market shares, Asia Pacific is emerging as the fastest-growing regional market for underground MV cables. Rapid urbanization, expanding industrial activity, and ambitious infrastructure programs are fueling demand across key economies including China, India, Japan, and nations in Southeast Asia.
Governments in the region are investing heavily to upgrade aging power transmission and distribution infrastructure in order to meet rising electricity demand and reduce technical losses. In urban centers, underground cabling is increasingly preferred over overhead lines due to safety advantages, greater reliability, and improved aesthetics.
In China, the 14th Five-Year Plan includes significant investments in grid modernization, with underground cabling forming a central component. India’s commitment to achieving 500 GW of renewable energy capacity by 2030 will require extensive expansion of efficient medium voltage cable networks, serving both urban smart cities and rural electrification programs. Japan, already known for its high-quality infrastructure, continues to integrate underground MV cabling as part of disaster-resilient power distribution strategies.
The growth of smart cities and industrial corridors throughout the Asia Pacific is accelerating demand for high-performance cables. Additionally, foreign direct investment (FDI), favorable policy frameworks, and public-private partnerships are enabling the rapid deployment of MV cable systems. The presence of major cable producers and a strong regional supply chain contributes to competitive pricing and timely project delivery.
As the region continues its push toward renewable energy integration, grid resilience, and reduced transmission losses, underground cabling projects are expected to multiply. Asia Pacific’s combination of rapid infrastructure growth, supportive policy environment, and manufacturing capacity positions it to be a global leader in underground MV cable market expansion through 2030.
Conclusion
The global underground medium voltage cable market is on a steady growth trajectory, driven by the convergence of climate resilience needs, infrastructure modernization, regulatory support, and technology advancements. XLPE cables will continue to dominate product adoption due to their unmatched performance, durability, and cost-efficiency in medium voltage underground applications.
While established markets in North America and Europe remain important, the most dynamic growth is expected from Asia Pacific, where rapid urbanization, industrialization, and clean energy goals are creating unprecedented demand for reliable underground power infrastructure.
With utilities, governments, and private developers aligning on the value of underground MV cables for reliability, safety, and sustainability, the market outlook through 2030 remains highly promising.
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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