Global Underground Medium Voltage Cable Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The Report Covers the Global Underground Medium Voltage Cable Market and It is Segmented by Voltage Level (less Than 18 KV and 18 KV To 36 KV), Application (Residential, Commercial & Industrial, and Utility), Insulation (Cross-Linked Polyethylene (XLPE), Ethylene Polythene Rubber, and Other Insulation), and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The Market Size and Forecast for the Global Underground Medium Voltage Cable Market are Provided in USD for all the Above Segments.

Global Underground Medium Voltage Cable Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Global Underground Medium Voltage Cable Market Size

Global Underground Medium Voltage Cable Market Summary
Study Period 2019 - 2030
Market Size (2025) USD 16.82 Billion
Market Size (2030) USD 24.39 Billion
CAGR (2025 - 2030) 7.71 %
Fastest Growing Market Asia Pacific
Largest Market Europe
Market Concentration Low

Major Players

Global Underground Medium Voltage Cable Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Global Underground Medium Voltage Cable Market Analysis

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).

  • 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 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

Global Underground Medium Voltage Cable Market Leaders

  1. Prysmian SpA

  2. NKT A/S

  3. Sumitomo Electric Industries Ltd

  4. Nexans SA

  5. Southwire Company

  6. *Disclaimer: Major Players sorted in no particular order
Global Underground Medium Voltage Cable Market Consentration
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Global Underground Medium Voltage Cable Market News

  • December 2023: NKT, specializing in the design, manufacture, and installation of power cable solutions across all voltage levels, has secured a contract to enhance the power grid of Landsnet, Iceland's TSO. This order encompasses the provision of over 200 km of 66 kV medium-voltage power cables, featuring underground cables, for five distinct projects scattered across the island.
  • April 2023: Nexans announced the successful completion of its acquisition of Reka Cables, a premium high, medium, and low-voltage cables manufacturer in Finland, from Reka Industrial, following regulatory clearance. This development will strengthen the company’s medium voltage underground cable division.

Global Underground Medium Voltage Cable Market Report - Table of Contents

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.
  • *List Not Exhaustive
  • 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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Global Underground Medium Voltage Cable Industry Segmentation

Underground Medium Voltage Cables are electrical cables designed to operate at voltages between 1kV and 33kV. They transmit and distribute electricity over medium distances and are typically buried underground to provide a reliable and safe power supply.

The global underground medium voltage cable market is segmented by voltage level (less than 18 kV and 18 KV to 36 KV), Application (residential, commercial & industrial, and utility), Insulation (cross-linked polyethylene (XLPE), ethylene polyethylene rubber, and Other insulation), and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The report offers the market sizes and forecasts regarding value (USD) for the segments mentioned above.

Voltage Level Less Than 18 KV
18 KV To 36 KV
Application Residential
Commercial and Industrial
Utility
Insulation Cross-linked Polyethylene (XLPE)
Ethylene Propylene Rubber (EPR)
Other Insulations
Geography North America United States
Canada
Rest of North America
Europe Germany
France
United Kingdom
Spain
Nordic Countries
Turkey
Russia
Rest of Europe
Asia Pacific China
India
Japan
Vietnam
Thailand
Indonesia
Malaysia
Rest of Asia Pacific
South America Argentina
Brazil
Colombia
Rest of South America
Middle East and Africa Saudi Arabia
United Arab Emirates
Egypt
Qatar
South Africa
Nigeria
Rest of Middle East and Africa
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Global Underground Medium Voltage Cable Market Research FAQs

How big is the Global Underground Medium Voltage Cable Market?

The Global Underground Medium Voltage Cable Market size is expected to reach USD 16.82 billion in 2025 and grow at a CAGR of 7.71% to reach USD 24.39 billion by 2030.

What is the current Global Underground Medium Voltage Cable Market size?

In 2025, the Global Underground Medium Voltage Cable Market size is expected to reach USD 16.82 billion.

Who are the key players in Global Underground Medium Voltage Cable Market?

Prysmian SpA, NKT A/S, Sumitomo Electric Industries Ltd, Nexans SA and Southwire Company are the major companies operating in the Global Underground Medium Voltage Cable Market.

Which is the fastest growing region in Global Underground Medium Voltage Cable Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).

Which region has the biggest share in Global Underground Medium Voltage Cable Market?

In 2025, the Europe accounts for the largest market share in Global Underground Medium Voltage Cable Market.

What years does this Global Underground Medium Voltage Cable Market cover, and what was the market size in 2024?

In 2024, the Global Underground Medium Voltage Cable Market size was estimated at USD 15.52 billion. The report covers the Global Underground Medium Voltage Cable Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Global Underground Medium Voltage Cable Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Global Underground Medium Voltage Cable Industry Report

Statistics for the 2025 Global Underground Medium Voltage Cable market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Global Underground Medium Voltage Cable analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.