지하 고압 케이블 시장 기회와 성장 촉진요인, 산업 동향 분석 및 예측(2025-2034년)

The Global Underground High Voltage Cable Market was valued at USD 20.9 billion in 2024 and is estimated to grow at a CAGR of 12.2% to reach USD 58.8 billion by 2034. This robust growth is largely attributed to the accelerating rate of urbanization worldwide, which is intensifying the demand for dependable electricity transmission, especially in industrialized and fast-developing regions. As urban density increases, the preference is shifting toward underground cable systems due to their space efficiency and reduced visual impact. In metropolitan areas where aesthetics and safety are vital, utilities are increasingly abandoning overhead lines in favor of underground solutions.

These systems offer greater reliability and significantly lower risks of accidents or outages during extreme weather conditions. Governments and utility companies are incorporating underground cabling into smart city development plans, further enhancing its long-term appeal. With the rise in climate-related disruptions, such as wildfires and hurricanes, the industry is seeing underground high voltage cables as a cornerstone of grid resiliency. Regulatory frameworks and government-led incentives for grid modernization are also playing a pivotal role in strengthening market momentum across several regions.

The 110 kV to 220 kV underground cable segment accounted for a 14.6% share in 2024 and is expected to register a CAGR of 25% through 2034. This voltage range is favored due to its broad applicability in transmission and high-capacity distribution networks. It serves essential roles in linking substations and routing power over moderate distances, especially when integrating large-scale renewable energy projects into the grid. Utility providers increasingly rely on these cables to meet regional power distribution demands efficiently.

The high voltage alternating current (HVAC) cables segment held the largest share of 70.5% in 2024 and is forecasted to grow at a CAGR of 21% through 2034. HVAC systems remain the dominant choice for underground cable installations in urban and mid-range transmission due to their easy compatibility with current infrastructure. Advances in insulation technologies and compact cable design have further improved HVAC installation efficiency, making them ideal for dense, complex environments. Their seamless integration with conventional assets-without requiring complex converter stations-makes them a go-to solution for grid modernization projects.

U.S. Underground High Voltage Cable Market held 50.2% share, generating USD 1.5 billion in 2024. Growth in the U.S. is strongly driven by grid reinforcement initiatives, energy transition policies, and the increasing frequency of climate-related disruptions. Utilities are investing in underground cabling to ensure infrastructure resilience and a continuous power supply, particularly in disaster-prone and urban areas. Government programs and funding support, especially from national infrastructure initiatives, are accelerating these developments. In addition, rapid demand growth from sectors like data centers, electric vehicle networks, and renewable energy is encouraging further deployment of underground high voltage solutions.

Prominent players shaping the Global Underground High Voltage Cable Market include Sumitomo Electric Industries Ltd., Nexans, ZTT, TF Kable, Riyadh Cable, NKT A/S, Brugg Kabel AG, Jeddah Cables, Ducab, Prysmian Group, KEI Industries Limited, alfanar Group, ILJIN ELECTRIC, Hellenic Cables, Universal Cable Limited, Taihan Cable & Solution Co., Ltd., Southwire Company, LLC, Power Plus Cables Co. L.L.C., Tratos, LS Cable & System Ltd., and FURUKAWA ELECTRIC CO., LTD. Leading companies in the underground high voltage cable sector are actively investing in product innovation, focusing on improving cable efficiency, compactness, and thermal performance to meet next-generation transmission requirements. Many firms are forming strategic alliances and joint ventures with utility providers and infrastructure developers to secure long-term contracts for large-scale transmission projects. Manufacturers are also scaling up their global production footprints to reduce lead times and respond more effectively to regional demand surges.

Table of Contents

Chapter 1 Methodology & Scope

• 1.1 Research design
• 1.2 Market estimates & forecast parameters
• 1.3 Forecast calculation
• 1.4 Data sources
  • 1.4.1 Primary
  • 1.4.2 Secondary
    • 1.4.2.1 Paid
    • 1.4.2.2 Public
• 1.5 Market definitions

Chapter 2 Executive Summary

• 2.1 Industry synopsis, 2021 - 2034
  • 2.1.1 Business trends
  • 2.1.2 Voltage trends
  • 2.1.3 Current trends
  • 2.1.4 Regional trends

Chapter 3 Industry Insights

• 3.1 Industry ecosystem analysis
• 3.2 Regulatory landscape
• 3.3 Industry impact forces
• 3.4 Price trend analysis (USD/km)
  • 3.4.1 By voltage
  • 3.4.2 By region
• 3.5 Growth potential analysis
• 3.6 Porter's analysis
  • 3.6.1 Bargaining power of suppliers
  • 3.6.2 Bargaining power of buyers
  • 3.6.3 Threat of new entrants
  • 3.6.4 Threat of substitutes
• 3.7 PESTEL analysis
  • 3.7.1 Political factors
  • 3.7.2 Economic factors
  • 3.7.3 Social factors
  • 3.7.4 Technological factors
  • 3.7.5 Environmental factors
  • 3.7.6 Legal factors

Chapter 4 Competitive landscape, 2025

• 4.1 Introduction
• 4.2 Company market share analysis by region, 2024
  • 4.2.1 North America
  • 4.2.2 Europe
  • 4.2.3 Asia Pacific
  • 4.2.4 Rest of World
• 4.3 Strategic initiative
• 4.4 Competitive benchmarking
• 4.5 Strategic dashboard
• 4.6 Innovation & technology landscape

Chapter 5 Market Size and Forecast, By Voltage, 2021 - 2034 (USD Million, km)

• 5.1 Key trends
• 5.2 < 110 kV
• 5.3 110 kV - 220 kV
• 5.4 > 220 kV

Chapter 6 Market Size and Forecast, By Current, 2021 - 2034 (USD Million, km)

• 6.1 Key trends
• 6.2 HVAC
• 6.3 HVDC

Chapter 7 Market Size and Forecast, By Region, 2021 - 2034 (USD Million, km)

• 7.1 Key trends
• 7.2 North America
  • 7.2.1 U.S.
  • 7.2.2 Canada
• 7.3 Europe
  • 7.3.1 Germany
  • 7.3.2 UK
• 7.4 Asia Pacific
  • 7.4.1 China
  • 7.4.2 India
  • 7.4.3 Thailand
  • 7.4.4 Indonesia
• 7.5 Rest of World

Chapter 8 Company Profiles

• 8.1 alfanar Group
• 8.2 Brugg Kabel AG
• 8.3 Ducab
• 8.4 FURUKAWA ELECTRIC CO., LTD.
• 8.5 Hellenic Cables
• 8.6 ILJIN ELECTRIC
• 8.7 Jeddah Cables
• 8.8 KEI Industries Limited
• 8.9 LS Cable & System Ltd.
• 8.10 Nexans
• 8.11 NKT A/S
• 8.12 Prysmian Group
• 8.13 Power Plus Cables Co. L.L.C.
• 8.14 Riyadh Cable
• 8.15 Southwire Company, LLC
• 8.16 Sumitomo Electric Industries Ltd.
• 8.17 Taihan Cable & Solution Co., Ltd.
• 8.18 TF Kable
• 8.19 Tratos
• 8.20 Universal Cable Limited
• 8.21 ZTT