Global Underground Medium Voltage Cable Market Insights, Size, and Forecast By End Use (Residential, Commercial, Industrial), By Voltage Level (1 kV-3 kV, 3 kV-6 kV, 6 kV-12 kV, 12 kV-18 kV, 18 kV-36 kV), By Application (Power Distribution, Renewable Energy, Industrial Utilities, Transportation, Telecommunication), By Insulation Material (Cross-Linked Polyethylene, Polyvinyl Chloride, Paper Insulated, Rubber, Ethylene Propylene Rubber), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Key Companies, Competitive Analysis, Trends, and Projections for 2026-2035
Key Market Insights
Global Underground Medium Voltage Cable Market is projected to grow from USD 38.7 Billion in 2025 to USD 65.2 Billion by 2035, reflecting a compound annual growth rate of 6.2% from 2026 through 2035. This market encompasses the manufacturing, distribution, and installation of cables designed to transmit electrical power at voltages typically ranging from 1 kV to 35 kV, laid beneath the Earth's surface. The primary objective of these cables is to ensure reliable and efficient power transmission, often in densely populated areas or environmentally sensitive zones where overhead lines are impractical or undesirable. Key market drivers include the accelerating global demand for electricity, driven by industrialization and urbanization, particularly in emerging economies. Moreover, the increasing focus on grid modernization and smart grid initiatives, aimed at enhancing grid reliability and reducing transmission losses, further propels market expansion. Environmental concerns regarding the aesthetic impact and safety risks associated with overhead power lines also contribute significantly to the adoption of underground cabling solutions.
Global Underground Medium Voltage Cable Market Value (USD Billion) Analysis, 2025-2035
2025 - 2035
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The market is currently experiencing several important trends. A notable shift towards sustainable and eco-friendly cable materials, alongside advancements in insulation technologies like Cross-Linked Polyethylene XLPE, is evident. XLPE, specifically, stands out as the leading segment, capturing a substantial share of the market due to its superior electrical properties, high temperature resistance, and longer lifespan compared to traditional insulation materials. Furthermore, the integration of digitalization and automation in cable manufacturing and installation processes is improving efficiency and reducing operational costs. However, the market faces restraints such as the high initial investment costs associated with underground cable infrastructure, complex installation procedures requiring specialized equipment, and the challenges of fault detection and repair compared to overhead lines. Despite these hurdles, significant market opportunities exist in the expansion of renewable energy projects, which necessitate robust and reliable underground transmission infrastructure for grid integration. The increasing demand for resilient power grids in the face of extreme weather events and natural disasters also presents a strong opportunity for underground cabling solutions.
Asia Pacific stands as the dominant region in the global market and is also projected to be the fastest-growing region. This growth is primarily fueled by rapid urbanization, extensive infrastructure development projects, and substantial investments in renewable energy and smart grid initiatives across countries within the region. The commitment of governments and utilities to improve power transmission reliability and expand access to electricity in remote areas is a significant factor. Key players in this competitive landscape include industry giants like Prysmian Group, Sumitomo Electric Industries, and Nexans, who are strategically focusing on research and development to introduce advanced cable technologies, optimize manufacturing processes, and expand their geographical footprint through partnerships and acquisitions. Companies such as Hexatronic Group and TE Connectivity are also contributing to market growth by offering specialized solutions and components for underground cable systems, while local players like Birla Cable and Maharashtra State Electricity Distribution Co Ltd are crucial for regional market penetration and infrastructure development. These companies are continually striving to meet the evolving demands of various end-use sectors, including utilities, industrial, and commercial applications, thereby shaping the future trajectory of the global underground medium voltage cable market.
Quick Stats
Market Size (2025):
USD 38.7 BillionProjected Market Size (2035):
USD 65.2 BillionLeading Segment:
Cross-Linked Polyethylene (62.5% Share)Dominant Region (2025):
Asia Pacific (41.8% Share)CAGR (2026-2035):
6.2%
What is Underground Medium Voltage Cable?
Underground medium voltage cable transmits electrical power beneath the earth's surface. It comprises a central conductor, insulation, a metallic shield, and an outer jacket. The insulation withstands medium voltage levels, typically 1,000 to 69,000 volts, preventing current leakage. The shield confines the electric field and protects against external interference. This cable system enhances aesthetics by eliminating overhead lines, improves reliability by protecting against weather and vehicular impacts, and reduces electromagnetic field exposure. It is crucial for urban power distribution, industrial facilities, and renewable energy interconnections, ensuring safe and efficient power delivery in congested or environmentally sensitive areas.
What are the Trends in Global Underground Medium Voltage Cable Market
Smart Grid Integration Drives Cable Demand
Renewable Energy Expansion Fuels Cable Growth
Urbanization Powers Underground Cable Networks
Sustainable Solutions Shape Cable Innovation
Smart Grid Integration Drives Cable Demand
Smart grid integration boosts cable demand. Modernizing grids requires advanced underground medium voltage cables for reliable power distribution. Increased renewable energy sources and grid automation necessitate more extensive and robust cabling infrastructure. This drives the need for high performance, durable cables to connect generation, transmission, and smart substations across expanding smart grids globally.
Renewable Energy Expansion Fuels Cable Growth
Renewable energy projects, like solar and wind farms, require extensive underground medium voltage cable networks for power collection and transmission. This surge in renewable capacity additions directly drives the demand for these specialized cables. As the world transitions to green energy, the build out of generation sites and supporting grid infrastructure necessitates substantial cable deployment, creating a significant growth engine for the underground medium voltage cable market globally.
Urbanization Powers Underground Cable Networks
Urbanization drives demand for reliable power, boosting underground medium voltage cable networks. As cities expand, traditional overhead lines are replaced due to space constraints, aesthetic preferences, and increased resilience needs against weather and seismic events. This trend accelerates the adoption of buried infrastructure for electricity distribution, ensuring consistent power delivery to growing urban populations and their infrastructure.
Sustainable Solutions Shape Cable Innovation
Sustainable solutions are driving innovation in underground medium voltage cables. Manufacturers are developing recyclable, lead free, and halogen free cables to reduce environmental impact. Smart grid integration and enhanced durability are also key focuses, ensuring efficient and longer lasting infrastructure. This shift prioritizes eco friendly materials and resilient designs for future power distribution networks.
What are the Key Drivers Shaping the Global Underground Medium Voltage Cable Market
Rapid Expansion of Renewable Energy Infrastructure
Accelerated Urbanization and Industrialization Driving Grid Modernization
Growing Demand for Reliable and Efficient Power Distribution Networks
Stringent Regulations and Initiatives Promoting Grid Resiliency and Decarbonization
Rapid Expansion of Renewable Energy Infrastructure
The rapid expansion of renewable energy infrastructure fuels demand for underground medium voltage cables. As solar and wind farms proliferate, these cables are essential for connecting new power generation sites to the grid, transmitting clean energy efficiently and reliably. This imperative to integrate renewable sources into national and regional electricity networks directly drives market growth for the specialized cabling required for such substantial grid modernization.
Accelerated Urbanization and Industrialization Driving Grid Modernization
Rapid urban expansion and industrial growth necessitate robust, efficient power infrastructure. This surge in demand strains existing grids, making modernization crucial. Upgrading to underground medium voltage cables offers enhanced reliability, reduced land footprint, and improved safety for burgeoning cities and industrial zones. These cables support smart grid technologies, enabling seamless integration of renewables and optimized power distribution for sustainable urban development.
Growing Demand for Reliable and Efficient Power Distribution Networks
Urbanization and industrial expansion necessitate robust power infrastructure. Increased electricity consumption drives the demand for reliable and efficient underground medium voltage cables. These cables offer enhanced safety, reduced visual impact, and improved resilience against weather and external damage, making them crucial for modernizing and expanding power distribution networks globally.
Stringent Regulations and Initiatives Promoting Grid Resiliency and Decarbonization
Government and utility mandates for a more robust and sustainable power grid significantly boost demand for underground medium voltage cables. These regulations drive investment in new infrastructure and upgrades, replacing overhead lines with resilient underground solutions. This shift supports both grid reliability and the integration of renewable energy sources, accelerating market growth.
Global Underground Medium Voltage Cable Market Restraints
Lack of Standardized Regulations and Certification Across Regions
Disparate regional regulations and certification processes for underground medium voltage cables hinder market growth. This inconsistency creates significant challenges for manufacturers seeking to operate globally. Diverse standards necessitate product redesigns or multiple certifications, increasing costs and time to market. It also complicates international trade and technology adoption, making it difficult to achieve economies of scale. The absence of universal guidelines creates market fragmentation and reduces overall efficiency for producers and consumers worldwide.
High Capital Investment and Long Lead Times for Grid Modernization Projects
Grid modernization demands substantial upfront capital for underground medium voltage cable deployment. Utilities face significant financial outlays for materials, skilled labor, and specialized equipment. Furthermore, the extensive planning, permitting, and construction phases introduce lengthy project timelines. These long lead times delay revenue generation and increase financial exposure. The combined effect of high initial costs and extended project durations creates a significant impediment to widespread grid upgrades, impacting the market's growth potential.
Global Underground Medium Voltage Cable Market Opportunities
Grid Modernization & Climate Resilience: The Underground MV Cable Imperative
Grid modernization necessitates reliable, resilient infrastructure. Underground medium voltage cables are a critical imperative for enhancing power delivery and futureproofing systems against escalating climate change impacts. Burying MV cables protects them from extreme weather events such as storms, high winds, and lightning strikes, significantly improving grid stability and reducing disruptive outages. This vital upgrade opportunity drives substantial investment globally, particularly in areas upgrading aging grids or building new robust networks. It ensures a continuous, secure electricity supply, fostering sustained economic growth, public safety, and energy independence.
Renewable Energy Interconnection: Driving Global Demand for Underground MV Cables
Renewable energy projects worldwide, particularly in rapidly developing regions, demand extensive grid infrastructure. The escalating build out of wind and solar power necessitates robust interconnection solutions. Underground medium voltage cables are critical for collecting power within these generation sites and transmitting it efficiently to substations. Their preference stems from aesthetic benefits, resilience against extreme weather, and land use efficiency. This surge in renewable capacity directly fuels a significant and sustained global demand for underground MV cables, presenting a prime growth opportunity.
Global Underground Medium Voltage Cable Market Segmentation Analysis
Key Market Segments
By Application
- •Power Distribution
- •Renewable Energy
- •Industrial Utilities
- •Transportation
- •Telecommunication
By Insulation Material
- •Cross-Linked Polyethylene
- •Polyvinyl Chloride
- •Paper Insulated
- •Rubber
- •Ethylene Propylene Rubber
By Voltage Level
- •1 kV-3 kV
- •3 kV-6 kV
- •6 kV-12 kV
- •12 kV-18 kV
- •18 kV-36 kV
By End Use
- •Residential
- •Commercial
- •Industrial
Segment Share By Application
Share, By Application, 2025 (%)
- Power Distribution
- Renewable Energy
- Industrial Utilities
- Transportation
- Telecommunication
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Why is Cross Linked Polyethylene dominating the insulation material segment within the Global Underground Medium Voltage Cable Market?
Cross Linked Polyethylene holds a substantial majority share due to its superior electrical properties, excellent thermal resistance, and high mechanical strength. Its chemical structure provides enhanced durability and resistance to moisture and chemicals, making it ideal for demanding underground environments. These characteristics translate to a longer service life and higher reliability compared to alternatives like Polyvinyl Chloride or Paper Insulated cables, thereby driving its widespread adoption across various applications.
Which application areas are significant drivers for the Global Underground Medium Voltage Cable Market's expansion?
Power Distribution and Renewable Energy emerge as primary growth drivers. Power Distribution networks, especially in urbanizing areas and for grid modernization projects, heavily rely on underground medium voltage cables for reliable and aesthetic power delivery. The burgeoning Renewable Energy sector, including solar and wind farms, necessitates extensive underground cabling to transmit power efficiently from generation sites to the grid, often across considerable distances and diverse terrains.
How do voltage levels and end use sectors shape the demand for underground medium voltage cables?
The demand profile is strongly influenced by specific voltage levels, particularly the 6 kV 12 kV and 12 kV 18 kV ranges, which cater to a broad spectrum of urban power distribution and industrial requirements. Concurrently, the Industrial and Commercial end use sectors are pivotal contributors. Industrial facilities require robust underground cabling for uninterrupted operations, while commercial developments, including large complexes and business parks, utilize these cables for secure and visually unobtrusive power infrastructure.
What Regulatory and Policy Factors Shape the Global Underground Medium Voltage Cable Market
Global underground medium voltage cable markets are significantly influenced by diverse regulatory frameworks. International Electrotechnical Commission IEC standards provide a foundational baseline for product specifications and safety. However, national electrical codes and utility specific technical requirements across continents introduce substantial variations in design, testing, and installation practices. Environmental regulations, including material restrictions like RoHS and REACH, increasingly impact cable composition and manufacturing processes. Government policies focused on grid modernization, renewable energy integration, and enhancing resilience against extreme weather events often incentivize or mandate undergrounding projects. Permitting for infrastructure development and land use policies also dictate deployment speed and feasibility. Safety and reliability remain paramount regulatory concerns.
What New Technologies are Shaping Global Underground Medium Voltage Cable Market?
Innovations in the global underground medium voltage cable market are rapidly transforming power distribution. Emerging technologies include advanced XLPE and eco friendly insulation compounds, significantly enhancing efficiency, durability, and environmental sustainability. Integrated fiber optic sensors are crucial for real time monitoring, enabling predictive maintenance, improving grid resilience, and boosting operational safety. Furthermore, high temperature superconducting cables are gaining traction for high capacity transmission in dense urban areas. Digitalization supports remote diagnostics and optimized asset management. Self healing insulation materials are also under development, promising reduced downtime and maintenance costs. These innovations collectively address the growing demand for reliable, sustainable, and smarter power distribution networks worldwide.
Global Underground Medium Voltage Cable Market Regional Analysis
Global Underground Medium Voltage Cable Market
Trends, by Region
Asia-Pacific Market
Revenue Share, 2025
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North America demonstrates robust growth in the underground medium voltage cable market. Significant investments in grid modernization and renewable energy integration drive demand, particularly in expanding urban and suburban areas. Aging infrastructure in the US and Canada necessitates upgrades, while increasing industrialization contributes to new installations. Regulatory frameworks promoting grid resilience and efficiency further accelerate market expansion. Key regional players focus on developing more sustainable and high-performance cable solutions. The market benefits from strong economic conditions and continued infrastructure development across both residential and commercial sectors, positioning it as a substantial contributor to the global market.
Europe's underground medium voltage cable market is mature yet dynamic. Western Europe (Germany, France, UK) sees steady replacement demand and grid modernization projects driving growth. Eastern Europe and the Nordics benefit from significant renewable energy integration (onshore wind, solar) requiring extensive grid expansion and upgrades, fueling new installations. Regulatory pushes for sustainable energy and smart grids across the continent further stimulate investment in advanced, efficient cabling solutions. Strong local manufacturing presence and established distribution networks characterize this essential infrastructure sector.
The Asia Pacific region dominates the Global Underground Medium Voltage Cable Market, holding a significant 41.8% market share. It is also the fastest-growing region, exhibiting a robust Compound Annual Growth Rate (CAGR) of 7.9%. This substantial growth is fueled by rapid urbanization, extensive infrastructure development projects, and increasing industrialization across countries like China, India, and Southeast Asian nations. Investments in smart grid initiatives and renewable energy projects further contribute to the escalating demand for underground medium voltage cables in the region, solidifying its pivotal role in the global market.
Latin America’s underground MV cable market is driven by urbanization and industrialization across key economies. Brazil leads with significant infrastructure projects and renewable energy investments. Mexico follows closely, fueled by manufacturing growth and grid modernization. Colombia and Chile also present robust demand, propelled by mining and renewable energy expansion respectively. Political stability and foreign investment influx are crucial drivers, though commodity price fluctuations and currency devaluation pose challenges. The region prioritizes cost-effectiveness and durability, with increasing demand for smart grid-compatible and environmentally friendly solutions, attracting both local and international manufacturers vying for market share.
The Middle East & Africa (MEA) underground medium voltage cable market is experiencing robust growth, driven by rapid urbanization, industrial expansion, and ambitious infrastructure projects. GCC nations, particularly Saudi Arabia and UAE, lead the demand due to smart-city initiatives and renewable energy integration. South Africa and other Sub-Saharan African countries also contribute significantly, investing in grid modernization and electrification. Demand is further boosted by the need for reliable power supply, replacing aging infrastructure, and accommodating increased power consumption from commercial and residential sectors. Local manufacturing capabilities are expanding, though imports remain crucial. Regulatory frameworks promoting grid expansion and renewable energy will continue to fuel market growth across the region.
Top Countries Overview
The US global underground medium voltage cable market is expanding driven by infrastructure upgrades and renewables. Dominated by a few key players it faces challenges from fluctuating raw material costs and skilled labor shortages. Demand remains strong particularly for robust reliable solutions crucial for modernization efforts.
China dominates the global underground medium voltage cable market. Rapid urbanization and industrialization fuel its domestic demand. Chinese manufacturers are expanding internationally offering competitive pricing and quality. Export growth is significant influencing global market dynamics and technological advancements.
India's global underground medium voltage cable market role is expanding. Rapid infrastructure development, smart city initiatives, and renewable energy projects drive significant domestic demand. Indian manufacturers are gaining international market share through competitive pricing and quality products, contributing substantially to global market growth and innovation within this segment.
Impact of Geopolitical and Macroeconomic Factors
Geopolitical stability directly impacts infrastructure development, particularly underground cabling projects. Regions with ongoing conflicts or high political unrest experience delays or complete halts, shifting market demand to more stable areas. Trade tensions and resource nationalism could disrupt supply chains for raw materials like copper and specialized polymers, increasing manufacturing costs and potentially limiting market access for certain manufacturers.
Macroeconomic conditions heavily influence investment in utilities and industrial infrastructure. A robust global economy encourages capital expenditure in grid modernization and expansion, boosting demand for underground medium voltage cables. Conversely, recessions or high inflation could defer or downsize projects due as utilities and industries tighten budgets, directly impacting market growth and pricing strategies.
Recent Developments
- March 2025
Prysmian Group announced a strategic partnership with Maharashtra State Electricity Distribution Co Ltd (MSEDCL) to develop and deploy advanced medium voltage underground cable solutions across key urban and semi-urban areas. This collaboration aims to modernize and enhance the reliability of MSEDCL's distribution network through the implementation of Prysmian's latest cable technologies.
- September 2024
Sumitomo Electric Industries launched a new generation of eco-friendly, high-performance medium voltage underground cables designed for smart grid applications. These cables incorporate advanced insulation materials and manufacturing processes, reducing environmental impact while offering enhanced fault tolerance and increased power transmission capacity.
- January 2025
Hexatronic Group completed the acquisition of a specialized fiber optic cable manufacturing division from a regional European player, further strengthening its capabilities in integrated underground infrastructure solutions. This acquisition is expected to expand Hexatronic's product portfolio for medium voltage applications, particularly those requiring bundled power and communication lines.
- July 2024
Nexans unveiled a new strategic initiative focused on accelerating the adoption of sustainable underground cable solutions for renewable energy projects globally. This program includes significant R&D investments in recyclable materials and optimized cable designs to support the growing demand for grid modernization driven by wind and solar power integration.
- April 2025
TE Connectivity announced a product launch of an innovative series of intelligent cable accessories for medium voltage underground networks, featuring integrated sensors for real-time monitoring and predictive maintenance. These accessories aim to improve operational efficiency and reduce downtime by providing critical data on cable performance and potential issues.
Key Players Analysis
Prysmian Group and Nexans lead the global underground medium voltage cable market, utilizing advanced polymer insulation and smart grid integration technologies. Sumitomo Electric Industries and Furukawa Electric are also key contenders, emphasizing high performance and sustainable solutions. Hexatronic Group and TE Connectivity focus on specialized applications and connectivity solutions respectively. TPC Wire & Cable Corp and Birla Cable cater to industrial and regional demands, while Maharashtra State Electricity Distribution Co Ltd represents a significant end user and demand driver. Strategic initiatives include expanding renewable energy infrastructure, smart city development, and upgrading aging grid systems, all propelling market growth.
List of Key Companies:
- Prysmian Group
- Hexatronic Group
- TE Connectivity
- Sumitomo Electric Industries
- TPC Wire & Cable Corp
- Kabelschlepp Montagemanagement GmbH
- Nexans
- Birla Cable
- Maharashtra State Electricity Distribution Co Ltd
- Furukawa Electric
- General Cable
- LS Cable & System
- Jiangnan Group
- Southwire Company
- Centrica
Report Scope and Segmentation
| Report Component | Description |
|---|---|
| Market Size (2025) | USD 38.7 Billion |
| Forecast Value (2035) | USD 65.2 Billion |
| CAGR (2026-2035) | 6.2% |
| Base Year | 2025 |
| Historical Period | 2020-2025 |
| Forecast Period | 2026-2035 |
| Segments Covered |
|
| Regional Analysis |
|
Table of Contents:
List of Figures
List of Tables
Table 1: Global Underground Medium Voltage Cable Market Revenue (USD billion) Forecast, by Application, 2020-2035
Table 2: Global Underground Medium Voltage Cable Market Revenue (USD billion) Forecast, by Insulation Material, 2020-2035
Table 3: Global Underground Medium Voltage Cable Market Revenue (USD billion) Forecast, by Voltage Level, 2020-2035
Table 4: Global Underground Medium Voltage Cable Market Revenue (USD billion) Forecast, by End Use, 2020-2035
Table 5: Global Underground Medium Voltage Cable Market Revenue (USD billion) Forecast, by Region, 2020-2035
Table 6: North America Underground Medium Voltage Cable Market Revenue (USD billion) Forecast, by Application, 2020-2035
Table 7: North America Underground Medium Voltage Cable Market Revenue (USD billion) Forecast, by Insulation Material, 2020-2035
Table 8: North America Underground Medium Voltage Cable Market Revenue (USD billion) Forecast, by Voltage Level, 2020-2035
Table 9: North America Underground Medium Voltage Cable Market Revenue (USD billion) Forecast, by End Use, 2020-2035
Table 10: North America Underground Medium Voltage Cable Market Revenue (USD billion) Forecast, by Country, 2020-2035
Table 11: Europe Underground Medium Voltage Cable Market Revenue (USD billion) Forecast, by Application, 2020-2035
Table 12: Europe Underground Medium Voltage Cable Market Revenue (USD billion) Forecast, by Insulation Material, 2020-2035
Table 13: Europe Underground Medium Voltage Cable Market Revenue (USD billion) Forecast, by Voltage Level, 2020-2035
Table 14: Europe Underground Medium Voltage Cable Market Revenue (USD billion) Forecast, by End Use, 2020-2035
Table 15: Europe Underground Medium Voltage Cable Market Revenue (USD billion) Forecast, by Country/ Sub-region, 2020-2035
Table 16: Asia Pacific Underground Medium Voltage Cable Market Revenue (USD billion) Forecast, by Application, 2020-2035
Table 17: Asia Pacific Underground Medium Voltage Cable Market Revenue (USD billion) Forecast, by Insulation Material, 2020-2035
Table 18: Asia Pacific Underground Medium Voltage Cable Market Revenue (USD billion) Forecast, by Voltage Level, 2020-2035
Table 19: Asia Pacific Underground Medium Voltage Cable Market Revenue (USD billion) Forecast, by End Use, 2020-2035
Table 20: Asia Pacific Underground Medium Voltage Cable Market Revenue (USD billion) Forecast, by Country/ Sub-region, 2020-2035
Table 21: Latin America Underground Medium Voltage Cable Market Revenue (USD billion) Forecast, by Application, 2020-2035
Table 22: Latin America Underground Medium Voltage Cable Market Revenue (USD billion) Forecast, by Insulation Material, 2020-2035
Table 23: Latin America Underground Medium Voltage Cable Market Revenue (USD billion) Forecast, by Voltage Level, 2020-2035
Table 24: Latin America Underground Medium Voltage Cable Market Revenue (USD billion) Forecast, by End Use, 2020-2035
Table 25: Latin America Underground Medium Voltage Cable Market Revenue (USD billion) Forecast, by Country/ Sub-region, 2020-2035
Table 26: Middle East & Africa Underground Medium Voltage Cable Market Revenue (USD billion) Forecast, by Application, 2020-2035
Table 27: Middle East & Africa Underground Medium Voltage Cable Market Revenue (USD billion) Forecast, by Insulation Material, 2020-2035
Table 28: Middle East & Africa Underground Medium Voltage Cable Market Revenue (USD billion) Forecast, by Voltage Level, 2020-2035
Table 29: Middle East & Africa Underground Medium Voltage Cable Market Revenue (USD billion) Forecast, by End Use, 2020-2035
Table 30: Middle East & Africa Underground Medium Voltage Cable Market Revenue (USD billion) Forecast, by Country/ Sub-region, 2020-2035