CHICAGO, Oct. 2, 2023 /PRNewswire/ -- Submarine Power Cable Market is expected to reach USD 22.3 billion by 2028 from USD 12.9 billion in 2023 at a CAGR of 11.5% during the 2023–2028 period according to a new report by MarketsandMarkets™. Submarine power cables are essential for maintaining a stable and reliable electrical supply infrastructure by connecting power grids across bodies of water, overcoming natural barriers, and enabling the integration of renewable energy sources like offshore wind farms. They ensure continuous power supply to islands, enhance energy security through redundant pathways, facilitate international energy trade, reduce environmental impact compared to overhead lines, and support urban development in densely populated coastal areas. Technological advancements in submarine cable technology, particularly high-voltage direct current transmission, have further bolstered their importance for efficient, long-distance, and high-capacity power transmission, making them an indispensable component of modern electricity infrastructure, ensuring stable power supply, and supporting the transition to sustainable energy systems.
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46 - Figures
183 – Pages
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Submarine Power Cable Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $12.9 Billion |
Estimated Value by 2028 | $22.3 Billion |
Growth Rate | Poised to Grow at a CAGR of 11.5% |
Largest Market | Europe |
Market Size Available for | 2021-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Type, Core Type, Voltage, Conductor Material, End Use, and Region |
Geographies Covered | Asia Pacific, North America, Europe, Middle East & Africa, and South America |
Key Market Challenge | Increasing investments in battery storage technologies |
Key Market Opportunities | Environmental Compliance Challenges in Submarine Power Cable Installations |
Key Market Drivers | Growth of Offshore Wind Farms |
Offshore Wind Power Generation, by end use, is expected to grow by the largest segment during the forecast period.
Based on end use, the Submarine Power Cable Market has been split into Offshore Wind Power Generation, Inter-country & Island Connection, and Offshore Oil & Gas. The Offshore Wind Power Generation segment is anticipated to be the largest during the forecast period. The Offshore Wind Power Generation segment is growing in the Submarine Power Cable Market due to abundant wind resources near coastlines, proximity to urban centers, reduced environmental impact, and government support for renewable energy. Submarine power cables are vital for connecting offshore wind farms to the grid, facilitating this growth and promoting clean energy adoption.
The multi core segment, by core type segment, is expected to grow at the second-highest CAGR during the forecast period.
This report segments the Submarine Power Cable Market based on core into two segments: single core, and multi core. The multi core segment is expected to be the fastest growing segment during the forecast period. The multi core segment is growing more in the offshore industry due to the increasing need for data transmission and temperature measurement in offshore renewable energy projects.
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North America is expected to be the fastest region in the Submarine Power Cable Industry
North America is expected to be the fastest Submarine Power Cable Market during the forecast period. The North American region has been subdivided into three key countries: the United States, Canada, and Mexico. The region's increasing focus on wind energy, coupled with supportive government policies and incentives, has driven the development of significant solar-wind projects in the region Notably, around 30 offshore wind projects have been officially unveiled in North America, signifying a notable expansion of the North American wind sector. This burgeoning growth is attributed to escalating investments in the offshore wind sector and a rising requirement for enhanced interconnectivity among nations and islands, thereby driving increased demand for submarine power cables within the region.
Key Market Players:
Some of the major players in the Submarine Power Cable Companies are Prysmian S.p.A (Itlay), Sumitomo Electric Industries Ltd. (Japan), LS cable & system Ltd. (South Korea), NKT A/S (Denmark), and Nexans (France). The major strategies adopted by these players include sales contract, product launches, investments, collaborations, partnerships, and expansions.
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Recent Developments
- In April 2023, Sumitomo Electric Industries, Ltd. announced plans to establish a new Power Cable factory (high voltage cable manufacturing plant) in the Scottish Highlands to support UK Government's goal to achieve Net zero 2050.
- In April 2023, Nexans successfully finalized the acquisition of Reka kaapeli oy, a leading Finnish manufacturer of high, medium, and low voltage cables, as part of its strategy to become a key player in electrification and contribute to carbon neutrality by 2030.
- In April 2020, Prysmian Group successfully completed the brand integration process after acquiring General Cable. The company introduced a multi-brand strategy and updated its visual identity and logos.
Browse Adjacent Markets: Energy and Power Market Research Reports & Consulting
Related Reports:
High Voltage Cables and Accessories Market by Product Type (Cables (XLPE, EPR, HEPR, MI), Accessories (Joints, Termination, Fittings & Fixtures), Conductor Type (Aluminium, Copper), Installation, Voltage, End User & Region - Global Forecast to 2028
Submarine Cable Systems Market by Application (Communication Cable and Power Cable), Component (Dry Plant Products and Wet Plant Products) Offering, Voltage, Type (Single Core and Multicore), insulation, End User and Geography (2021-2026)
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