Submarine Power Cable Market Forecast & Analysis

Market Insights

The submarine power cable market was estimated to grow from USD 6.97 billion in 2021 to USD 19 billion by 2028 at an impressive CAGR of 15.15% during the forecast period.

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What is Submarine Power Cable?

A submarine power cable is a transmission cable meant for carrying electric power below the water. It is used for transmission of electricity generated using offshore wind power generating facilities.

Market Dynamics

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Major factors such as continuous expansion of oil & gas platforms coupled with increasing deployment of wind farms, high investments by government departments and private firms, integration of energy efficient operational environment are expected to drive the growth of the market during the forecast period.

In addition, increasing fund supply for development of sustainable electrical infrastructure with grid integration of renewable systems will enhance the growth of the market.

Key Players

Some of the key players in the submarine power cable market are-

• Prysmian
• ZTT
• Furukawa Electric
• Nexans
• KEI Industries
• NKT
• TF Kable
• LS Cable & Systems
• ABB
• Kelani Cables
• Hengtong Marine Cable Systems
• Intertek Group
• Sumitomo Electric
• Ningbo Orient Wires and Cables

Segment Analysis

By Core Type

The market is segmented as single core and multi core. The single core segment is expected to witness significant growth rate in the market during the assessment period. The growth of the segment can be attributed to long route power transfer, minimal transmission losses along with high voltage power supply, the main factors endorsing the deployment of single core submarine power cable market share.

By Voltage Type

The market is segmented as medium (>66 kV), high (66kV to 220 kV), extra high (>220kV to 400kV), and ultra-high (>400 kV). Medium voltage type is anticipated to register high growth rate in the market owing to low installation cost coupled with large-scale deployment across offshore wind farms.

Furthermore, increasing reliability on renewable power generation technologies along with government reforms and endeavors to create an energy-efficient environment, which will positively influence the growth of the market.   

By Conductor Type

The market is segmented as aluminum and copper. The copper segment is estimated to register major share of the market during the forecast period on account of high electrical conductivity and ductility coupled with non-magnetic properties.

Furthermore, copper wires are set to depict a surge on account of the properties they possess including ability to bear heavy load, corrosion resistance, strength and weight. Also, ongoing integration of safe & reliable power transmission systems along with energy efficient equipment will invigorate the submarine power cable market share.

By Region

Europe is estimated to be the leading region in the market owing to continuous advancements toward an effective transmission network coupled with high energy demand from developing countries. Stringent regulations pertaining to efficient power transmission along with rising cross-border electricity trade will boost the growth of the market in the region.

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Segmentation

The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

The submarine power cable market is segmented into the following categories:

By Core Type:

• Single Core
• Multi Core

By Voltage Type:

• Medium
  • Type Analysis: (>66 kV)
• High
  • Type Analysis: (66kV to 220 kV)
• Extra High
  • Type Analysis: (>220 kV to 400 kV)
• Ultra High
  • Type Analysis: (>400 kV)

By Conductor Type:

• Aluminum
• Copper

By End-User Type:

• Offshore Wind Power Generation
• Inter Country & Island Connector
• Offshore Oil & Gas

By Region:

• North America 
• Europe
• Asia-Pacific
• Rest of the World

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Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Report Features

This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision making for the existing players as well as those willing to enter the market.

The following are the key features of the report:

• Overview, industry life cycle and supply chain analysis
• Environment analysis: Growth drivers and constraints, Porter’s five forces and SWOT analysis
• Trend and forecast analysis
• Segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Customization Option

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

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