Submarine Power Cable Market Growth Analysis | 2022-2028

Market Insights

The submarine power cable market was estimated at USD 6.97 billion in 2021 and is likely to grow at a CAGR of 15.15% during 2022-2028 to reach USD 19 billion in 2028.

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Market Dynamics

Introduction

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 Drivers

Major factors driving the growth of the submarine power cable market are:

• Continuous expansion of oil & gas platforms
• Increasing deployment of wind farms
• High investments by government departments and private firms
• Integration of energy-efficient operational environment

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

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Key Players

The following are the key players in the submarine power cable market (arranged alphabetically).

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

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Core Type

"The single-core segment accounted for the largest market share."

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

By Voltage Type

"The medium (>66 kV) segment accounted for the largest market share."

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

The market is segmented into aluminum and copper. The copper segment is estimated to register a 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 the ability to bear heavy loads, corrosion resistance, strength, and weight. Also, the ongoing integration of safe & reliable power transmission systems along with energy efficient equipment will invigorate the submarine power cable market share.

Regional Insights

"Europe accounted for the largest market share."

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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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s submarine power cable market realities and future market possibilities for the forecast period of 2022 to 2028. After a continuous interest in our submarine power cable market report from the industry stakeholders, we have tried to further accentuate our research scope to the submarine power cable market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a 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 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

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

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market, covering a period of 12 years of trend and forecast. 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 [>66kV]
• High [66kV to 220 kV]
• Extra High [>220kV to 400kV]
• Ultra High [>400 kV]

By Conductor Type

• Aluminium
• Copper

By End-User Type

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

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization Options

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.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.