Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, The Global Submarine Power Cable Market Size Expected to Grow from USD 12.5 Billion in 2023 to USD 36.9 Billion by 2033, at a CAGR of 11.43% during the forecast period 2023-2033.
Browse 210 market data Tables and 45 Figures spread through 190 Pages and in-depth TOC on the Global Submarine Power Cable Market Size, Share, and COVID-19 Impact Analysis, By Core Type (Single-core, Multi-core), By Voltage (Medium, High), By Conductor Material (Copper, Aluminium), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033
The submarine power cable market is the business dedicated to manufacturing, installing, and maintaining underwater cables that carry electricity over water. These cables are critical for the connection of offshore wind farms, power grid interconnection between nations, and power supply to islands or distant coastal areas. Moreover, the submarine power cable market is driven by the growing use of offshore wind farms, rising cross-border electricity transmission projects, and expanding investments in renewable energy. Technological advancements in high-voltage cable technology, government policies for clean energy, and the requirement for effective power transmission to remote and island areas further drive market growth. Moreover, increasing offshore oil & gas operations also fuel the growing demand for efficient submarine power cables. However, restraints in the Submarine Power Cable market are high deployment costs, difficulties in integrating with legacy systems, security issues, and low penetration in developing regions because of cost factors and infrastructural limitations.
The single-core segment accounted for the largest share of the global submarine power cable market in 2023 and is anticipated to grow at a significant CAGR during the forecast period.
On the basis of core type, the global submarine power cable market is divided into single-core, and multi-core. Among these, the single-core segment accounted for the largest share of the global submarine power cable market in 2023 and is anticipated to grow at a significant CAGR during the forecast period. This is because of its superior efficiency in long-distance, high-voltage transmission. Single-core cables have extensive applications in offshore wind farms and interconnectors, providing lower transmission loss and improved performance in deep-sea environments, thus being the best option for large-scale power projects.
The high segment accounted for a substantial share of the global submarine power cable market in 2023 and is anticipated to grow at a rapid pace during the projected period.
On the basis of the voltage, the global submarine power cable market is divided into medium and high. Among these, the high segment accounted for a substantial share of the global submarine power cable market in 2023 and is anticipated to grow at a rapid pace during the projected period. This is driven by its extensive application in offshore wind farms, cross-border interconnections, and deep-sea power transmission. High-voltage cables facilitate effective long-distance transmission of electricity with low losses, and thus these are critical for large-scale renewable energy and grid integration schemes.
The copper segment accounted for the largest share of the global submarine power cable market in 2023 and is anticipated to grow at a significant CAGR during the forecast period.
On the basis of conductor material, the global submarine power cable market is divided into copper and aluminium. Among these, the copper segment accounted for the largest share of the global submarine power cable market in 2023 and is anticipated to grow at a significant CAGR during the forecast period. This is because of its better conductivity, strength, and effectiveness in high-voltage long-distance transmission. The use of copper cables provides less electrical resistance and more reliability, and thus it is the best option for offshore wind farms, interconnectors, and power transmission from the sea to land projects.
Europe is projected to hold the largest share of the global submarine power cable market over the projected period.
Europe is projected to hold the largest share of the global submarine power cable market over the projected period. This is led by large-scale offshore wind power projects, cross-border power interconnections, and robust government support for the uptake of renewable energy. The UK, Germany, and Denmark are among the frontrunners in offshore wind capacity, increasing demand for high-voltage submarine cables to improve grid interconnectivity and ensure effective transmission of power.
Asia Pacific is expected to grow at the fastest CAGR of the global submarine power cable market during the projected period. This is powered by the fast growth of offshore wind farms, rising power demand, and government policies to promote renewable energy. The governments of China, Japan, South Korea, and India are heavily investing in subsea power transmission facilities, which will stimulate the demand for high-voltage submarine cables to augment energy security and interconnectivity.
Company Profiling
Major vendors in the global submarine power cable market are ABB Ltd., Nexans SA, Prysmian Group, NKT A/S, Sumitomo Electric Industries Limited, Furukawa Electric Co Ltd, LS Cable & System Ltd, KEI Industries Limited, Ningbo Orient Wires & Cables Co., Ltd, TFKable, ZTT International Limited, and Others.
Key Target Audience
Recent Development
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global submarine power cable market based on the below-mentioned segments:
Global Submarine Power Cable Market, By Core Type
Global Submarine Power Cable Market, By Voltage
Global Submarine Power Cable Market, By Conductor Material
Global Submarine Power Cable Market, By Regional
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