NEW YORK, Jan. 19, 2024 /PRNewswire/ — The submarine power cable market is expected to grow by USD 3.97 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 12.14% during the forecast period. One key driver for the Submarine Power Cable Market is the increasing demand for renewable energy integration, particularly from offshore wind farms.
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Technavio has announced its latest market research report titled Global Submarine Power Cable Market 2023-2027
This demand necessitates the installation of high-voltage undersea cables and subsea interconnectors, supported by advanced cable laying vessels and submarine cable manufacturers. These cables enable efficient power transmission and facilitate cross-border energy trade, contributing to the expansion of offshore power projects. To ensure reliability and durability, innovative cable insulation materials and cable protection systems are crucial. Additionally, effective underwater cable maintenance, deep sea cabling technology,repair, and testing, along with adherence to energy policies, regulations, and environmental impact assessments, are vital for sustaining the market’s growth amidst the complexities of marine cable route planning and deep-sea cabling technology.
The market is segmented by Type (Single core and Multicore), Application (Offshore wind, Island connection and inter-country, Offshore oil, and Others), and Geography (Europe, APAC, North America, Middle East and Africa, and South America).
Key Highlights:
The report recognizes the following as some of the key players in the submarine power cable market: ABB Ltd., Eland Cables Ltd., Europacable, Fujikura Co. Ltd., HELUKABEL Romania Srl, Hengtong Group Co. Ltd., Hydro Group, Jiangsu Zhongtian Technology Co Ltd, KEI Industries Ltd, LS Cable and System Ltd., Nexans SA, NKT AS, Parker Hannifin Corp., Prysmian Spa, Southwire Co. LLC, Sumitomo Electric Industries Ltd., The Okonite Co., Furukawa Electric Co. Ltd., Leoni AG, and Subsea 7 SA
Submarine Power Cable Market is fragmented in nature.
Market to observe 11.35% YOY growth in 2023.
Submarine Power Cable Market; An increase in sales of HVDC power cables is an emerging market trend. An alternative method for transmitting power over longer distances underwater is through the use of high-voltage direct current cables installed underground.
Submarine Power Cable Market; The volatility in raw material prices of submarine power cables hampers market growth. Aluminum and copper are the primary materials used for submarine power cables. The cost of these raw materials is a significant portion of the overall production costs for submarine cables.
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Submarine Power Cable Market; The single core segment is significant during the forecast period. In 2022, the global submarine power cable market saw a significant share held by single-core cables. These cables, featuring a single conductor protected by a sheath, are prized for their flexibility and compactness, which are advantageous for long-distance underwater power transmission. Their superior insulation and low transmission losses ensure a reliable power supply and resilience in harsh environments, making them ideal for offshore renewable energy installations and international power grid connections. They play a crucial role in Electrical Load Management, Subsea Cable Monitoring, Underwater Cable Routing, Oceanographic Surveying, Marine Ecosystem Conservation, and International Energy Markets.
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The submarine market size is estimated to grow at a CAGR of 5.45% between 2022 and 2027 and the size of the market is forecast to increase by USD 8,990.05 million.
The submarine fiber cable market is estimated to grow at a CAGR of 12.2% between 2022 and 2027. The size of the market is forecast to increase by USD 4,852.77 million.
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Type
Market Segmentation by Application
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
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