Submarine Power Cable Market Size to grow by USD 5119.5 million between 2024-2028
According to a research report “ Submarine Power Cable Market” by Type (Single core, Multicore) Application (Offshore wind, Island connection and inter-country, Offshore oil, Others) Geography (Europe, APAC, North America, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 5119.5 million, at a CAGR of 13.64% during the forecast period. The surge in the adoption of renewable energy sources, specifically offshore wind farms, has driven significant growth in the global market for submarine power cables. In 2022, a record 6.3 GW of offshore wind capacity was added worldwide, bringing the cumulative installed capacity to 17.3 GW. Europe dominates this market, accounting for approximately 60% of the total capacity. The higher capacity output of offshore wind power generation, which can reach up to 40% more than onshore wind, necessitates the use of advanced submarine power cables to transmit this newly generated electricity to the shore..
Browse market data tables, figures, and in-depth TOC on “Submarine Power Cable Market” by Type (Single core, Multicore) Application (Offshore wind, Island connection and inter-country, Offshore oil, Others) Geography (Europe, APAC, North America, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample
By Type, the Single core segment is projected to dominate the market size in 2024
In the global submarine power cable market, single core cables have gained significant traction in terms of revenue generation by the end of 2023. These cables, characterized by a single conductor encased in a protective sheath, offer numerous advantages for long-distance underwater power transmission. With their flexible design and compact construction, single-core cables boast superior insulating qualities and fewer transmission losses, ensuring an efficient and consistent power supply. Ideal for offshore renewable energy projects and international power connections, these cables can withstand harsh environmental conditions, such as high pressure and corrosive seawater. Furthermore, their streamlined installation process and minimal maintenance requirements contribute to their increasing popularity.
By Application, Offshore wind segment is expected to hold the largest market size for the year 2024
In the European energy market, offshore wind power generation has emerged as a promising solution to meet the growing demand for renewable energy. With offshore wind turbines producing more energy using fewer turbines compared to conventional ones, Europe has installed over 80% of the world's offshore wind power capacity. To meet the European Union's target of catering to over 20% of energy demand from renewables by 2030, major investments are being made in building large-scale offshore wind power generation plants. Key contributors to this market include the UK, Germany, Spain, and Italy, which are allocating substantial revenues towards these projects. Furthermore, the Asia Pacific region is anticipated to experience significant growth in the global submarine power cable market due to increasing renewable energy adoption and expanding offshore wind power capacity.
Europe is forecasted to hold the largest market size by region in 2024
The Submarine Power Cable market represents a significant business opportunity, driven by the increasing demand for renewable energy and the expansion of power grids across continents. Key players in this sector include Nexans, ABB, and Prysmian, who leverage advanced technologies such as HVDC and XLPE insulation to deliver high-performance, reliable, and cost-effective solutions. The market is expected to grow steadily, driven by government initiatives and private investments in renewable energy projects.
The Submarine Power Cable Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Submarine Power Cable Market is witnessing significant growth due to the increasing demand for electricity transmission through underwater cables, particularly in the context of renewable infrastructure such as offshore wind farms. Underwater power lines, also known as submarine or subsea cables, are essential for transmitting electricity from offshore wind turbines and marine wind turbines to the mainland. These cables are made up of a conductive material, typically copper or aluminum, and are designed to withstand the harsh marine environment. The market for submarine power cables is driven by the growing trend towards renewable energy, particularly wind power. With the increasing deployment of offshore wind farms and deep-sea wind turbines, the demand for underwater cables is expected to rise. Additionally, the growing global data traffic and urbanization are driving the need for high-capacity underwater cables that can transmit terabytes per second of data. Regulations and safety zones play a crucial role in the submarine power cable market. International borders and the need for cross-border electricity transmission also present challenges. Cable manufacturing is a key aspect of the market, with companies investing in advanced technologies to improve the durability and efficiency of underwater cables. Floating wind technology and the development of new offshore wind farms are also expected to drive growth in the market. Overall, the submarine power cable market is poised for significant growth in the coming years as the world transitions to renewable energy sources.
Market Research Overview
The Submarine Power Cable Market is experiencing significant growth due to the increasing focus on renewable energy production and international grid connectivity. Economic variables, such as renewable energy targets, carbon neutrality, and regulations, are driving the demand for submarine power cables. PESTEL Analysis reveals that conductive materials, specifically Cross-linked polyethylene (XLPE), play a crucial role in the market's enhancement. The market comprises both wet plant components, including underwater power lines, and dry plant components, such as medium-voltage power cables. Notable players in the market include Reka Kaapeli Oy and Scottish Highlands. The market is segmented into the high voltage segment and the renewable infrastructure segment, with offshore wind energy being a significant contributor. Production costs are influenced by factors such as the conductive material used, cable manufacturing, and safety zones. Underground power lines and underwater cables are essential for electricity transmission, with the latter being increasingly popular due to the growing number of offshore wind turbines and marine wind turbines. The market is also influenced by international border regulations and contractual agreements. The Arabian Gulf and Playa Blanca are notable locations for submarine power cable projects. The market is expected to grow further with the advent of deep-sea wind turbines, floating wind technology, and intermittent renewable sources. The increasing global data traffic and urbanization are also contributing factors. Notable acquisitions and alliances in the market reflect the industry's green innovation.
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