Global Submarine Power Cable Market Report and Forecast 2023-2028

Global Submarine Power Cable Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global submarine power cable market reached a value of USD 22.70 billion in 2022. Aided by the burgeoning demand for reliable power transmission in offshore renewable energy developments and increasing investments in grid interconnections, the market is projected to further grow at a CAGR of 7.87% between 2023 and 2028 to reach a value of USD 36.22 billion by 2028.

Submarine power cables are vital components in offshore power transmission, serving as the primary mode of electricity supply to offshore installations, such as wind farms, oil and gas platforms, and island communities. These cables are designed to carry electric power beneath the surface of the water and are well-known for their reliability, efficiency, and environmental advantages. Apart from their energy transmission capabilities, submarine power cables also provide network interconnections, enabling grid stability and power trading across countries.

The escalating consumer need for reliable power transmission in offshore applications is a significant driver of the global submarine power cable market growth. As offshore renewable energy projects, particularly wind and tidal energy, continue to proliferate, the demand for efficient and reliable submarine power cables is on the rise.

Additionally, the growing emphasis on grid stability and energy security has led to substantial investments in grid interconnections, further bolstering the submarine power cable market demand. Grid interconnections offer significant benefits, such as improved grid reliability, increased energy efficiency, and opportunities for power trading, thus contributing to the increasing popularity of submarine power cables.

Submarine power cables also play a pivotal role in the offshore oil and gas sector, providing power to offshore drilling rigs and platforms. As offshore oil and gas explorations continue to expand in response to global energy demand, the need for submarine power cables in these operations is anticipated to surge, thereby driving submarine power cable market growth.

Moreover, the growing focus on the development of island and remote coastal communities has resulted in an increased demand for submarine power cables. These cables offer an effective solution for supplying electricity to these regions, thus fostering submarine power cable market expansion.

Market Segmentation

The market can be divided based on type, voltage, conductor material, end-user, and region.

Market Breakup by Type

• Single Core
• Multi Core

Market Breakup by Voltage

• Medium Voltage
• High Voltage

Market Breakup by Conductor Material

• Copper
• Aluminium

Market Breakup by End-User

• Offshore Wind Power Generation
• Inter-Country and Island Connection
• Offshore Oil and Gas

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global submarine power cable companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• ABB Ltd
• Prysmian S.p.A
• Furukawa Electric Co., Ltd
• ZTT International Limited
• JDR Cable Systems (Holdings) Ltd
• Hengtong Group Co, Ltd
• Ningbo Orient Wires & Cables Co., Ltd (Orient Cables)
• NEXANS S.A.
• Sumitomo Electric Industries, Ltd.
• KEI Industries Limited
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.