Global Submarine Power Cable Market to Reach $71.5 Billion by 2030
The global market for Submarine Power Cable estimated at US$27 Billion in the year 2023, is expected to reach US$71.5 Billion by 2030, growing at a CAGR of 14.9% over the period 2023-2030. Single Core Power Cable, one of the segments analyzed in the report, is expected to record 15.8% CAGR and reach US$53.5 Billion by the end of the analysis period. Growth in the Multi Core Power Cable segment is estimated at 12.6% CAGR for the next 7-year period.
The U.S. Market is Estimated at $8.3 Billion, While China is Forecast to Grow at 14.3% CAGR
The Submarine Power Cable market in the U.S. is estimated at US$8.3 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$12.3 Billion by the year 2030 trailing a CAGR of 14.3% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 13.2% and 12.5% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 10.5% CAGR.
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