Submarine Power Cable

Submarine Power Cable

Global Submarine Power Cable Market to Reach US$80.2 Billion by 2030

The global market for Submarine Power Cable estimated at US$30.1 Billion in the year 2023, is expected to reach US$80.2 Billion by 2030, growing at a CAGR of 15.0% over the analysis period 2023-2030. Single Core Cable, one of the segments analyzed in the report, is expected to record a 15.9% CAGR and reach US$59.8 Billion by the end of the analysis period. Growth in the Multi Core Cable segment is estimated at 12.6% CAGR over the analysis period.

The U.S. Market is Estimated at US$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 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 13.2% and 12.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 10.5% CAGR.

Global Submarine Power Cable Market - Key Trends and Drivers Summarized

How Are Submarine Power Cables Supporting Renewable Energy Infrastructure?

Submarine power cables are specialized cables laid on the ocean floor to transmit electricity from offshore energy sources, such as wind farms, oil and gas platforms, and island grids, to onshore power networks. These cables are designed to withstand harsh underwater environments, ensuring reliable and efficient energy transmission across long distances. Submarine power cables play a crucial role in the transition to renewable energy, as they connect offshore wind farms to the mainland, enabling clean energy integration into the power grid. As countries aim to expand their renewable energy capacity and improve energy security, the demand for submarine power cables has increased significantly.

What Are the Key Segments in the Submarine Power Cable Market?

Key types include HVAC (high-voltage alternating current) and HVDC (high-voltage direct current) cables, with HVDC cables holding a larger market share due to their efficiency in long-distance power transmission with minimal energy loss. Voltage levels cover low, medium, and high voltage, with high-voltage cables representing a significant segment driven by the need for large-scale energy transmission from offshore wind farms and interconnectors. End-users include offshore wind farms, oil and gas platforms, and island power grids, with offshore wind farms leading the market as they rely heavily on submarine cables to deliver renewable energy to onshore grids.

How Are Submarine Power Cables Integrated Across Renewable Energy Projects?

In offshore wind farms, submarine power cables are used to connect individual turbines to a central offshore substation, which then transmits the generated electricity to the mainland grid via export cables. These cables are designed to handle high voltages and harsh marine conditions, ensuring stable and continuous power flow. In oil and gas platforms, submarine cables provide power for drilling operations, communication systems, and safety equipment, supporting efficient offshore energy production. Island grids also use submarine power cables to import electricity from mainland sources, reducing dependence on fossil fuels and supporting sustainable energy transitions.

What Factors Are Driving the Growth in the Submarine Power Cable Market?

The growth in the Submarine Power Cable market is driven by several factors, including increasing investments in offshore wind energy projects and renewable energy integration. Advancements in cable design, such as higher voltage capacity, improved insulation, and enhanced durability, have supported the broader deployment of submarine power cables in challenging marine environments. The focus on reducing carbon emissions and enhancing energy security has further fueled demand, as countries seek to expand offshore wind capacity and create interconnectors for cross-border energy exchange. Additionally, rising government support, international collaboration on energy projects, and the need for resilient energy infrastructure have contributed to market growth, encouraging the installation of submarine power cables in renewable energy networks and interregional power grids.

SCOPE OF STUDY:

The report analyzes the Submarine Power Cable market in terms of US$ Million by the following End-Use; Type; Voltage Type, and Geographic Regions/Countries:

Segments:
Type (Single Core, Multi Core); Voltage Type (High, Medium); End-Use (Offshore Wind Power Generation, Inter-Country & Island Connection, Offshore Oil & Gas)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.

Select Competitors (Total 37 Featured) -

• ABB
• AEI Cables
• Furukawa Electric
• General Cable Technologies
• Hengtong Marine Cable Systems
• Hydro Group, NKT Group
• JDR Cables
• LS Cable & System
• Nexans
• Prysmian Group
• Sumitomo Electric Industries
• TE Subcom

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