North America Submarine Power Cable Market Size, Share & Industry Trends Analysis Report By Core Type (Single Core, & Multicore), By Conductor Material (copper & Aluminium), By Voltage, By Type, By End User, By Country and Growth Forecast, 2023 - 2030
The North America Submarine Power Cable Market would witness market growth of 11.7% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 449.6 million feets, showcasing a growth of 9.6% (2019-2022).
A power transmission system provides multiple paths between generators and consumers to connect them. Submarine electricity transmission enables the transfer of electricity beneath the water's surface. Submarine power cables are enormous transmission cables that transport electricity below the water's surface. These are called "submarines" because they transport electricity beneath salt water (ocean arms, oceans, and straits). However, they can also be used beneath freshwater (large lakes and rivers). Many electrical power transmission systems use alternating current (AC) because transformers can easily adjust voltages as required.
Increasing investments in offshore wind farms, rising data traffic, and investments by OTT providers to meet demand are the primary factors driving market growth. Submarine cables are commonly used for electricity transmission and communication. The growing need to interconnect countries power grids is a significant aspect influencing the demand for low-power cables. Most nations view submarine cables as a vital economic component and have enacted regulations to protect them from risk. In addition, it establishes the legal framework for implementing new submarine initiatives.
One of the primary drivers for submarine power cable adoption in North America is the development of offshore wind energy projects along the Atlantic coast. Several states, such as Massachusetts, New York, New Jersey, and Virginia, have ambitious plans to harness offshore wind resources to meet renewable energy targets. North America has a diverse and expansive geography with regions separated by large bodies of water, including the Great Lakes and the Gulf of Mexico. Grid interconnection projects are being planned and implemented to enhance the reliability and resiliency of the electrical grid. With the growing offshore wind energy and offshore oil & gas sectors, the market will grow significantly in this region.
The US market dominated the North America Submarine Power Cable Market, By Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $4,855.2 million by 2030. The Canada market is experiencing a CAGR of 14.3% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 13.3% during (2023 - 2030).
Based on Core Type, the market is segmented into Single Core, & Multicore. Based on Conductor Material, the market is segmented into copper & Aluminium. Based on Voltage, the market is segmented into High, & Low. Based on Type, the market is segmented into DC, & AC. Based on End User, the market is segmented into Offshore Wind Power Generation, Offshore Oil & Gas, Inter-country and Island Connection. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Sumitomo Electric Industries, Ltd., Prysmian Group, Nexans S.A., NKT Photonics A/S (NKT A/S), LS Cable & System Ltd., Furukawa Electric Co., Ltd., SSG Cable Group, KEI Industries Limited, TPC Wire & Cable (Audax Management Company, LLC), and Hengtong Group Co., Ltd.
Scope of the Study
Market Segments covered in the Report:
By Core Type (Volume, Million Feets, USD Billion, 2019 to 2030)
- Single Core
- Multicore
- copper
- Aluminum
- High
- Low
- DC
- AC
- Offshore Wind Power Generation
- Offshore Oil & Gas
- Inter-country and Island Connection
- US
- Canada
- Mexico
- Rest of North America
- Sumitomo Electric Industries, Ltd.
- Prysmian Group
- Nexans S.A.
- NKT Photonics A/S (NKT A/S)
- LS Cable & System Ltd.
- Furukawa Electric Co., Ltd.
- SSG Cable Group
- KEI Industries Limited
- TPC Wire & Cable (Audax Management Company, LLC)
- Hengtong Group Co., Ltd.
- Exhaustive coverage
- Highest number of market tables and figures
- Subscription based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
- Chapter 1. Market Scope & Methodology
- 1.1 Market Definition
- 1.2 Objectives
- 1.3 Market Scope
- 1.4 Segmentation
- 1.4.1 North America Submarine Power Cable Market, by Core Type
- 1.4.2 North America Submarine Power Cable Market, by Conductor Material
- 1.4.3 North America Submarine Power Cable Market, by Voltage
- 1.4.4 North America Submarine Power Cable Market, by Type
- 1.4.5 North America Submarine Power Cable Market, by End User
- 1.4.6 North America Submarine Power Cable Market, by Geography
- 1.5 Methodology for the research
- Chapter 2. Market at a Glance
- 2.1 Key Highlights
- Chapter 3. Market Overview
- 3.1 Introduction
- 3.1.1 Overview
- 3.1.1.1 Market Composition and Scenario
- 3.2 Key Factors Impacting the Market
- 3.2.1 Market Drivers
- 3.2.2 Market Restraints
- Chapter 4. Competition Analysis – Global
- 4.1 Market Share Analysis, 2022
- 4.2 Porter’s Five Forces Analysis
- Chapter 5. North America Submarine Power Cable Market, By Core Type
- 5.1 North America Single Core Market, By Country
- 5.2 North America Multicore Market, By Country
- Chapter 6. North America Submarine Power Cable Market, By Conductor Material
- 6.1 North America Copper Market, By Country
- 6.2 North America Aluminium Market, By Country
- Chapter 7. North America Submarine Power Cable Market, By Voltage
- 7.1 North America High Market, By Country
- 7.2 North America Low Market, By Country
- Chapter 8. North America Submarine Power Cable Market, By Type
- 8.1 North America DC Market, By Country
- 8.2 North America AC Market, By Country
- Chapter 9. North America Submarine Power Cable Market, By End User
- 9.1 North America Offshore Wind Power Generation Market, By Country
- 9.2 North America Offshore Oil & Gas Market, By Country
- 9.3 North America Inter-country and Island Connection Market, By Country
- Chapter 10. North America Submarine Power Cable Market, By Country
- 10.1 US Submarine Power Cable Market
- 10.1.1 US Submarine Power Cable Market, By Core Type
- 10.1.2 US Submarine Power Cable Market, By Conductor Material
- 10.1.3 US Submarine Power Cable Market, By Voltage
- 10.1.4 US Submarine Power Cable Market, By Type
- 10.1.5 US Submarine Power Cable Market, By End User
- 10.2 Canada Submarine Power Cable Market
- 10.2.1 Canada Submarine Power Cable Market, By Core Type
- 10.2.2 Canada Submarine Power Cable Market, By Conductor Material
- 10.2.3 Canada Submarine Power Cable Market, By Voltage
- 10.2.4 Canada Submarine Power Cable Market, By Type
- 10.2.5 Canada Submarine Power Cable Market, By End User
- 10.3 Mexico Submarine Power Cable Market
- 10.3.1 Mexico Submarine Power Cable Market, By Core Type
- 10.3.2 Mexico Submarine Power Cable Market, By Conductor Material
- 10.3.3 Mexico Submarine Power Cable Market, By Voltage
- 10.3.4 Mexico Submarine Power Cable Market, By Type
- 10.3.5 Mexico Submarine Power Cable Market, By End User
- 10.4 Rest of North America Submarine Power Cable Market
- 10.4.1 Rest of North America Submarine Power Cable Market, By Core Type
- 10.4.2 Rest of North America Submarine Power Cable Market, By Conductor Material
- 10.4.3 Rest of North America Submarine Power Cable Market, By Voltage
- 10.4.4 Rest of North America Submarine Power Cable Market, By Type
- 10.4.5 Rest of North America Submarine Power Cable Market, By End User
- Chapter 11. Company Profiles
- 11.1 Sumitomo Electric Industries, Ltd.
- 11.1.1 Company Overview
- 11.1.2 Financial Analysis
- 11.1.3 Segmental and Regional Analysis
- 11.1.4 Research & Development Expenses
- 11.1.5 SWOT Analysis
- 11.2 Prysmian Group
- 11.2.1 Company Overview
- 11.2.2 Financial Analysis
- 11.2.3 Segmental and Regional Analysis
- 11.2.4 Research & Development Expenses
- 11.2.5 Recent strategies and developments:
- 11.2.5.1 Partnerships, Collaborations, and Agreements:
- 11.2.6 SWOT Analysis
- 11.3 Nexans S.A.
- 11.3.1 Company Overview
- 11.3.2 Financial Analysis
- 11.3.3 Segmental and Regional Analysis
- 11.3.4 Research & Development Expense
- 11.3.5 Recent strategies and developments:
- 11.3.5.1 Product Launches and Product Expansions:
- 11.3.5.2 Acquisition and Mergers:
- 11.3.6 SWOT Analysis
- 11.4 NKT Photonics A/S (NKT A/S)
- 11.4.1 Company Overview
- 11.4.2 Financial Analysis
- 11.4.3 Segmental and Regional Analysis
- 11.4.4 Research & Development Expenses
- 11.4.5 SWOT Analysis
- 11.5 LS Cable & System Ltd.
- 11.5.1 Company Overview
- 11.5.2 Financial Analysis
- 11.5.3 Recent strategies and developments:
- 11.5.3.1 Geographical Expansions:
- 11.5.4 SWOT Analysis
- 11.6 Furukawa Electric Co., Ltd.
- 11.6.1 Company Overview
- 11.6.2 Financial Analysis
- 11.6.3 Segmental and Regional Analysis
- 11.6.4 Research & Development Expense
- 11.6.5 SWOT Analysis
- 11.7 SSG Cable Group
- 11.7.1 Company Overview
- 11.7.2 SWOT Analysis
- 11.8 KEI Industries Limited
- 11.8.1 Company Overview
- 11.8.2 Financial Analysis
- 11.8.3 Segmental and Regional Analysis
- 11.8.4 SWOT Analysis
- 11.9 TPC Wire & Cable (Audax Management Company, LLC)
- 11.9.1 Company Overview
- 11.9.2 SWOT Analysis
- 11.10. Hengtong Group Co., Ltd.
- 11.10.1 Company Overview
- 11.10.2 SWOT Analysis
Research Assistance
Download our eBook: How to Succeed Using Market Research
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook