Submarine Power Cable Market by Core Type (Single-core, Multi-core), Voltage (Medium, High), Conductor Material (Copper, Aluminium), End Use (Offshore Wind, Inter-Country & Island Connection, Offshore Oil & Gas), Type and Region - Global Forecast to 2028

Submarine Power Cable Market by Core Type (Single-core, Multi-core), Voltage (Medium, High), Conductor Material (Copper, Aluminium), End Use (Offshore Wind, Inter-Country & Island Connection, Offshore Oil & Gas), Type and Region - Global Forecast to 2028

The Submarine Power Cable market is estimated to grow from USD 12.9 Billion in 2023 to USD 22.3 Billion by 2028; it is expected to record a CAGR of 11.5% during the forecast period. The submarine power cable market is witnessing rapid growth owing to the increasing offshore wind energy installations and the number of projects related to inter-country and island connections.

“Single-core: The largest segment of the Submarine Power Cable market, by core type”

Based on core type, the Submarine power cable market has been split into two types: single core, and multicore. Single-core submarine power cables are specialized electrical cables designed for the transmission of electrical power underwater. During cable installation, single-core cables are generally easier to handle and maneuver compared to multi-core cables. This can lead to cost savings and reduced installation time.

“Inter-country and island connection is expected to emerge as the second largest segment based on end use”

Based on end use, the submarine power cable market has been segmented into upto offshore wind power generation, inter-country and island connection, and offshore oil & gas. Interconnecting countries and islands through power cables or grids helps enhance energy security and reliability. If one region experiences a power shortage or outage, interconnected grids can supply power from neighboring areas, reducing the risk of blackouts and ensuring a stable energy supply. The expanding interconnection capacities in various countries due to ongoing and prospective investments in the projects is driving this growth.

“Asia Pacific is expected to emerge as the second-largest region based on Submarine Power Cables market”

By region, the Submarine Power Cable market has been segmented into Asia Pacific, North America, South America, Europe, and Middle East & Africa. Asia Pacific is expected to be the second-largest segment in the market. In this region, According to the Global Wind Energy Council (GWEC), the Asia-Pacific region is expected to lead offshore wind growth this decade. China is targeting 1,200 GW of wind energy capacity by 2030, while the Asia-Pacific region as a whole has offshore wind project pipelines totaling 250GW. This ongoing industry activity is one of the trend which is expected to attract fresh investments in the offshore winf power generation sector, subsequently driving demand for submarine power cables in the region.

Breakdown of Primaries:

In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:

By Company Type: Tier 1- 45%, Tier 2- 30%, and Tier 3- 25%

By Designation: C-Level- 35%, Director Levels- 25%, and Others- 40%

By Region: North America- 27%, Europe- 20%, Asia Pacific- 25%, and South America- 8% , the Middle East & Africa- 12%,

Note: Others include product engineers, product specialists, and engineering leads.

Note: The tiers of the companies are defined on the basis of their total revenues as of 2021. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million

The Submarine power cable market is dominated by a few major players that have a wide regional presence. The leading players in the Submarine power cable market are Prysmian S.p.A (Italy), Sumitomo electric industries (Japan), LS Cable & System Ltd. (South Korea), NKT A/S (Denmark), and Nexans (France).

Research Coverage:

The report defines, describes, and forecasts the Submarine Power Cables market, by system type, power rating, grid connectivity, end user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the Submarine Power Cables market.

Key Benefits of Buying the Report

Growth of Offshore Wind Farms, and Rise in the growth of Offshore Oil & Gas Operations drive the demand. Factors such as Complexities due to involvement of multi-country government bodies leading to Delays, and High Cost of Installation and Repair of Submarine Cables hinder market growth. Increasing adoption of HVDC submarine power cables offer lucrative opportunities in this market. Requirement of Technical Expertise for Development and installation, Damages caused to cables by human interventions, Supply Chain Disruptions to Pose a Significant Challenge are major challenges faced by countries in this market.

Product Development/ Innovation: New subsea cable technologies are being developed to meet the increasing demand for reliable and efficient energy transmission over long distances underwater. Developments on technologies such as High-Performance Thermoplastic Elastomer (HPTE) insulation are being carried out by companies for increasing demand for reliable and efficient energy transmission across long distances underwater.

Market Development: The global scenario of submarine power cable is evolving rapidly, with trends towards growth in the offshore wind energy capacities, and growing inter-country connection projects in countries is driving the market.

Market Diversification: Prysmian Group introduced two new 525 kV extruded land cable systems, one with P-Laser insulation, and the other with XLPE insulation, following a year of qualification testing adhering to international standards These cable systems are designed at higher voltage levels and feature large conductor cross-sections, offering efficient technical solutions for long-distance, high-power transmission while minimizing land usage.

Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Prysmian S.p.A (Italy), Sumitomo electric industries (Japan), LS Cable & System Ltd. (South Korea), NKT A/S (Denmark), and Nexans (France) among others in the Submarine Power Cable market.