South America Submarine Power Cable Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Multicore and Single Core), Conductor Material (Copper and Aluminum), Voltage (High Voltage and Medium Voltage), and Application (Offshore Oil a

South America Submarine Power Cable Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Multicore and Single Core), Conductor Material (Copper and Aluminum), Voltage (High Voltage and Medium Voltage), and Application (Offshore Oil and Gas, Offshore Wind Power, and Inter-Country & Island Connection)

The South America submarine power cable market is expected to grow from US$ 267.27 million in 2021 to US$ 372.11 million by 2028. It is estimated to grow at a CAGR of 4.8% from 2021 to 2028.

Future Opportunities for Submarine Power Cable Market is Driving the South America Submarine Power Cable Market

The constantly rising investments across the globe on several offshore oil and gas projects, offshore wind farms, and intercountry power transmission projects is expected to increase the demand for submarine power cables across the globe. Some of the major investments and initiatives to be mentioned are:
Brazil's offshore renaissance aims to increase crude output by a factor of two by 2030. Brazil is expected to add more crude output than any other country outside of the United States and OPEC until 2026. While the rest of the world cut back on oil production because to the epidemic, Brazil was one of the only non-OPEC countries to increase output, adding more than any other non-OPEC country except Norway. By 2030, it aims to treble crude output and become the world's fifth-largest exporter.
Latin America also has a strong pipeline for building wind energy farms. According to the market study, the Latin American region plans to build 120 2000 GW of wind farms by 2050.

These huge investment by several countries across all submarine power cable applications is expected to propel the demand for submarine power over the forecast period.

South America Submarine Power Cable Market Overview

The South American submarine power cable market is further segmented into Brazil, Argentina, and the Rest of South America. Exploration and production of oil and natural gas are important activity for countries like Brazil. They also want to expand their reserves and output to ensure that we can satisfy the rising energy demand. Most Brazil's oil reserves are offshore fields, requiring drilling to reach ever-greater depths. More than 10 additional production systems are projected to come online during the next five years, resulting in a 5% increase in production by 2023. In 2019, the country produced 2.8 million boa (barrels of oil equivalent) of total oil and gas (both domestically and internationally). Brazil is estimated to contribute roughly 23% of global offshore crude oil and condensate production in 2025, or 1.3 million barrels per day (mmbd), from important planned and announced projects (new-build projects) that are expected to start operations between 2021 and 2025. Thus, just high investments on offshore oil and gas rigs across the country is propelling the growth of the submarine power cables market across the region over the forecast period.

South America Submarine power cable Market Revenue and Forecast to 2028 (US$ Million)

South America Submarine power cable Market Segmentation

The South America submarine power cable market t is segmented into type, conductor material, voltage, application, and country.

Based on type, the South America submarine power cable market is bifurcated into multicore, single core. The single core segment accounted for the highest share in the South America submarine power cable market in 2021.

Based on conductor material, the South America submarine power cable market is segmented into copper and Aluminum. The copper segment accounted for the highest share in the South America market in 2021.

Based on voltage, the South America submarine power cable market is segmented into high voltage, and medium voltage. The high voltage accounted for a higher share in the South America submarine power cable market in 2021.

Based on application, the South America submarine power cable market is segmented into offshore oil and gas, offshore wind power, inter-country and island connection, and others. The offshore wind power segment accounted for the highest share in the submarine power cable South America market in 2021.

Based on country, the South America submarine power cable market is segmented into Brazil, Argentina, and the Rest of South America. Brazil dominated the South America submarine power cable market share in 2021.

Sumitomo Electric Industries Ltd; FURUKAWA ELECTRIC CO. LTD; HENGTONG GROUP CO. LTD; KEI Industries Limited; LS Cable & System Ltd; and ZT International Ltd are the leading companies operating in the South America submarine power cable market.

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