Submarine Power Cable - Global Strategic Business Report

The global market for Submarine Power Cable was estimated at US$30.1 Billion in 2023 and is projected to reach US$80.2 Billion by 2030, growing at a CAGR of 15.0% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.

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 the Study

The report analyzes the Submarine Power Cable market, presented in terms of market value (US$ Million). The analysis covers the key segments and geographic regions outlined below.

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.

Key Insights:

• Market Growth: Understand the significant growth trajectory of the Single Core Cable segment, which is expected to reach US$59.8 Billion by 2030 with a CAGR of a 15.9%. The Multi Core Cable segment is also set to grow at 12.6% CAGR over the analysis period.
• Regional Analysis: Gain insights into the U.S. market, estimated at $8.3 Billion in 2023, and China, forecasted to grow at an impressive 14.3% CAGR to reach $12.3 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Why You Should Buy This Report:

• Detailed Market Analysis: Access a thorough analysis of the Global Submarine Power Cable Market, covering all major geographic regions and market segments.
• Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
• Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Submarine Power Cable Market.
• Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.

Key Questions Answered:

• How is the Global Submarine Power Cable Market expected to evolve by 2030?
• What are the main drivers and restraints affecting the market?
• Which market segments will grow the most over the forecast period?
• How will market shares for different regions and segments change by 2030?
• Who are the leading players in the market, and what are their prospects?

Report Features:

• Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
• In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
• Company Profiles: Coverage of major players in the Global Submarine Power Cable Market such as ABB, AEI Cables, Furukawa Electric, General Cable Technologies, Hengtong Marine Cable Systems and more.
• Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Some of the 37 companies featured in this Global Submarine Power Cable Market report include:

• 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