The North America submarine power cable market is expected to grow from US$ 1,165.96 million in 2021 to US$ 2,635.92 million by 2028. It is estimated to grow at a CAGR of 7.2% from 2021 to 2028.
Increasing Investment on Offshore Wind Energy Plants is Driving the North America Submarine Power Cable Market
Electricity generated by offshore wind turbines is sent to land via several cable systems buried in the seabed. Thus, the rising investment by developed and developing nations in offshore wind energy plants to generate wind energy is propelling the demand for submarine power cables. Thus, these high investments from developed and developing countries are factors driving the submarine power cables market growth.North America Submarine power cable Market Overview
The submarine power cable market in North America is sub segmented into the US, Canada, and Mexico. Government initiatives to reduce carbon footprint across the region are highly supporting the adoption of renewable sources of power generation, such as wind, thereby boosting investments in offshore wind energy farms across countries such as the US and Canada. According to the Biden administration, the US aspires to lead a sustainable energy revolution, and offshore wind is at the core strategy of that approach. By 2030, the US Departments of Energy, Interior, and Commerce hope to increase the offshore wind capacity of the country to 30 gigawatts (GW). The current offshore wind energy in the US is ~42 MW, with just one active commercial offshore wind farm off the coast of Rhode Island (Block Island Wind Farm). The potential of the US to generate 30 GW of offshore wind by 2030 as part of the Green New Deal agenda is one of the major driving factors of submarine power cable market. Such a rise in investments in offshore wind energy is expected to trigger the demand for submarine power cables in North America. The high presence of offshore crude oil and natural gas rigs across the region is also influencing the demand for high power across these plants thereby contributing to the rise in demand for submarine power cables from the sector.North AmericaSubmarine power cable Market Revenue and Forecast to 2028 (US$ Million)
North America Submarine power cable Market Segmentation
The North America submarine power cable market is segmented into type, conductor material, voltage, application, and country.- Based on type, the North America submarine power cable market is bifurcated into multicore, single core. The single core segment accounted for the highest share in the North America submarine power cable market in 2021.
- Based on conductor material, the North America submarine power cable market is segmented into copper and Aluminum. The copper segment accounted for the highest share in the North America market in 2021.
- Based on voltage, the North America submarine power cable market is segmented into high voltage, and medium voltage. The high voltage accounted for a higher share in the North America submarine power cable market in 2021.
- Based on application, the North America submarine power cable market is segmented into offshore oil and gas, offshore wind power, inter-country and island connection, and others. The offshore oil & gas segment accounted for the highest share in the North America market in 2021.
- Based on country, the North America submarine power cable market is segmented into the US, Canada, and Mexico. The US dominated the submarine power cable market share in 2021.
Table of Contents
1. Introduction1.1 Scope of the Study
1.2 Research Report Guidance
1.3 Market Segmentation
2. North America Submarine Power Cable Market- Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Submarine Power Cable Market Landscape
4.1 Market Overview
4.2 North America PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. North America Submarine Power Cable Market - Key Industry Dynamics
5.1 Market Drivers
5.1.1 Increasing Investment on Offshore Wind Energy Plants
5.1.2 Rise in Cross Country Submarine Connections for Power Transmission
5.2 Market Restraints
5.2.1 Longer Life Span of Submarine Power Cable
5.3 Market Opportunities
5.3.1 Future Opportunities for Submarine Power Cable Market
5.4 Future Trends
5.4.1 Rise in Development of Underwater Data Center
5.5 Impact Analysis of Drivers and Restraints
6. Submarine Power Cable Market - North America Market Analysis
6.1 Overview
6.2 North America Submarine Power Cable Market Forecast and Analysis
7. North America Submarine Power Cable Market Analysis - By Type
7.1 Overview
7.2 North America Submarine Power Cable Market Breakdown, by Type, 2020 and 2028
7.3 Multicore
7.3.1 Overview
7.3.2 Multicore: North America Submarine Power Cable Market Revenue and Forecast to 2028 (US$ Million)
7.4 Single Core
7.4.1 Overview
7.4.2 Single Core: North America Submarine Power Cable Market Revenue and Forecast to 2028 (US$ Million)
8. North America Submarine Power Cable Market Analysis - By Conductor Material
8.1 Overview
8.2 North America Submarine Power Cable Market, by Conductor Material (2020 and 2028)
8.3 Copper
8.3.1 Overview
8.3.2 Copper: North America Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
8.4 Aluminum
8.4.1 Overview
8.4.2 Aluminium: North America Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
9. North America Submarine Power Cable Market Analysis - By Voltage
9.1 Overview
9.2 North America Submarine Power Cable Market, by Voltage (2020 and 2028)
9.3 High Voltage
9.3.1 Overview
9.3.2 High Voltage: North America Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
9.4 Medium Voltage
9.4.1 Overview
9.4.2 Medium Voltage: North America Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
10. North America Submarine Power Cable Market Analysis - By Application
10.1 Overview
10.2 North America Submarine Power Cable Market, by Application (2020 and 2028)
10.3 Offshore Oil and Gas
10.3.1 Overview
10.3.2 Offshore Oil and Gas: North America Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
10.4 Offshore Wind Power
10.4.1 Overview
10.4.2 Offshore Wind Power: Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
10.5 Inter-Country and Island Connection
10.5.1 Overview
10.5.2 Inter-Country and Island Connection: Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
11. North America Submarine Power Cable Market - Country Analysis
11.1 Overview
11.1.1 North America: Submarine Power Cable Market, by Key Country
11.1.1.1 US: Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
11.1.1.1.1 US: Submarine Power Cable Market, By Type
11.1.1.1.2 US: Submarine Power Cable Market, by Conductor Material
11.1.1.1.3 US: Submarine Power Cable Market, by Voltage
11.1.1.1.3.1 US: Submarine Power Cable Market, by High Voltage
11.1.1.1.3.2 US: Submarine Power Cable Market, by Medium Voltage
11.1.1.1.4 US: Submarine Power Cable Market, by Application
11.1.1.2 Canada: Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
11.1.1.2.1 Canada: Submarine Power Cable Market, By Type
11.1.1.2.2 Canada: Submarine Power Cable Market, by Conductor Material
11.1.1.2.3 Canada: Submarine Power Cable Market, by Voltage
11.1.1.2.3.1 Canada: Submarine Power Cable Market, by High Voltage
11.1.1.2.3.2 Canada: Submarine Power Cable Market, by Medium Voltage
11.1.1.2.4 Canada: Submarine Power Cable Market, by Application
11.1.1.3 Mexico: Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
11.1.1.3.1 Mexico: Submarine Power Cable Market, By Type
11.1.1.3.2 Mexico: Submarine Power Cable Market, by Conductor Material
11.1.1.3.3 Mexico: Submarine Power Cable Market, by Voltage
11.1.1.3.3.1 Mexico: Submarine Power Cable Market, by High Voltage
11.1.1.3.3.2 Mexico: Submarine Power Cable Market, by Medium Voltage
11.1.1.3.4 Mexico: Submarine Power Cable Market, by Application
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 New Product Development
13. Company Profiles
13.1 TELE-FONIKA Kable S.A.
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 ZT International Ltd
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Hydro Group
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 LS Cable & System Ltd.
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 KEI Industries Limited
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Sumitomo Electric Industries, Ltd.
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 FURUKAWA ELECTRIC CO., LTD.
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 NKT A/S
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 HENGTONG GROUP CO.,LTD.
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
14. Appendix
14.1 About the Publisher
14.2 Glossary
List of Tables
Table 1. North America Submarine Power Cable Market Revenue and Forecasts to 2028 (US$ Mn)
Table 2. North America: Submarine Power Cable Market, by Country - Revenue and Forecast to 2028 (US$ Million)
Table 3. US: Submarine Power Cable Market, By Type- Revenue and Forecast to 2028 (US$ Million)
Table 4. US: Submarine Power Cable Market, by Conductor Material - Revenue and Forecast to 2028 (US$ Million)
Table 5. US: Submarine Power Cable Market, by Voltage - Revenue and Forecast to 2028 (US$ Million)
Table 6. US: Submarine Power Cable Market, by High Voltage - Revenue and Forecast to 2028 (US$ Million)
Table 7. US: Submarine Power Cable Market, by Medium Voltage - Revenue and Forecast to 2028 (US$ Million)
Table 8. US: Submarine Power Cable Market, by Application - Revenue and Forecast to 2028 (US$ Million)
Table 9. Canada: Submarine Power Cable Market, By Type- Revenue and Forecast to 2028 (US$ Million)
Table 10. Canada: Submarine Power Cable Market, by Conductor Material - Revenue and Forecast to 2028 (US$ Million)
Table 11. Canada: Submarine Power Cable Market, by Voltage - Revenue and Forecast to 2028 (US$ Million)
Table 12. Canada: Submarine Power Cable Market, by High Voltage - Revenue and Forecast to 2028 (US$ Million)
Table 13. Canada: Submarine Power Cable Market, by Medium Voltage - Revenue and Forecast to 2028 (US$ Million)
Table 14. Canada: Submarine Power Cable Market, by Application - Revenue and Forecast to 2028 (US$ Million)
Table 15. Mexico: Submarine Power Cable Market, By Type- Revenue and Forecast to 2028 (US$ Million)
Table 16. Mexico: Submarine Power Cable Market, by Conductor Material - Revenue and Forecast to 2028 (US$ Million)
Table 17. Mexico: Submarine Power Cable Market, by Voltage - Revenue and Forecast to 2028 (US$ Million)
Table 18. Mexico: Submarine Power Cable Market, by High Voltage - Revenue and Forecast to 2028 (US$ Million)
Table 19. Mexico: Submarine Power Cable Market, by Medium Voltage - Revenue and Forecast to 2028 (US$ Million)
Table 20. Mexico: Submarine Power Cable Market, by Application - Revenue and Forecast to 2028 (US$ Million)
Table 21. Glossary of terms, North America Submarine Power Cable Market
List of Figures
Figure 1. North America Submarine Power Cable Market Segmentation
Figure 2. North America Submarine Power Cable Market Segmentation - By Country
Figure 3. North America Submarine Power Cable Market Overview
Figure 4. Single Core Held the Highest Share in North America Submarine Power Cable Market in 2020
Figure 5. North America Submarine Power Cable Market, by Country
Figure 6. North America - PEST Analysis
Figure 7. North America Submarine Power Cable Market - Ecosystem Analysis
Figure 8. Expert Opinion
Figure 9. North America Submarine Power Cable Market: Impact Analysis of Drivers and Restraints
Figure 10. North America Submarine Power Cable Market Forecast and Analysis, (US$ Mn)
Figure 11. North America Submarine Power Cable Market Revenue Share, by Type (2020 and 2028)
Figure 12. Multicore: North America Submarine Power Cable Market Revenue and Forecast to 2028 (US$ Million)
Figure 13. Single Core: North America Submarine Power Cable Market Revenue and Forecast to 2028 (US$ Million)
Figure 14. North America Submarine Power Cable Market Revenue Share, by Conductor Material (2020 and 2028)
Figure 15. Copper: North America Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
Figure 16. Ground: North America Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
Figure 17. North America Submarine Power Cable Market Revenue Share, by Voltage (2020 and 2028)
Figure 18. High Voltage: North America Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
Figure 19. Medium Voltage: North America Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
Figure 20. North America Submarine Power Cable Market Revenue Share, by Configuration (2020 and 2028)
Figure 21. Offshore Oil and Gas: North America Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
Figure 22. Offshore Wind Power: Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
Figure 23. Inter-Country and Island Connection: Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
Figure 24. North America: Submarine Power Cable Market, by Key Country - Revenue (2020) (US$ Million)
Figure 25. North America: Submarine Power Cable Market Revenue Share, by Key Country (2020 & 2028)
Figure 26. US: Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
Figure 27. Canada: Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
Figure 28. Mexico: Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
Companies Mentioned
- FURUKAWA ELECTRIC CO. LTD
- HENGTONG GROUP CO. LTD
- Hydro Group Plc
- KEI Industries Limited
- LS Cable & System Ltd
- NKT A/S
- Sumitomo Electric Industries Ltd
- TELE-FONIKA Kable S.A.
- ZT International Ltd
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 115 |
| Published | February 2023 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value ( USD | $ 1165.96 Million |
| Forecasted Market Value ( USD | $ 2635.92 Million |
| Compound Annual Growth Rate | 12.3% |
| Regions Covered | North America |
| No. of Companies Mentioned | 9 |
