According to the report the global submarine power cable market reached a value of USD 22.70 billion in 2022. Aided by the burgeoning demand for reliable power transmission in offshore renewable energy developments and increasing investments in grid interconnections, the market is projected to further grow at a CAGR of 7.87% between 2023 and 2028 to reach a value of USD 36.22 billion by 2028.
Submarine power cables are vital components in offshore power transmission, serving as the primary mode of electricity supply to offshore installations, such as wind farms, oil and gas platforms, and island communities. These cables are designed to carry electric power beneath the surface of the water and are well-known for their reliability, efficiency, and environmental advantages. Apart from their energy transmission capabilities, submarine power cables also provide network interconnections, enabling grid stability and power trading across countries.
The escalating consumer need for reliable power transmission in offshore applications is a significant driver of the global submarine power cable market growth. As offshore renewable energy projects, particularly wind and tidal energy, continue to proliferate, the demand for efficient and reliable submarine power cables is on the rise.
Additionally, the growing emphasis on grid stability and energy security has led to substantial investments in grid interconnections, further bolstering the submarine power cable market demand. Grid interconnections offer significant benefits, such as improved grid reliability, increased energy efficiency, and opportunities for power trading, thus contributing to the increasing popularity of submarine power cables.
Submarine power cables also play a pivotal role in the offshore oil and gas sector, providing power to offshore drilling rigs and platforms. As offshore oil and gas explorations continue to expand in response to global energy demand, the need for submarine power cables in these operations is anticipated to surge, thereby driving submarine power cable market growth.
Moreover, the growing focus on the development of island and remote coastal communities has resulted in an increased demand for submarine power cables. These cables offer an effective solution for supplying electricity to these regions, thus fostering submarine power cable market expansion.
Our high-quality, data-driven analyses provide the essential framework for organisations seeking to make informed and strategic decisions in an increasingly complex and rapidly evolving business environment. By investing in our market research reports, you can ensure your organisation remains agile, proactive, and poised for success in today's competitive market.
Don't miss the opportunity to elevate your business intelligence and fortify your strategic planning. Secure your organisation's future success by acquiring one of these reports today.
*The publisher always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
Submarine power cables are vital components in offshore power transmission, serving as the primary mode of electricity supply to offshore installations, such as wind farms, oil and gas platforms, and island communities. These cables are designed to carry electric power beneath the surface of the water and are well-known for their reliability, efficiency, and environmental advantages. Apart from their energy transmission capabilities, submarine power cables also provide network interconnections, enabling grid stability and power trading across countries.
The escalating consumer need for reliable power transmission in offshore applications is a significant driver of the global submarine power cable market growth. As offshore renewable energy projects, particularly wind and tidal energy, continue to proliferate, the demand for efficient and reliable submarine power cables is on the rise.
Additionally, the growing emphasis on grid stability and energy security has led to substantial investments in grid interconnections, further bolstering the submarine power cable market demand. Grid interconnections offer significant benefits, such as improved grid reliability, increased energy efficiency, and opportunities for power trading, thus contributing to the increasing popularity of submarine power cables.
Submarine power cables also play a pivotal role in the offshore oil and gas sector, providing power to offshore drilling rigs and platforms. As offshore oil and gas explorations continue to expand in response to global energy demand, the need for submarine power cables in these operations is anticipated to surge, thereby driving submarine power cable market growth.
Moreover, the growing focus on the development of island and remote coastal communities has resulted in an increased demand for submarine power cables. These cables offer an effective solution for supplying electricity to these regions, thus fostering submarine power cable market expansion.
Market Segmentation
The market can be divided based on type, voltage, conductor material, end-user, and region.Market Breakup by Type
- Single Core
- Multi Core
Market Breakup by Voltage
- Medium Voltage
- High Voltage
Market Breakup by Conductor Material
- Copper
- Aluminium
Market Breakup by End-User
- Offshore Wind Power Generation
- Inter-Country and Island Connection
- Offshore Oil and Gas
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global submarine power cable companies. Some of the major key players explored in the report are as follows:- ABB Ltd
- Prysmian S.p.A
- Furukawa Electric Co., Ltd
- ZTT International Limited
- JDR Cable Systems (Holdings) Ltd
- Hengtong Group Co, Ltd
- Ningbo Orient Wires & Cables Co., Ltd (Orient Cables)
- NEXANS S.A.
- Sumitomo Electric Industries, Ltd.
- KEI Industries Limited
- Others
About the Publisher
Acquire unparalleled access to critical industry insights with our comprehensive market research reports, meticulously prepared by a team of seasoned experts. These reports are designed to equip decision-makers with an in-depth understanding of prevailing market trends, competitive landscapes, and growth opportunities.Our high-quality, data-driven analyses provide the essential framework for organisations seeking to make informed and strategic decisions in an increasingly complex and rapidly evolving business environment. By investing in our market research reports, you can ensure your organisation remains agile, proactive, and poised for success in today's competitive market.
Don't miss the opportunity to elevate your business intelligence and fortify your strategic planning. Secure your organisation's future success by acquiring one of these reports today.
*The publisher always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
Table of Contents
1 Preface2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Submarine Power Cable Market Analysis
8.1 Key Industry Highlights
8.2 Global Submarine Power Cable Historical Market (2018-2022)
8.3 Global Submarine Power Cable Market Forecast (2023-2028)
8.4 Global Submarine Power Cable Market by Type
8.4.1 Single Core
8.4.1.1 Historical Trend (2018-2022)
8.4.1.2 Forecast Trend (2023-2028)
8.4.2 Multi Core
8.4.2.1 Historical Trend (2018-2022)
8.4.2.2 Forecast Trend (2023-2028)
8.5 Global Submarine Power Cable Market by Voltage
8.5.1 Medium Voltage
8.5.1.1 Historical Trend (2018-2022)
8.5.1.2 Forecast Trend (2023-2028)
8.5.2 High Voltage
8.5.2.1 Historical Trend (2018-2022)
8.5.2.2 Forecast Trend (2023-2028)
8.6 Global Submarine Power Cable Market by Conductor Material
8.6.1 Copper
8.6.1.1 Historical Trend (2018-2022)
8.6.1.2 Forecast Trend (2023-2028)
8.6.2 Aluminium
8.6.2.1 Historical Trend (2018-2022)
8.6.2.2 Forecast Trend (2023-2028)
8.7 Global Submarine Power Cable Market by End-User
8.7.1 Offshore Wind Power Generation
8.7.1.1 Historical Trend (2018-2022)
8.7.1.2 Forecast Trend (2023-2028)
8.7.2 Inter-Country and Island Connection
8.7.2.1 Historical Trend (2018-2022)
8.7.2.2 Forecast Trend (2023-2028)
8.7.3 Offshore Oil and Gas
8.7.3.1 Historical Trend (2018-2022)
8.7.3.2 Forecast Trend (2023-2028)
8.8 Global Submarine Power Cable Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2022)
8.8.1.2 Forecast Trend (2023-2028)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2022)
8.8.2.2 Forecast Trend (2023-2028)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2022)
8.8.3.2 Forecast Trend (2023-2028)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2022)
8.8.4.2 Forecast Trend (2023-2028)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2022)
8.8.5.2 Forecast Trend (2023-2028)
9 North America Submarine Power Cable Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
10 Europe Submarine Power Cable Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
10.3 France
10.3.1 Historical Trend (2018-2022)
10.3.2 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Historical Trend (2018-2022)
10.4.2 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Submarine Power Cable Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
11.3 India
11.3.1 Historical Trend (2018-2022)
11.3.2 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Historical Trend (2018-2022)
11.4.2 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Historical Trend (2018-2022)
11.5.2 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Submarine Power Cable Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2022)
12.1.2 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Historical Trend (2018-2022)
12.2.2 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Historical Trend (2018-2022)
12.3.2 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Submarine Power Cable Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2022)
13.1.2 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2022)
13.2.2 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Historical Trend (2018-2022)
13.3.2 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Historical Trend (2018-2022)
13.4.2 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 ABB Ltd
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Prysmian S.p.A
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Furukawa Electric Co., Ltd
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 ZTT International Limited
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 JDR Cable Systems (Holdings) Ltd
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Hengtong Group Co, Ltd
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Ningbo Orient Wires & Cables Co., Ltd (Orient Cables)
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 NEXANS S.A.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Sumitomo Electric Industries, Ltd.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 KEI Industries Limited
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
Companies Mentioned
- ABB Ltd
- Prysmian S.p.A
- Furukawa Electric Co., Ltd
- ZTT International Limited
- JDR Cable Systems (Holdings) Ltd
- Hengtong Group Co, Ltd
- Ningbo Orient Wires & Cables Co., Ltd (Orient Cables)
- NEXANS S.A.
- Sumitomo Electric Industries, Ltd.
- KEI Industries Limited
Methodology
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