Submarine Power Cable Market Introduction and Overview
According to SPER Market Research, the Global Submarine Power Cable Market is estimated to reach USD 42,618.09 million by 2033 with a CAGR of 13.67%.
The report includes an in-depth analysis of the Global Submarine Power Cable Market, including market size and trends, product mix, distribution channels, and supplier analysis. Submarine Power Cable is a form of transmission cable that is used to transfer electric power beneath the water's surface. It is named a submarine cable as it typically transports electricity beneath saltwater, such as arms of the sea, oceans, and ports. Submarine Power Cables have grown in importance in recent decades. Because export lines from wind, wave, and tidal installations are necessary to transfer renewable energy ashore, the emergence of offshore renewable energy has raised demand for Submarine Power cables.
- Sumitomo Electric Industries, Ltd. announced intentions in April 2023 to develop a new Power Cable factory (high voltage cable manufacturing plant) in the Scottish Highlands to meet the UK Government's objective of achieving Net Zero by 2050.
- Nexans successfully completed the acquisition of Reka kaapeli oy, a major Finnish maker of high, medium, and low voltage cables, in April 2023 as part of its strategy to become a prominent role in electrification and contribute to carbon neutrality.
Market Opportunities and Challenges
The global submarine power cable market has many opportunities as well as challenges. The developing offshore wind energy sector, cross-border energy interconnections, energy infrastructure upgrading, and the expanding offshore oil and gas business all present opportunities. As countries invest in renewable energy, there is a greater need for submarine power lines to connect offshore wind farms. Cross-border energy interconnections improve energy security while also providing market growth opportunities. Furthermore, the necessity to replace existing electricity infrastructure opens significant prospects for innovative cable technology.
There are various obstacles for submarine power cables. Because of their intricacy, specialized equipment, and trained labour required, installation costs are significant. Underwater maintenance and repair are both expensive and extremely challenging. They are subject to natural calamities such as hurricanes and earthquakes, which can disrupt service and necessitate costly repairs. Risks are posed by marine life, including fishing activities and accidental anchoring. To reduce environmental hazards, submarine cables must also adhere to environmental standards. The increasing need for longer and higher-capacity cables for offshore wind and energy interconnections necessitates continuous innovation to meet these problems and assure the dependability and sustainability of underwater power transmission.
Market Competitive Landscape
The submarine power cable industry's competitive landscape is defined by the existence of multiple significant players, both established corporations and new entrants, all competing for a foothold in the expanding market. Nexans SA, Prysmian Group, NKT A/S, Sumitomo Electric Industries, Ltd., LS Cable & System, Furukawa Electric Co., Ltd., and Hengtong Group are among the major firms in this area. These industry titans have risen to prominence thanks to significant experience, global reach, and a diverse range of submarine power cable solutions.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Type, By Voltage, By End User
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| Regions covered | North America, Asia-Pacific, Latin America, Middle East & Africa and Europe
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| Companies Covered | Nexans, Prysmian, NKT, LS Cable & System, Furukawa Electric, Sumitomo Electric, General Cable Corporation, Hydro Group, KEI Industries, Tele-Fonika Kable, and ZTT |
COVID-19 Impact on Global Submarine Power Cable Market
The spread of COVID-19 has had a huge impact on the submarine power cable business, offering both obstacles and opportunities. The submarine power cable business encountered delays and risks in project execution as the outbreak caused significant disruptions in worldwide supply chains, manufacturing operations, and construction activities. Travel restrictions and lockdown measures hampered labour movement, causing logistical difficulties in cable installation and maintenance tasks. Furthermore, the pandemic-induced economic downturn prompted concerns regarding project funding and investment in new undersea power cable projects.
Key Target Audience:
- Utilities and Power Generation Companies
- Telecommunication Companies
- Government and Regulatory Authorities
- Investors and Financial Institutions
- Manufacturers and Suppliers
- Engineering, Procurement, and Construction (EPC) Companies
- Environmental and Maritime Organizations
- Consulting and Advisory Firms
- Maintenance and Service Providers
Our in-depth analysis of the Submarine Power Cable Market includes the following segments:
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By Type:
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Single Core
Multicore
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By Voltage:
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Medium Voltage
High Voltage
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By End User:
By
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Offshore Wind Power Generation
Inter-country and Island Connection
Offshore Oil & Gas
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Key Topics Covered in the Report
- Global Submarine Power Cable Market Size (FY’2023-FY’2033)
- Outline of Global Submarine Power Cable Market
- Segmentation of Global Submarine Power Cable Market By Type (Single Core, Multicore)
- Segmentation of Global Submarine Power Cable Market By Voltage (Medium Voltage, High Voltage)
- Segmentation of Global Submarine Power Cable Market By End User (Offshore Wind Power Generation, Inter-Country and Island Connection, Offshore Oil & Gas)
- Segmentation of Global Submarine Power Cable Market By Conductor Material (Copper, Aluminium)
- Statistical Snap of Global Submarine Power Cable Market
- Expansion Analysis of Global Submarine Power Cable Market
- Problems and Obstacles in Global Submarine Power Cable Market
- Competitive Landscape in the Global Submarine Power Cable Market
- Impact of COVID-19 and Demonetization on Global Submarine Power Cable Market
- Details on Current Investment in Global Submarine Power Cable Market
- Competitive Analysis of Global Submarine Power Cable Market
- Key Players in the Global Submarine Power Cable Market
- SWOT Analysis of Global Submarine Power Cable Market
- Global Submarine Power Cable Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1.2. Market segment analysis
2.1. Research data source
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.2. COVID-19 Impacts of the Global Submarine Power Cable Market
5. Market variable and outlook
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
6.1. Global Submarine Power Cable Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Submarine Power Cable Market
7. Global Submarine Power Cable Market, By Type (USD Million)
7.1. Global Submarine Power Cable Market Value Share and Forecast, By Type, 2023-2033
8. Global Submarine Power Cable Market, By Voltage (USD Million)
8.1. Global Submarine Power Cable Market Value Share and Forecast, By Voltage, 2023-2033
9. Global Submarine Power Cable Market, By End User (USD Million)
9.1. Global Submarine Power Cable Market Value Share and Forecast, By End User, 2023-2033
9.2. Offshore Wind Power Generation
9.3. Inter-country and Island Connection
10. Global Submarine Power Cable Market Forecast, 2019-2033 (USD Million)
10.1. Global Submarine Power Cable Market Size and Market Share
11. Global Submarine Power Cable Market, By Type, 2019-2033 (USD Million)
11.1. Global Submarine Power Cable Market Size and Market Share By Type (2019-2026)
11.2. Global Submarine Power Cable Market Size and Market Share By Type (2027-2033)
12. Global Submarine Power Cable Market, By Voltage, 2019-2033 (USD Million)
12.1. Global Submarine Power Cable Market Size and Market Share By Voltage (2019-2026)
12.2. Global Submarine Power Cable Market Size and Market Share By Voltage (2027-2033)
13. Global Submarine Power Cable Market, By End User, 2019-2033 (USD Million)
13.1. Global Submarine Power Cable Market Size and Market Share By End User (2019-2026)
13.2. Global Submarine Power Cable Market Size and Market Share By End User (2027-2033)
14. Global Submarine Power Cable Market, By Region, 2019-2033 (USD Million)
14.1. Global Submarine Power Cable Market Size and Market Share By Region (2019-2026)
14.3.6. Rest of Asia-Pacific
14.5. Middle East and Africa
14.5.1. Kingdom of Saudi Arabia
14.5.2. United Arab Emirates
14.5.3. Rest of Middle East & Africa
14.7.3. Rest of Latin America
15.1.2. Financial outlook
15.1.4. Recent developments
15.2.2. Financial outlook
15.2.4. Recent developments
15.3.2. Financial outlook
15.3.4. Recent developments
15.4.2. Financial outlook
15.4.4. Recent developments
15.5.2. Financial outlook
15.5.4. Recent developments
15.6.2. Financial outlook
15.6.4. Recent developments
15.7.2. Financial outlook
15.7.4. Recent developments
15.8.2. Financial outlook
15.8.4. Recent developments
15.9.2. Financial outlook
15.9.4. Recent developments
15.10.2. Financial outlook
15.10.4. Recent developments
15.11. Hengtong Marine Cable System
15.11.2. Financial outlook
15.11.4. Recent developments
16. List of Abbreviations
17. Reference Links
18. Conclusion
19. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
