Submarine Power Cable Market Introduction and Overview
According to SPER Market Research, the Global Submarine Power Cable Market is estimated to reach USD 52.14 billion by 2033 with a CAGR of 14.54%.
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.
Submarine Power Cable is available in diameters ranging from 70mm to 210mm and in two types: AC or High Voltage, High Voltage and Alternating Current DC (Direct Current).
- Growing offshore wind: The expansion of offshore wind farms around the world, notably in the European region, is driving the Submarine Power Cable Market. Furthermore, the rapid expansion of offshore oil and gas sectors, increased private and government investment, and stringent rules for energy-efficient operations in the industry are driving market growth. Furthermore, the expanding inter-country transfer network for underwater power supply has driven the Submarine Power Cable Market.
- Furthermore, increasing concerns about grid reliability and safety as a result of peak load demand for power around the world, as well as a rise in cash flow to construct a sustainable electrical infrastructure for the integration of renewable systems, are expected to drive market growth. Furthermore, rising per capita income, increased access to energy, and fast urbanization around the world are the key drivers of rising electricity demand. As a result, many energy producing businesses are looking for renewable electricity generation, which is driving the growth of the Submarine Power Cable Market.
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.
However, challenges remain in the form of expensive installation and maintenance costs, technical and environmental issues, project delays, regulatory hurdles, and overhead line competition. To effectively harness market prospects, industry players must address these obstacles proactively and innovate. In this dynamic and ever-changing economy, being up to date on the newest market trends is critical.
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, By Conductor Material
|
| Regions covered | Middle East and Africa, Asia-Pacific, Latin America, Europe, North America
|
| 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
- Submarine Power Cable Manufacturing Company
- Industry and Consulting Firms
- State and National Regulatory Authorities
- Transmission and Distribution Utilities
Our in-depth analysis of the Submarine Power Cable Market includes the following segments:
|
By Type:
|
Single Core
Multicore
|
|
By Voltage:
|
Medium Voltage
High Voltage
|
|
By End User:
|
Offshore Wind Power Generation
Inter-Country and Island Connection
Offshore Oil & Gas
|
|
By Conductor Material:
|
Copper
Aluminium
|
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. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
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
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Global Submarine Power Cable Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal 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
5.4. Heat Map Analysis
6. Competitive Landscape
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
7.2. Single Core
7.3. Multicore
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
8.2. Medium Voltage
8.3. High Voltage
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
9.4. Offshore Oil & Gas
10. Global Submarine Power Cable Market, By Conductor Material (USD Million)
10.1. Global Submarine Power Cable Market Value Share and Forecast, By Conductor Material, 2023-2033
10.2. Copper
10.3. Aluminium
11. Global Submarine Power Cable Market Forecast, 2019-2033 (USD Million)
11.1. Global Submarine Power Cable Market Size and Market Share
12. Global Submarine Power Cable Market, By Type, 2019-2033 (USD Million)
12.1. Global Submarine Power Cable Market Size and Market Share By Type (2019-2026)
12.2. Global Submarine Power Cable Market Size and Market Share By Type (2027-2033)
13. Global Submarine Power Cable Market, By Voltage, 2019-2033 (USD Million)
13.1. Global Submarine Power Cable Market Size and Market Share By Voltage (2019-2026)
13.2. Global Submarine Power Cable Market Size and Market Share By Voltage Capacity (2027-2033)
14. Global Submarine Power Cable Market, By End User, 2019-2033 (USD Million)
14.1. Global Submarine Power Cable Market Size and Market Share By End User (2019-2026)
14.2. Global Submarine Power Cable Market Size and Market Share By End User (2027-2033)
15. Global Submarine Power Cable Market, By Conductor Material, 2019-2033 (USD Million)
15.1. Global Submarine Power Cable Market Size and Market Share By Conductor Material (2019-2026)
15.2. Global Submarine Power Cable Market Size and Market Share By Conductor Material (2027-2033)
16. Global Submarine Power Cable Market, By Region, 2019-2033 (USD Million)
16.1. Global Submarine Power Cable Market Size and Market Share By Region (2019-2026)
16.2. Global Submarine Power Cable Market Size and Market Share By Region (2027-2033)
16.3. Asia-Pacific
16.3.1. Australia
16.3.2. China
16.3.3. India
16.3.4. Japan
16.3.5. South Korea
16.3.6. Rest of Asia-Pacific
16.4. Europe
16.4.1. France
16.4.2. Germany
16.4.3. Italy
16.4.4. Spain
16.4.5. United Kingdom
16.4.6. Rest of Europe
16.5. Middle East and Africa
16.5.1. Kingdom of Saudi Arabia
16.5.2. United Arab Emirates
16.5.3. Rest of Middle East & Africa
16.6. North America
16.6.1. Canada
16.6.2. Mexico
16.6.3. United States
16.7. Latin America
16.7.1. Argentina
16.7.2. Brazil
16.7.3. Rest of Latin America
17. Company Profile
17.1. Benchmarking
17.1.1. Company details
17.1.2. Financial outlook
17.1.3. Product summary
17.1.4. Recent developments
17.2. Furukawa Electric
17.2.1. Company details
17.2.2. Financial outlook
17.2.3. Product summary
17.2.4. Recent developments
17.3. General Cable Corporation
17.3.1. Company details
17.3.2. Financial outlook
17.3.3. Product summary
17.3.4. Recent developments
17.4. Hydro Group
17.4.1. Company details
17.4.2. Financial outlook
17.4.3. Product summary
17.4.4. Recent developments
17.5. KEI Industries
17.5.1. Company details
17.5.2. Financial outlook
17.5.3. Product summary
17.5.4. Recent developments
17.6. LS Cable & System
17.6.1. Company details
17.6.2. Financial outlook
17.6.3. Product summary
17.6.4. Recent developments
17.7. Nexans
17.7.1. Company details
17.7.2. Financial outlook
17.7.3. Product summary
17.7.4. Recent developments
17.8. NKT
17.8.1. Company details
17.8.2. Financial outlook
17.8.3. Product summary
17.8.4. Recent developments
17.9. Prysmian
17.9.1. Company details
17.9.2. Financial outlook
17.9.3. Product summary
17.9.4. Recent developments
17.10. Sumitomo Electric
17.10.1. Company details
17.10.2. Financial outlook
17.10.3. Product summary
17.10.4. Recent developments
17.11. Tele-Fonika Kable
17.11.1. Company details
17.11.2. Financial outlook
17.11.3. Product summary
17.11.4. Recent developments
17.12. ZTT
17.12.1. Company details
17.12.2. Financial outlook
17.12.3. Product summary
17.12.4. Recent developments
17.13. Others
18. List of Abbreviations
19. Reference Links
20. Conclusion
21. 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.
