According to Stratistics MRC, the Global Submarine Power Cable Market is accounted for $6.31 billion in 2017 and is expected to reach $25.56 billion by 2026 growing at a CAGR of 16.8% during the forecast period. Rising demand from offshore oil & gas operations, increasing number of offshore wind farms are some of the key factors propelling the market growth. Furthermore, increasing demand for high voltage direct current (HVDC) submarine power cables is one of the major opportunities during the forecast period. However, high cost of installation and environmental issues are inhibiting the market.
Submarine power cables linked shore-based power grids across bays, estuaries, rivers, straits, etc. It carry power between countries and to offshore installations like oil/gas platforms and ocean science observatories. It also transfer power from offshore renewable energy schemes to shore, e.g. wind, wave and tidal systems. Cross linked polyethylene and EPR have proven as excellent cable insulating compounds for submarine power cables. Communications within a power cable system are often achieved by the inclusion of a fibre-optic package to carry the laser light signals.
Based on type, single core segment acquired significant growth in the market due to high rise in economic and increasing demand in offshore wind sector. By end user, offshore wind power generation segment is leading the market owing to its vital role in submarine power cable which enables to connect to the offshore wind turbines to offshore substation.
By geography, Europe is dominating the market and the factors driving the growth of this region are booming offshore wind industry and also rising demand for inter-country connections along with oil & gas industries.
Some of the key players in submarine power cable market include Furukawa Electric, General Cable Corporation, Hengtong Group, Hydro Group, KEI Industries, LS Cable & System, Nexans, NKT Holding, Prysmian Group, Sumitomo Electric Industries, Tele-Fonika Kable S.A, ZTT International Limited and TE Subcom.
- Multi core
- Single core
- Paper insulated & fluid filled
- Extruded plastic insulation (XLPE or EPR).
- Medium voltage
- High voltage
Conductor Materials Covered:
End Users Covered:
- Offshore wind
- Island connection and inter-country
- Offshore oil
- North America
- ·Rest of Europe
- Asia Pacific
- ·New Zealand
- ·Rest of Asia Pacific
- South America
- ·Rest of South America
- Middle East & Africa
- ·Saudi Arabia
- ·South Africa
- ·Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country level segments
- Market share analysis of the top industry players
- Strategic recommendations for the new entrants
- Market forecasts for a minimum of 9 years of all the mentioned segments, sub segments and the regional markets
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements.