Submarine Power Cable Market Forecast to 2027

Market Overview
As per the MRFR analysis, the global submarine power cable market is anticipated to witness a healthy CAGR of 12.5% during the review period to surpass USD 19,071.3 million by the end of 2027. The market expansion can be principally attributed to the rising number of seaward wind ranches and the growing interest in seaward oil and gas activities. The developing interest for intercountry and island power associations is supposed to set out open doors for the submarine power cable market players during the gauge time frame. However, the high establishment costs and fixing intricacy are supposed to restrain the development of the submarine power cable market during the review period.
The interest in energy has been developing worldwide at a consistent rate and is supposed to develop the submarine power cable market consistently during the gauge time frame. Rising pay expanded admittance to power, and urbanization is the essential purpose behind the rising interest in power around the world. As per information from IEA, energy interest in 2019 became by 2.3% from 2018, principally because of the developing warming and cooling needs around the world. Energy age organizations have been zeroing in on environmentally friendly power age to diminish fossil fuel by-products and advance manageable development worldwide. Moreover, the rising worries about the developing fossil fuel by-products and the endeavors to control them bring about a need to expand the portion of environmentally friendly power like breeze and wave and flowing energy in the power age blend.
Segment Overview
Global Submarine Power Cable Market is classified into Type, Insulation Type, Voltage, Conductor Material, and Ends-Use. The Type segment is bifurcated into Single Core and Multi Core. Based on Insulation Type the market is divided into Cross-linked polyethylene (XLPE) and Ethylene Propylene Rubber (EPR).
The Voltage segment is classified into Up to 66 KV, 66 KV – 220 KV, and Above 220 KV. The Conductor Material segment is made up of Copper and Aluminum.
In terms of End-use, the submarine cable market is categorized as Offshore Wind Power Generation, Offshore Oil & Gas, Island Connection, and Wave and Tidal Power Generation.
Regional Analysis
Europe represented the biggest piece of the pie of in 2020, with a market worth of USD 2,827.7 million; the market is supposed to enroll the most elevated CAGR of 13.8% during the gauge time frame.
China represented the biggest piece of the pie in 2020 in the Asia Pacific area. The market is supposed to enrol the most elevated CAGR of 15.4% during the gauge time frame. Japan accounted for the second-biggest market in 2020 and is projected to observe development at a CAGR of 12.3% during the forecast period.
Major Players
The prominent players in the global submarine power cable market are Prysmian Group, NEXANS, Sumitomo Electric Industries, Ltd, ZTT, HENGTONG GROUP CO., LTD., Qingdao Hanhe Cable Co., Ltd., NKT A/S, FURUKAWA ELECTRIC CO., LTD., LS Cable & System Ltd, and Fujitsu.