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Submarine Power Cable Market (Type - Single Core, and Multicore; Voltage - Medium Voltage, and High Voltage; Conductor Material - Copper, and Aluminum; End-user - Offshore Wind Power Generation, Inter-country and Island Connection, and Offshore Oil & Gas): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : June, 2021

  • Rep Id : EIM0289

  • Category : Energy, Mining and Infrastructure

  • Status : Published

A recent report published by Infinium Global Research on the submarine power cable market provides in-depth analysis of segments and sub-segments in the global as well as regional submarine power cable market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional submarine power cable market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global submarine power cable market. According to the report, the global submarine power cable market was worth USD 9 billion in 2020 and is expected to reach USD 20 Billion by 2026, growing with a CAGR of 14.2% over the forecast period of 2020-2026.

 

Market Insight

Submarine power cable is a kind of transmission cable and it is widely utilized for carrying electric power under the surface of the water. It is called submarine cable since generally carries electric power under the saltwater such as arms of the seas, oceans, and straits. Furthermore, the importance of submarine power cable has steadily augmented in recent decades. The introduction of offshore renewable energy has caused an upsurge in demand for submarine power cable as it needs export cables from wind, wave, and tidal installation to bring renewable energy ashore. Moreover, submarine power cables are available in a wide range of sizes from 70mm to, exceeding, 210mm in diameter and in two flavors comprising AC or High Voltage AC and High Voltage DC.

 

On-going expansion of offshore oil & gas platforms coupled with the rising deployment of offshore wind farms will propel the global submarine power cable market growth. Rapid investments from government & private players favoured by strict regulatory initiatives to integrate an energy-efficient operational environment will increase the industry growth during the forecast period. Furthermore, increasing inter-country transmission networks for underwater power supply has integrated an encouraging business scenario. Moreover, increasing peak load demand has been imposing concerns related to grid stability & security of supply across the world. Also, rising fund flow to develop a supportable electrical infrastructure in line with positive regulatory reforms toward the grid integration of renewable systems will accompaniment the submarine power cable market. On the other hand, a requirement for a high frequency of maintenance and repair work for submarine power cable is anticipated to hinder the growth of the submarine power cable market.

 

Among the geographies, the Europe region is expected to hold the largest share in the global submarine power cable market. Further, the industry is driven by on-going developments toward an effective transmission network coupled with soaring energy demand from developing countries. Moreover, strict norms pertaining to efficient power transmission along with increasing cross-border electricity trade will further boost the industry dynamics. However, the Asia Pacific region is expected to hold a significant share in the global submarine power cable market. The Chinese government is aggressively promoting the development of renewable infrastructure, in order to control pollution, as well as to reduce the share of thermal power in the country’s power generation profile.

 

Segment Covered

The report on global submarine power cable market covers segments such as type, voltage, conductor material, and end-user. On the basis of type, the sub-markets include single core, and multicore. On the basis of voltage, the sub-markets include medium voltage, and high voltage. On the basis of conductor material, the sub-markets include copper, and aluminum. On the basis of end-user, the sub-markets include offshore wind power generation, inter-country and island connection, and offshore oil & gas.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Prysmian, Nexans, NKT, General Cable, Furukawa Electric, Sumitomo Electric, KEI Industries, LS Cable & System, ZTT, and TFKable Group.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the submarine power cable market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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