Submarine Power Cable Market Research, Analysis by Growth, Global Market and Forecast to 2024

Submarine power cable is a transmission cable which is used to carry electric power below the water surface. These are known as submarine, as they carry electric power beneath salt water. These cables can also be used beneath fresh water such as lakes and rivers. The global submarine power cable market is registering a significant growth in the recent years and expected to witness an exponential growth during the forecast period. The growing demand for power generation from renewable energy sources along with increasing number of offshore wind farms, and increasing power generation facilities are the major factors fueling the growth of the submarine power cable market.

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Insight by Type

On the basis of type, the submarine power cable market is categorized into single core and multicore cables. The single core category is leading the market and anticipated to register the faster growth in the coming years. This is attributed to their easy and economical deployment as compared to multicore cables. The demands of single core cables are majorly derived from offshore wind sector, particularly in Europe, which is fueling the demand of these cables in the market. Also, single core cables are suitable for covering long distances, as they experience lower reverse current as compared to multicore cables.

Based on voltage, the submarine power cable market is classified into medium voltage and high voltage. During the forecast period, the high voltage category is anticipated to hold the larger share in the market, owing to the increasing number of grid connections coupled with offshore wind projects, which require high capacity cables to transmit power to long distance.

Based on end-user, the submarine power cable market is categorized into offshore wind power generation, inter-country and island connection, offshore oil and gas, and others. Of all these, the offshore wind power generation segment dominated the market and accounted for largest share. The continuous technological advancement and reducing offshore wind cost are anticipated to drive the offshore wind power generation segment of the market by end-user.

The advent of offshore renewable energy, increasing environmental concerns, and growing demand from offshore oil and gas operations are the major factors driving the growth of the submarine power cable market. The growing environmental concerns are encouraging various countries to focus on power generation from renewable sources, hence the number of renewable projects which includes wind and tidal energy projects, has increased significantly in the recent years in various parts of the world, resulting in increasing demand of these cables in the market.

The challenges that are identified in the market which can hinder the market growth are high installation cost, technical challenges in installation, and damages caused due to human intervention. The major damages are caused by the accidental issues due to fishing boats or ships and also sometimes the anchor of the ships gets hooked to these cables, which cause serious damage to them, which is among the major challenge faced by the submarine power cable market.

The major players of the submarine power cable market are focusing on increasing the production line efficiency by significantly investing in research and developmental activities related to these cables, which are expected to create stiff competition among the players operating in the market.

Geographic Overview

Globally, Europe is the key region in the submarine power cable market, owing to the major shift in the region towards the renewable energy. For instance, The European Union (EU) has agreed to the proposal related to investing in energy security by strengthening the cross border energy infrastructure, which can create ample opportunities in the region’s market. Also, countries such as Spain, Germany, and the U.K. are investing significantly in wind power generation projects lately, as these countries are focusing on producing surplus energy which can be transmitted to other countries using inter-country and island connections, which in turn will boost the demand of these cables in the market.

Competitive Insight

The major players in the submarine power cable market are competing against each other on the basis of various factors such as quality, price, range of products, service, delivery time, and others. General Cable Technologies, Nexans, Furukawa Electric, LS Cable & System, Hydro Group, NKT Group, Prysmian Group, Sumitomo Electric Industries, Hengtong Marine Cable Systems, AEI Cables, JDR Cables, ABB, and TE Subcom are some of the major players operating in the submarine power cable industry.

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