Submarine Power Cable Market Global Size, Share, Trends Forecast To 2023 Research Report

Submarine Power Cable Market Research Report: Information by Insulation type (Cross linked polyethylene and ethylene propylene rubber, Type (Single and Multi-core), Voltage (Medium and High), Conductor type, End-Use and region - Forecast till 2023

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Submarine Power Cable Market Insights:

Submarine power cables are electricity transmitting cables that are buried under water, mostly sea water. In the recent decades, importance of submarine power cables has grown exponentially, mainly on account of the development in technology, enabling us to harness energy from the deep seas. Submarine power cables are mostly used to transmit electricity at high voltages. Submarine power cables are made up of concentric assembly of layers including optical fibres, conductors, protective layers, and insulation. Multi core power cables have optical fibres for data transmission and temperature measurement. The cables have a layer of lead to stop the intrusion of water into the cables. Most manufacturers are using lead or a lead alloy for this purpose. The cables are armored with nonmagnetic metals to avoid losses during transmission, mostly stainless steel copper or brass are used. Armoring also acts a protective layer against corrosion. Most submarine power transmission systems use alternating current, as their voltages can easily be changed using a transformer. However, when transmitting electricity over long distances direct current is more beneficial as the capacitance of the cable will require lesser current for charging as compared to alternating current. Direct current can easily be converted into alternating current by connecting a converter at each line of the direct line.

Many countries are now harnessing energy from offshore wind farms, which require submarine power cables to transmit the electricity back to the shore, forming a major driving factor for the global submarine power cable market. Technological developments in the offshore wind farms markets is predicted to have a positive impact on the growth of the global submarine power cable market. Offshore oil platforms can use the diesel or gas they extract to power their electrical requirements, but such gas turbines have an efficiency of about 30% and emit a large among of carbon dioxide. Thus, most platforms are now opting for electricity from the mainland transmitted through submarine power cables, driving the growth of the global submarine power cable market. Intercountry and island power connections that use submarine power cables form another major factor driving the growth of the global submarine power cable market. Some countries and islands are dependent on other nations for their power needs and such cables have enhanced the connectivity.

Use of submarine power cables has multiple advantages, but the complexity involved in the initial installation of the product is a major restraint of the market. Further repairs of submarine power cables in deep water is very difficult due to the high pressure of water. Authorization of such projects is complex, mainly as many countries are involved and require clearances from various authorities including environmental and regulators. Another major restraint for the market is the damage caused to the cables from human intervention.

The global submarine power cable market has been segmented based on insulation type, core type, voltage, conductor type and end-user type. On the basis of insulation type, the market is segmented as cross-linked polyethylene (XLPE) and ethylene propylene rubber (EPR). XLPE segment had been dominating the market in 2017 and is estimated to dominate the global submarine power cable market during the forecast period. On the basis of core type, the market is segmented as single core and multi-core. Single core cables had a larger market share in the year 2017 and is expected to dominate the global submarine power cable market during the forecast period as it is simpler and easier to install it. On the basis of voltage, the market is segmented as medium and high voltage. High voltage segment dominates the global submarine power cable market as it has multiple uses and the voltage can be easily stepped up or down as per requirement. On the basis of conductor type, the market is segmented as aluminum and copper. Aluminum is estimated to dominate the segment during the forecast period because of the technological developments in its manufacturing.

The global submarine power cable market is expected to expand at ~14.05% CAGR during the forecast period.

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