Submarine Power Cable Market to Capture Unparalleled Growth with a CAGR of 15.32% from 2018 to 2023

The submarine power cable market is estimated to be valued at USD 16.56 billion by 2023, at a CAGR of 15.32% from 2018 to 2023. Submarine power cables are widely used to connect offshore wind farms to mainland grids. Increasing demand for inter-country and island connection and increasing offshore wind installations in UK, Germany, and China are contributing to the growth of the submarine power cable market. Increasing demand for HVDC connections is one of the major opportunities for the submarine power cable market.

Europe is expected to be the fastest-growing market for submarine power cables from 2018 to 2023. The demand for submarine power cables in Europe is driven by the improvement and development of offshore wind technology, which led to new offshore wind capacity additions across various countries in the region.

Browse 64 market data Tables and 42 Figures spread through 140 Pages and in-depth TOC on "Submarine Power Cable Market by Type (Single, Multicore), Voltage (Medium, High), Conductor Material (Copper, Aluminum), End-User (Offshore Wind Power Generation, Inter-Country & Island Connection, & Offshore Oil & Gas), and Region - Global Forecast to 2023"

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UK, Germany, Denmark, and Netherlands are witnessing a significant rise in new capacity addition, which has led to a growth in the demand for submarine power cables. UK and Germany are expected to be the two largest markets for submarine power cables in Europe in 2018. The growth of offshore wind sector in these countries is supported by increasing government initiatives, such as zero bids for offshore in Germany and a full zero subsidy tender in the Netherlands. Moreover, the market is also expected to grow significantly in Denmark and Netherlands, as well as in Finland, France, and Sweden during the forecast period.

The offshore wind power generation segment is expected to be the fastest-growing segment of the submarine power cable market from 2018 to 2023. This can be attributed to technology advancements and cost reductions. North America is the fastest-growing market for submarine power cables and offers various business opportunities to submarine power cable manufacturers in the offshore wind power generation segment. High electricity price and high electricity demand, along with the state governments backing for the renewable energy industry, are the main drivers of offshore wind development in North America.

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The high voltage segment is expected to be the fastest-growing market, by voltage, from 2018 to 2023. The high voltage submarine power cable ranging above 33 kV is used for grid interconnections and for connecting offshore platforms such as offshore wind generation and offshore oil & gas facilities to the mainland grid. As cable technology advances, more projects are being planned that require longer, deeper, and higher-capacity cables. Hence, UK, Germany, Denmark, and Netherlands are expected to experience a lot of investments in grid interconnections and offshore wind sector in the coming years, which will result in higher market share of the high voltage submarine power cable segment.

The single core segment is expected to be the fastest-growing segment of the submarine power cable market from 2018 to 2023. Single core cables offer many benefits to operators, including easier and cheaper deployment. They are more suitable to cover longer distance as these cables experience lower reverse current when compared to multi-core cables. Upcoming extra-high voltage projects in Asia Pacific, Europe, and North America are expected to drive the segment during the forecast period.

The copper segment is expected to be the fastest-growing segment of the submarine power cable market from 2018 to 2023. Copper has better corrosion resistance than aluminum. Moreover, cables using copper have a smaller cross-section diameter than those using aluminum as copper has higher conductivity and requires a smaller cross-section area for the same current-carrying capability. The submarine power cable market with copper as conductor material is driven by technical factors such as high conductivity and specific weight advantage, which lead to a more efficient cable-laying process and greater stability of cables.

The submarine power cable market comprises both global and regional players. Key players operating in the market include Prysmian (Italy), Nexans (France), NKT (Denmark), General Cable (US), and Furukawa Electric (Japan). Contracts & agreements, investments & expansions, and collaborations & partnerships are the major strategies adopted by the players in the submarine power cable market. Contracts & agreements was the most commonly adopted strategy from 2015 to 2018 (April). Industry players also adopted the strategy of investments & expansions, which was the second-most widely followed strategy from 2015 to 2018 (April).

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Prysmian is one of the largest providers of cable and system solutions to energy and telecom sectors. The company has 4 business segments: energy products, energy projects, telecom, and oil & gas. The company manufactures submarine power cables under the energy projects segment. Through these business segments, Prysmian provides products and solutions for power transmission and distribution, of specialty cables for applications in many different industries and of medium- and low-voltage cables for construction and infrastructure sectors. In October 2017, Prysmian entered into a contract with Suomen Hyötytuuli (Finland) to supply approx. 14 km of 30-kV submarine cable for 10 additional turbines for the Tahkoluoto offshore wind farm located in the Baltic Sea.

Nexans is one of the leading technology companies offering products, solutions, and services in the fields of industrial automation, utilities, transmission and distribution, and oil & gas, among others, across the globe. The company operates through 4 segments: transmission and distribution & operators, industry, distributors & installers, and other activities. Nexans provides submarine power cables under its transmission and distribution & operators segment. Through its transmission and distribution & operators segment, the company also provides high-, medium-, and low-voltage underground and overhead cables to cater to various end-use industries, such as oil & gas, energy resources, building, and communication. The company adopted investment & expansion as one of its key growth strategies to strengthen its presence in the market. In November 2017, Nexans opened a high-voltage test laboratory to enhance its cable testing capacity up to 1.5 million volts at its Calais Center of Excellence in France.