New York, March 18, 2022 (GLOBE NEWSWIRE) — The Insight Partners has released the latest research study on “Submarine Power Cables Market Forecast to 2028 – Impact of COVID-19 and Global Analysis – by type (multi-core and single-core), conductive material (copper and aluminum), voltage (high voltage and medium voltage) and application (offshore oil and gas, offshore wind energy , and Inter-Country & Island Connection)”, the growth of the global submarine power cable market is driven by the increase in investments in offshore wind power plants, the increase in submarine connections between countries for the transmission of energy, the growing development of underwater data centers.
Get Exclusive Page Examples of Submarine Power Cables Market Size – Impact of COVID-19 and Global Analysis with Strategic Insights on https://www.theinsightpartners.com/sample/TIPRE00008943/
|Market size Value in||US$7.64 billion in 2021|
|Market Size Value by||$11.82 billion by 2028|
|Rate of growth||CAGR of 6.4% from 2021 to 2028.|
|Forecast period||2021- 2028|
|Year of reference||2021|
|Number of pages||188|
|Number of tables||169|
|Number of graphs and figures||88|
|Historical data available||Yes|
|Segments Covered||Type, conductor material, voltage and application|
|Regional scope||North America; Europe; Asia Pacific; Latin America; AEM|
|Country scope||United States, United Kingdom, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report cover||Revenue Forecast, Business Ranking, Competitive Landscape, Growth Factors and Trends|
Submarine Power Cable Market: Competitive Landscape and Key Developments
Prysmian Group, Sumitomo Corporation, Furukawa Electric Group, LS Cable & System Ltd. and ABB Ltd. are the major players profiled in the market forecast. In addition, several other key market players have been researched and analyzed to gain a comprehensive view of the global Undersea Power Cables market and its ecosystem.
Inquiry before buying: https://www.theinsightpartners.com/inquiry/TIPRE00008943/
In 2021, in addition to its usual selection of polyurethane coating materials, Hydro Group has added a number of new cable jacket alternatives. These are aimed at enhancing the company’s ability to serve a wide range of applications in defence, renewable energy and oil and gas.
LS Cable & System announced that in 2021 the company was selected as the preferred bidder for a KRW 200 billion submarine cable project by CDWE (CSBC-DEME Wind Engineering), the leading power construction company EPCI offshore wind farm in Taiwan, and that it would supply submarine cables to the Hai Long offshore wind farm until 2025.
Submarine power cable is used to supply electricity and power to subsea machinery and equipment used on different platforms, such as offshore oil and gas facilities, submarine naval bases , offshore complexes, offshore wind power generation facilities and the telecommunications industry. It also finds use in carrying long data and power transfer paths between the island/country interconnection. Factors, such as the continued expansion of offshore oil and gas platforms, coupled with the increasing deployment of wind farms, high investments from ministries and private companies, the integration of an energy-efficient operating environment are expected to boost the global submarine power cable market over the forecast period. In addition, the increase in the supply of funds for the development of sustainable electricity infrastructure with grid integration of renewable systems will strengthen the growth of this market.
Talk to the research analyst: https://www.theinsightpartners.com/speak-to-analyst/TIPRE00008943
The COVID-19 outbreak decimated global demand for submarine power cables in 2020, reflecting significantly lower order volumes among submarine power cable manufacturers, leading to lower production numbers . The decline in production volumes has negatively impacted the businesses of various component and raw material suppliers in the submarine power cable industry worldwide. The reduction in production and operations in the offshore oil and gas sector and challenges in developing offshore wind projects around the world have had a negative effect on the global market. Other factors, such as strict government regulations regarding the closure of physical business operations involving human contact, have led to several difficulties, such as labor shortages around the world.
Submarine Power Cables Market Opportunities:
The ever-increasing investments across the world in several offshore oil and gas projects, offshore wind farms and inter-country power transmission projects are expected to increase the demand for submarine power cables. Some of the major investments and initiatives include a massive interconnection pipeline between national and island projects over the years. Some of the major HVDC submarine power cable projects include IceLink, MSNLink and NorthConnect, Nord.Link and NorGer, UK Western Link, IFA2, NemoLink, Euro-Asia Interconnector, Labrador-Island, Maritime Link, India-Sri Lanka Interconnection, and Sumatra-Java. These investments by multiple countries in all applications of submarine power cables are expected to propel the market over the forecast period.
Buy a Premium Copy of the Research Report 2021-2028 on Underwater Power Cables Market Size, Share, Revenue, Strategic Insights and Forecast at https://www.theinsightpartners.com/buy/TIPRE00008943/
Submarine Power Cables Market: Type Overview
On the basis of type, the submarine power cable market is segmented into single-core and multi-core. Single-core accounted for a larger share in 2020 in the global market. These cables are widely adopted by various industries, such as oil and gas and wind farms. They are used for applications such as power supply from onshore substation to offshore oil and gas platform, connection between offshore oil and gas platforms, interconnection of country grids, l power supply from the mainland to remote islands and the export cable to transport the total power generated from the offshore substation to the onshore substation. These factors are increasing the adoption of single core submarine power cables, thus contributing to the growth of the market.
Cycle through adjacent reports:
Submarine Fiber Optic Cable Market Forecast to 2028 – Impact of COVID-19 and Global Analysis by Type (Single Deck Shield, Double Deck Shield, Others); Application (shallow sea, deep sea) and geography
Submarine Cable Systems Market to 2027 – Global Analysis and Forecast by Service (Installation Services and Maintenance & Upgrade Services) and Application (Communication and Energy & Power)
Power and Control Cable Market Forecast to 2028 – Impact of COVID-19 and Global Analysis by Type (Power Cable, Control Cable); Voltage (High Voltage, Medium Voltage, Low Voltage); Application (utilities, industry) and geography
Mineral Insulated Cable Market Forecast to 2027 – Impact of COVID-19 and Global Analysis by Type (Power Cable and Heating Cable), Coating (Copper, Stainless Steel and Others), End-User Industry ( energy and electricity, oil and gas, construction, pharmaceuticals and others) and geography
Railway Wire Harness Market Forecast to 2028 – Impact of COVID-19 and Global Analysis by Component (Wire, Terminal, Connector, Others); Cable type (jump cable, power cable, transmission cable, others); Material (Copper, Aluminum, Others); Application (Brake Harness, Engine Harness, HVAC Harness, Lighting Harness, Infotainment Harness, Traction System Harness, Others); Type of train (light rail, high-speed rail/high-speed rail, metro/monorail) and geography
Sensing Cable Market Forecast to 2028 – Impact of Covid-19 and Global Analysis – By Sensing Medium (Liquid, Gas); Mode (singlemode fiber, multimode fiber); Utility (leak detection, heat detection, acoustic detection, stress monitoring, power cable monitoring, others); Vertical sector (building and construction, oil and gas, IT and telecommunications, energy, other) and geography
Levant Power Cable Market Forecast to 2028 – Impact of COVID-19 and Global Analysis by Application (Oil & Gas, Construction, Utilities, Manufacturing); Voltage (High Voltage, Medium Voltage, Low Voltage); Product (power, control) and geography
Wire and Cable Management Market Forecast to 2028 – Impact of COVID-19 and Global Analysis by Product Type (Wiring Conduits, Conduits & Trunking, Cable Trays & Ladders, Cable Tray, Boxes & Covers, cable glands and connectors, others); Cable type (communication wire and cable, power cable); Material (metallic, non-metallic); End user (residential, commercial, industrial) and geography
The Insight Partners is an industry unique research provider of actionable intelligence. We help our clients find solutions to their research needs through our syndicated research and advisory services. We specialize in industries such as Semiconductors and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Health IT, Manufacturing and Construction, Medical Devices , technology, media and telecommunications, chemicals and materials.
If you have any questions about this report or would like further information, please contact us:
Contact person: Sameer Joshi
Press release: https://www.theinsightpartners.com/pr/submarine-power-cable-market