The submarine power cable market size is worth $11.82 billion, globally,

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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.

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Report cover Details
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.

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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.

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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.

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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.

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Press release: https://www.theinsightpartners.com/pr/submarine-power-cable-market


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