- Cross-border power grid connections are increasingly adopting submarine power cables to increase network stability and save investment costs
- Due to its uses in offshore wind power production and offshore oil rigs, the global submarine power cables market is expected to rise at a high rate in the forthcoming years
ALBANY, N.Y., June 9, 2022 /PRNewswire/ -- The global submarine power cable market was worth more than US$ 6.9 Bn in 2021. The global market is expected to rise at a CAGR of 12% during the forecast period, from 2022 to 2031. The market value of the submarine power cable is expected to cross valuation of US$ 21.7 Bn by 2031. Due to a rise in offshore wind power production, the submarine power cable market is expected to develop significantly during the forecast period. In addition, demand is likely to be driven by offshore oil rigs, an increase in inter-country and island connections, and an increase in spending on HVDC connections due to high demand.
Submarine power transmission cables transport electricity beneath the sea's surface. Submarine cables for inter-country and island connections are intended to boost energy commerce and electricity provision to remote areas. Demand analysis of submarine power cable market predicts increasing usage of these cables in offshore wind power production, offshore oil rings, and inter-country and island connections.
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As the number of offshore wind parks grows and the national electric grid becomes more integrated, demand for high-efficiency submarine power cables is projected to rise. Submarine power cables are used to carry electric energy beneath the water between islands, nations, and sometimes even continents at the maximum voltages and power levels. Offshore renewable energy projects require underwater power cables. Submarine power cable construction and operation, on the other hand, differs significantly from land-based cables and necessitates the use of more advanced technologies.
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Key Findings of Market Report
- The growing need for cross-border linked power grids is driving up demand for submarine power cables, which is expected to drive the global submarine power cable market in the years to come. The global market is expected to reach US$ 7.8 billion by the 2022 end, owing to strong demand from key industries like telecommunications and information technology.
- One of Europe's fastest-growing industries is offshore wind power production. It's one of the most important aspects of renewable energy, and it's crucial in combating climate change and protecting the environment. Offshore wind energy offers a greater potential for electricity generation than onshore wind energy. It can also help to protect wildlife as well as human habitat more effectively. Offshore wind power plants have a number of technological advantages, including reduced site and location planning hurdles, energy mix flexibility, and high power production capabilities. Submarine power cables are used to transport and interconnect the grid, which is likely to drive the global market.
- Based on type, the multi core segment dominated the global market in 2021, accounting for 76.5% of the overall demand. It is one of the key market segments in submarine power cable with high revenue generating prospects. Multi core cables include numerous cores and can be used in a variety of applications, including those that need a large number of cables. With cost-per-bit advantages in the cable system, the number of cores in multi core is rising without expanding cable diameter.
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Global Submarine Power Cable Market: Growth Drivers
- The submarine power cable market is being driven by increasing demand from offshore wind power production and an increase in utilization for cross-border interconnected grid. Recent developments in submarine power cable market such as Facebook backed subsea communication cable are expected to accelerate growth of the market.
- Considering volume, Europe dominated the global submarine power cable market in 2021. The UK and Germany are two of Europe's most important marketplaces. The Europe market is expected to be driven by an increase in demand for inter-country connections, as well as consumption from the offshore oil and gas industries.
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Global Submarine Power Cable Market: Key Players
Some of the key market players are
- Furukawa Electric Group
- Hengton Group Co. Ltd
- Prysmian Group
- Hydro Group plc.
- General Cable Corp
- LS Cable & System
Global Submarine Power Cable Market: Segmentation
Type
- Single core Cable
- Multi core Cable
Application
- Offshore Wind Power Generation
- Inter Country and Island Connection
- Offshore Oil Rigs
Global Submarine Power Cable Market, by Region
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Spain
- Italy
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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