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Global Submarine power cable Market is valued at USD 5.3 billion in 2016 is anticipated to grow USD 20.2 billion with the compounded annual growth of 16% over the forecast period 2017-2025.
New York 11 June 2018, As per the new research study conducted by Bizwit Research & Consulting, Global Submarine power cable industry is poised to raise USD 20.2 billion by 2025. Some key components for the market development will be; new capacity additions in the offshore wind industry and increasing demand for inter-country & island connections. Growth in demand from the offshore oil & gas sector is expected to boost the demand for submarine power cables. The increasing demand for HVDC connections presents a great opportunity for the submarine power cable market because of significant investments being made in it.
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G Global Submarine power cable Market Size study, by Type (Single, Multicore), Voltage (Medium, High), by Conductor Material (Copper, Aluminum), by End-User (Offshore Wind Power Generation, Inter-Country & Island Connection, & Offshore Oil & Gas) and by Regional Forecasts 2017-2025
The industry is seems to be fairly competitive. Some of the leading market players include benchmarking, prysmian, nexans, general cable corporation, NKT, sumitomo electric, furukuwa electric and so on. Other market players discussed in the report include ZTT, Kei industries, LS cable & systems, hydro group. New product launches, acquisitions, and mergers are some of the strategies adopted by the key manufacturers. Additionally, the fierce competitiveness has made these players spend in product developments to improve the customer’s requirements.
Key findings of the study:
- The high cost of installation and complexity in the repair of deepwater cable links have adversely affected the demand for submarine power cables.
- Growing demand for inter-country connections coupled with demand from offshore oil & gas sector is expected to drive the market in Europe.
- Key players are heavily investing in product enhancements in order to attract new customers to the market.
Bizwit Research & Consulting LLP has considered the following segments for the study:
- Single core
- Medium voltage
- High voltage
- Offshore wind power generation
- Intercountry & island connection
By Conductor material:
- North America
- Asia Pacific
- Latin America
- Rest of the World