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Global Submarine Power Cable Market to reach USD 34.70 billion by the end of 2030.

Global Submarine Power Cable Market Size study & Forecast, by Type (Single Core, Multicore), by Voltage (Medium Voltage, High Voltage), by End User (Offshore Wind Power Generation, Inter-Country, Island Connection) and Regional Analysis, 2023-2030

Product Code: ALTAWT-21202378
Publish Date: 20-12-2023
Page: 200

Global Submarine Power Cable Market is valued at approximately USD 11.9 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 14.3 % over the forecast period 2023-2030. Submarine Power cables are designed for transmitting electrical power underwater, typically used for interconnecting power grids, offshore renewable energy projects, and underwater power transmission. The Submarine Power Cable Market is expanding because of factors such as growing demand for renewable energy sources and increasing investments in offshore wind energy.

In addition, the rise in inclination towards the use of renewable energyis positively influencing the market demand across the globe. According to a 2021 report published by the International Energy Agency, renewable energy usage witnessed a 3% increase in 2020, primarily driven by a nearly 7% growth in electricity generation from renewable sources. Furthermore, it is projected that renewable electricity generation is likely to be expand by over 8% in 2021, reaching a total of 8,300 TWh. Increasing investments in offshore wind energy increase the demand for submarine power cables, as they are essential for transmitting electricity generated from offshore wind farms to onshore grids. According to Statista in 2022, global investments in offshore wind energy technologies amounted to approximately USD 33.8 billion. In addition, advancements in submarine cable technology and growing interconnection requirements would create lucrative growth opportunities. However, high installation & maintenance costs and complex regulatory frameworks stifle market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Submarine Power Cable Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market over the forecast period owing to the, increasing energy demand, advancements in transmission networks and the expansion of offshore oil and gas projects in the region. Asia Pacific is the fastest growing region over the forecast period, owing to factors such as a growing number of offshore wind energy projects, which, along with the region’s economic growth and emphasis on renewable energy sources, drive the expansion of the Submarine Power Cable Market in the region.

Major market player included in this report are:
Asea Brown Boveri LTD.
Nexan SA
NKT A/S
Prysmian Group
Sumitomo Corp
Furukawa Electric Group
LS Cable & System LTD
HENGTON GROUP Co, LTD
KEI industries Ltd
Hydro Group Ltd

Recent Developments in the Market:
Ø In October 2021, Sumitomo Electric Ltd announced the successful installation of a submarine cable into the Stikine Crossing. This installation was carried out in collaboration with its subsidiary, Sumitomo Electric USA, Inc., and several subcontractors, ensuring a secure and efficient process.
Ø In February 2022, Inligo Networks, and Indonesian telecommunications company Indostat Ooredoo Hutchison signed a Memorandum of Understanding (MoU) to collaborate on the development of an 18,000 km submarine cable. The cable aimed to connect Indonesia, Singapore, Australia, Japan, and the United States.

Global Submarine Power Cable Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Type, Voltage, End-User, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type:
Single Core
Multicore

By Voltage:
Medium Voltage
High Voltage

By End-User:
Offshore Wind Power Generation
Inter-Country
Island Connection

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Submarine Power Cable Market, by Region, 2020-2030 (USD Billion)
1.2.2. Submarine Power Cable Market, by Type , 2020-2030 (USD Billion)
1.2.3. Submarine Power Cable Market, by Voltage , 2020-2030 (USD Billion)
1.2.4. Submarine Power Cable Market, by End-User, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Submarine Power Cable Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Submarine Power Cable Market Dynamics
3.1. Submarine Power Cable Market Impact Analysis (2020-2030)
3.1.1. Market Drivers
3.1.1.1. Growing demand for renewable energy sources
3.1.1.2. Increasing investments in offshore wind energy
3.1.2. Market Challenges
3.1.2.1. High installation & maintenance costs
3.1.2.2. Complex regulatory frameworks
3.1.3. Market Opportunities
3.1.3.1. Advancements in submarine cable technology
3.1.3.2. Growing interconnection requirements
Chapter 4. Global Submarine Power Cable Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Submarine Power Cable Market, by Type
5.1. Market Snapshot
5.2. Global Submarine Power Cable Market by Type , Performance – Potential Analysis
5.3. Global Submarine Power Cable Market Estimates & Forecasts by Type 2020-2030 (USD Billion)
5.4. Submarine Power Cable Market, Sub Segment Analysis
5.4.1. Single Core
5.4.2. Multicore
Chapter 6. Global Submarine Power Cable Market, by Voltage
6.1. Market Snapshot
6.2. Global Submarine Power Cable Market by Voltage , Performance – Potential Analysis
6.3. Global Submarine Power Cable Market Estimates & Forecasts by Voltage 2020-2030 (USD Billion)
6.4. Submarine Power Cable Market, Sub Segment Analysis
6.4.1. Medium Voltage
6.4.2. High Voltage
Chapter 7. Global Submarine Power Cable Market, by End-User
7.1. Market Snapshot
7.2. Global Submarine Power Cable Market by End-User, Performance – Potential Analysis
7.3. Global Submarine Power Cable Market Estimates & Forecasts by End-User 2020-2030 (USD Billion)
7.4. Submarine Power Cable Market, Sub Segment Analysis
7.4.1. Offshore Wind Power Generation
7.4.2. Inter-Country
7.4.3. Island Connection
Chapter 8. Global Submarine Power Cable Market, Regional Analysis
8.1. Top Leading Countries
8.2. Top Emerging Countries
8.3. Submarine Power Cable Market, Regional Market Snapshot
8.4. North America Submarine Power Cable Market
8.4.1. U.S. Submarine Power Cable Market
8.4.1.1. Type breakdown estimates & forecasts, 2020-2030
8.4.1.2. Voltage breakdown estimates & forecasts, 2020-2030
8.4.1.3. End-User breakdown estimates & forecasts, 2020-2030
8.4.2. Canada Submarine Power Cable Market
8.5. Europe Submarine Power Cable Market Snapshot
8.5.1. U.K. Submarine Power Cable Market
8.5.2. Germany Submarine Power Cable Market
8.5.3. France Submarine Power Cable Market
8.5.4. Spain Submarine Power Cable Market
8.5.5. Italy Submarine Power Cable Market
8.5.6. Rest of Europe Submarine Power Cable Market
8.6. Asia-Pacific Submarine Power Cable Market Snapshot
8.6.1. China Submarine Power Cable Market
8.6.2. India Submarine Power Cable Market
8.6.3. Japan Submarine Power Cable Market
8.6.4. Australia Submarine Power Cable Market
8.6.5. South Korea Submarine Power Cable Market
8.6.6. Rest of Asia Pacific Submarine Power Cable Market
8.7. Latin America Submarine Power Cable Market Snapshot
8.7.1. Brazil Submarine Power Cable Market
8.7.2. Mexico Submarine Power Cable Market
8.8. Middle East & Africa Submarine Power Cable Market
8.8.1. Saudi Arabia Submarine Power Cable Market
8.8.2. South Africa Submarine Power Cable Market
8.8.3. Rest of Middle East & Africa Submarine Power Cable Market

Chapter 9. Competitive Intelligence
9.1. Key Company SWOT Analysis
9.1.1. Company 1
9.1.2. Company 2
9.1.3. Company 3
9.2. Top Market Strategies
9.3. Company Profiles
9.3.1. Asea Brown Boveri LTD.
9.3.1.1. Key Information
9.3.1.2. Overview
9.3.1.3. Financial (Subject to Data Availability)
9.3.1.4. Product Summary
9.3.1.5. Recent Developments
9.3.2. Nexan SA
9.3.3. NKT A/S
9.3.4. Prysmian Group
9.3.5. Sumitomo Corp
9.3.6. Furukawa Electric Group
9.3.7. LS Cable & System LTD
9.3.8. HENGTON GROUP Co, LTD
9.3.9. KEI industries Ltd
9.3.10. Hydro Group Ltd
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

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Data Collection:
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Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
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