New York, US, June 20, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Submarine Power Cable Market Analysis by Type (Single Core and Multi-Core), Insulation Type, Voltage, Conductor Material (Copper and Aluminum), End-Use (Offshore Wind Power Generation, Offshore Oil & Gas, Island Connection, and Wave & Tidal Power Generation) and Region - Forecast till 2027” valuation is poised to reach USD 19,071.3 Million by 2027, registering an 12.5% CAGR throughout the forecast period (2018–2027).
Submarine Power Cable Market Overview
The growing environmental concerns is encouraging different countries in focusing on generation of power from renewable sources thus resulting in an increase in renewable projects that comprises tidal and wind energy projects that in turn has increased the need for submarine power cables that will offer robust opportunities for the market over the forecast period.
Submarine Power Cable Market Report Scope:
| Report Metric | Details |
| Market Size | USD 19,071.3 Million |
| CAGR | 12.5% |
| Base Year | 2017 |
| Forecast Period | 2018-2027 |
| Historical Data | 2016 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, End-Use and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Prysmian Group, NEXANS, NKT A/S, FURUKAWA ELECTRIC CO., LTD., LS Cable & System Ltd, Sumitomo Electric Industries, Ltd, ZTT, HENGTONG GROUP CO., LTD., Qingdao Hanhe Cable Co., Ltd., and Fujitsu. |
| Key Market Opportunities | Growing Environmental Concerns to offer Robust Opportunities |
| Key Market Drivers | Increasing Use in Cross-Border Power Grid Connections to Boost Submarine Power Cable Market Growth |
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Drivers
Increasing Use in Cross-Border Power Grid Connections to Boost Market Growth
The increasing use of submarine power cables in cross-border power grid connections to augment reliability of power network as well as reduce investment will boost market growth over the forecast period.
Repairing Complexity to act as Market Restraint
The high installation cost of submarine power cables and repairing complexity may act as market restraints over the forecast period.
Submarine Power Cable Market Segments
The submarine power cable market report is bifurcated based on end use, conductor material, voltage, insulation type, and type.
By type, multi-core will lead the market over the forecast period.
By installation type, the submarine power cable market is segmented into EPR and XLPE
By voltage, the up to 66kv segment will dominate the market over the forecast period.
By conductor material, copper will spearhead the market over the forecast period.
By end use, the offshore wind power generation will command the market over the forecast period.
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Submarine Power Cable Market Regional Analysis
Europe to Spearhead Submarine Power Cable Market
By 2023, Europe is expected to dominate the submarine power cable market. The growing offshore wind sector, of which the submarine power cables indeed are major components, is responsible for the region's market size. In Europe, the United Kingdom and Germany are the two most important markets for these cables. The market in the European region is expected to be driven by rising demand for inter-country connections, as well as demand from the offshore oil and gas sector. Due to constant advances toward an efficient transmission network and high energy demand from developing countries, Europe is expected to be the leading region in the market. Stringent regulations governing efficient power transmission, as well as an increase in cross-border electricity trade, will help the market grow in the region.
Due to increased investments in the offshore wind projects, Europe is expected to grow the most during the forecast period. The United Kingdom is the world's largest offshore wind market, according to the GWEC, accounting for approximately 34% of global installed wind energy capacity in 2019. Germany came in second, accounting for 28% of total installed capacity within the same year. Furthermore, countries such as Germany, the United Kingdom, China, Japan, and Taiwan intend to invest heavily in the development & expansion of their offshore wind energy industries in their respective regions. During the forecast period, these factors are expected to drive demand for the submarine power cables especially for the offshore wind power generation.
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In 2020, Europe had the largest share of the market. The NorNed cable amid Norway & the Netherlands, with 580 kilometres of submarine power cables, is the world's longest interconnector. The United Kingdom currently has four main power interconnectors. These are intended to bridge the power gap between the United Kingdom and France, the Netherlands, Ireland, and Northern Ireland. These lines have a total capacity of 4 GW, accounting for about 5% of the current energy-producing capacity of the UK. Aside from the aforementioned, several island power lines & large interconnector cables are planned in the region.
Some of the projected interconnection plans for power transmission include the Nemo Link (Belgium), NSN Link (Norway), IceLink (Iceland), Viking Link (Denmark), and the Western Link (England). During the forecast period, these factors are expected to contribute even more to the market growth in the region.
APAC to Have Admirable Growth in Submarine Power Cable Market
Due to rising bandwidth demand in the region, Asia Pacific is expected to hold the highest market share in the forecast period. Nexans, a cable and optical fibre company, announced in 2017 that it will deliver 250 kms of subsea fiber-optic cables to the Huawei Marine for the SEAX-1 project, which will connect Indonesia and Malaysia. This project will provide dependable internet access to the rapidly growing number of net users in these areas.
COVID-19 Analysis
The global demand for submarine power cables was decimated by the COVID-19 outbreak in 2020, resulting in significantly lower volumes of orders among submarine power cable makers, leading to a fall in productions. The drop in production volumes had a negative impact on the businesses of different component and raw material vendors around the world in the submarine power cable industry. Reduced offshore oil and gas production and operations, as well as challenges in creating offshore wind projects around the world, have had a negative impact on the global market. Other factors, such as strict government regulations regarding the shutdown of physical business operations including human contact, have resulted in a slew of problems, including global labour shortages.
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Submarine Power Cable Market Competitive Analysis
Dominant Key Players on Submarine Power Cable Market Covered are:
- Prysmian Group
- NEXANS
- NKT A/S
- FURUKAWA ELECTRIC CO. LTD.
- LS Cable & System Ltd
- Sumitomo Electric Industries Ltd
- HENGTONG GROUP CO. LTD.
- Qingdao Hanhe Cable Co. Ltd.
- Fujitsu.
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