Submarine Power Cable Market Outlook , Business Scope, Trends And Industry Share 2030
The global Submarine Power Cable Market was valued at USD 9.19 billion in 2023 and is projected to reach USD 14.19 billion by 2030, growing at a CAGR of 6.4% during the forecast period.
Submarine Power Cable Market Overview
Submarine power cables are critical for transmitting electricity generated by offshore wind turbines to onshore grids. The increasing investment in offshore wind projects and the growing demand for renewable energy solutions are driving the growth of the submarine power cable market. These cables also play a significant role in communication and internet applications, underscoring their importance in modern infrastructure.
Market Scope
The Submarine Power Cable Market report provides a comprehensive analysis of growth drivers, restraints, opportunities, and challenges. The study covers key advancements across segments such as conductive materials, applications, and end-users, supported by historical data from 2018 to 2022. This report includes insights on market dynamics, competitive landscapes, and investor recommendations.
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Segmentation
- By Voltage Type:
- High Voltage (Above 33kV)
- Medium Voltage
- By Component:
- Dry Plant Components
- Wet Plant Components
- By End-User:
- Offshore Wind Turbines
- Oil and Gas Platforms
- Others
Major Manufacturers
- ABB
- Prysmian Group
- Nexans
- NKT
- General Cable Corporation
- Sumitomo Electric Industries
- LS Cable & System
- Furukawa Electric Co., Ltd.
- KEI Industries Limited
- TFKable Group
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Regional Analysis
Asia-Pacific: Leading the market with a 38% share in 2023, driven by significant offshore wind investments in China and other countries. Key developments include coastal wind power projects in Jiangsu Province and new underwater cable infrastructure supported by tech giants like Google and Facebook.
South America: Expected to register the second-highest growth rate of 5.6% CAGR due to increasing wind farm projects and inter-country connectivity initiatives. Projects like Google's Firmina cable underscore the region's rapid development.
North America, Europe, and MEA: Also witnessing substantial growth due to rising demand for grid interconnectivity and investments in offshore renewable energy.
COVID-19 Impact Analysis
The COVID-19 pandemic significantly impacted the submarine power cable market, with reduced demand and production during 2020. Offshore wind and oil & gas projects faced delays, creating short-term challenges. However, the market rebounded with increasing investments in renewable energy and the resumption of large-scale projects.
Key Questions Answered
- What is the projected market size for submarine power cables by 2030?
- Which regions are leading the market growth?
- How has COVID-19 impacted the market dynamics?
- What are the major drivers and restraints in the submarine power cable market?
- Who are the key players, and what strategies are they adopting?
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