The global submarine power cable market was valued at US$ 5,141.8 Mn in 2018 and is anticipated to register a stable CAGR of 11.3% from 2019 to 2027, according to a new research report published by Transparency Market Research (TMR) titled ‘Submarine Power Cable Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027.’ Growing number of offshore wind generation capacity additions, increasing demand for grid interconnections and island connections, and rising demand from offshore oil & gas sector have augmented the global submarine power cable market. The market in Europe is expanding at the maximum CAGR of 10.8% owing to numerous technological innovations and increasing demand for submarine power cables in the region.
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Growth in Offshore Wind Power Generation to Drive the Submarine Power Cable Market
Submarine power cable systems are laid under the water for communication and electric transmission. These cables carry signals over long distances and they are primarily used to connect the mainland with large islands. The growing need to interconnect grids for optimum utilization of renewable energy, for example, offshore wind energy, is boosting the demand for submarine power cables. Increasing investments in the renewable energy sector, technology advancements and favorable government initiatives are major factors driving the global submarine power cable market.
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Geographically, the global submarine power cable market has been divided into five major regions. These include North America, Europe, Asia Pacific, South America, and Middle East & Africa. In 2018, Europe was the leading region of the global market, followed by North America. This is primarily attributable to rise in the number of offshore wind farms and continuous efforts taken by market players from the region to introduce innovative submarine power cable products in the marketplace.
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The company profiling of key players operating in the global submarine power cable market includes company overview, major business strategies adopted, SWOT analysis, and market revenues for years from 2016 to 2018. Major players operating in the global market and profiled in the report are Furukawa Electric, General Cable Corporation, Hengtong Group, Hydro Group, KEI Industries, LS Cable & System, Nexans, NKT Holding, Prysmian Group, and Sumitomo Electric Industries. Various players are introducing technologically advanced submarine power cables and establishing partnerships with other players.
The global submarine power cable market has been segmented as follows:
Global Submarine Power Cable Market, by Type
- Single-core Cable
- Multi-core Cable
Global Submarine Power Cable Market, by Application
- Offshore Wind Power Generation
- Inter-country and Island Connection
- Offshore Oil Rigs
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