Market Size of Europe Submarine Power Cables Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 6.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Europe Submarine Power Cable Market Analysis
The Europe Submarine Power Cables Market is expected to record a CAGR greater than 6.5% during the forecast period. Covid-19 has affected the overall economy of the Europe in the last two years. The pandemic COVID-19 hit the European Region in early 2020 and disrupted the energy sector manufacturing, supply chains, and mobility due to lockdown and cross-border restrictions, which had a significant impact on the submarine power cables market. The government's supportive policies and a significant rise in investment in offshore wind energy projects are expected to propel the submarine power cables market in the near future.However, high frequency of maintenance and repair work needed to submarine cables are expected to act as a restraint for the submarine power cables market.
- High-Voltage Direct Current (HVDC) cables is expected to account for the largest market share in submarine power cables market as HVDC cables are used for power transmission over longer distances and for system interconnection. For transmission purpose, AC is converted to DC through cables, and back to AC at the other end.
- The increasing demand for HVDC cables for offshore oil rigs, renewable energy generation is expected to act as opportunity for submarine power cables market over the forecast period.
- United Kingdom is likely to dominate the market owing to the increasing offshore wind installations during the forecast period.
Europe Submarine Power Cable Industry Segmentation
The Europe Submarine Power Cables Market include:
| Type of Current | |
| HVDC | |
| HVAC |
| Geography | |
| United Kingdom | |
| Germany | |
| Norway | |
| France | |
| Rest of Europe |
Europe Submarine Power Cables Market Size Summary
The Europe submarine power cable market is poised for significant growth, driven by increasing investments in offshore wind energy projects and supportive government policies. The market is expected to experience a robust expansion, with High-Voltage Direct Current (HVDC) cables anticipated to dominate due to their efficiency in long-distance power transmission and system interconnection. The demand for HVDC cables is particularly rising in offshore oil rigs and renewable energy generation, presenting substantial opportunities for market players. Despite the challenges posed by the COVID-19 pandemic, which disrupted manufacturing and supply chains, the market is recovering and is expected to benefit from the growing importance of submarine transmission systems for power trading between countries.
The United Kingdom is expected to lead the European submarine power cable market, bolstered by its substantial offshore wind installations and government investments in floating wind projects. The country's commitment to expanding its offshore wind energy capacity is set to drive the demand for submarine power cables. Key industry players, including Prysmian Group, NKT A/S, Nexans SA, Sumitomo Electric Industries Limited, and Hitachi Energy, are actively involved in this market, contributing to its partially consolidated nature. Significant projects, such as Siemens Energy's NeuConnect project and TenneT's offshore Dutch IJmuiden Ver projects, highlight the ongoing developments in the region. These initiatives, along with international collaborations like the Greece-Egypt HVDC interconnector, underscore the dynamic growth and strategic importance of the submarine power cable market in Europe.
Europe Submarine Power Cables Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, until 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Industry Attractiveness - Porter's Five Force Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitute Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type of Current
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2.1.1 HVDC
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2.1.2 HVAC
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2.2 Geography
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2.2.1 United Kingdom
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2.2.2 Germany
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2.2.3 Norway
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2.2.4 France
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2.2.5 Rest of Europe
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Europe Submarine Power Cables Market Size FAQs
What is the current Europe Submarine Power Cables Market size?
The Europe Submarine Power Cables Market is projected to register a CAGR of greater than 6.5% during the forecast period (2024-2029)
Who are the key players in Europe Submarine Power Cables Market?
NKT A/S, Prysmian Group, Nexans SA, Sumitomo Electric Industries Limited and Hitachi Energy are the major companies operating in the Europe Submarine Power Cables Market.
