Market Size of Submarine Electricity Transmission Systems Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 14.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| 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?
Submarine Electricity Transmission Systems Market Analysis
The Submarine Electricity Transmission Systems Market is expected to witness a CAGR of more than 14% during the forecast period.
The market was negatively impacted by the Covid-19 pandemic, as plummeting global energy demand delayed several projects. However, the market has since rebounded and is expected to grow steadily during the forecast period.
- Over the long term, the growth in the Wind Power Generation sector, which is witnessing an increasing share of the offshore wind generation capacity, along with the decrease in the cost of offshore wind power generation, is expected to drive the submarine electricity transmission systems market.
- On the flip side, the high frequency and costs of maintenance and repair work needed for submarine cables are expected to restrain the market being studied.
- Nevertheless, reducing the environmental impact and footprint of large submarine electricity transmission systems to improve project sustainability and protect marine biodiversity and ecosystems is a significant opportunity for the market beyond the forecast period.
- Asia-Pacific region is expected to dominate the market, with growing electricity consumption across the region.
Submarine Electricity Transmission Systems Industry Segmentation
A submarine power cable is a transmission cable for carrying electric power below the surface of the water. Submarine electricity transmission cables allow the transfer of electricity to and from marine assets such as offshore wind farms and oil and gas infrastructure.
The Submarine Electricity Transmission System Market is segmented by end-user, system type, and geography. By end-user, the market is segmented into an offshore wind turbine, offshore oil and gas platform, and intercountry and island connectors. By system type, the market is segmented into HVDC and HVAC. The report also covers the market size and forecasts for the submarine electricity transmission systems market across the major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD Billion).
| End User | |
| Offshore Wind Turbines | |
| Offshore Oil and Gas Platforms | |
| Intercountry and Island Connectors |
| System Type | |
| HVDC System | |
| HVAC System |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Submarine Electricity Transmission Systems Market Size Summary
The Submarine Electricity Transmission Systems Market is poised for significant growth, driven by the increasing demand for efficient power transmission solutions, particularly in the context of expanding offshore wind power generation. The market, which experienced setbacks due to the Covid-19 pandemic, has shown resilience and is expected to grow steadily. The shift towards renewable energy sources, especially offshore wind, is a key factor propelling the market forward. However, challenges such as the high maintenance costs of submarine cables may pose constraints. Despite these challenges, opportunities exist in enhancing the sustainability of submarine transmission systems to minimize environmental impacts, which could further bolster market growth.
The Asia-Pacific region is anticipated to lead the market, with China at the forefront, supported by its robust offshore wind energy initiatives and government policies promoting renewable infrastructure. The region's unique geographical characteristics, such as the presence of numerous islands, necessitate advanced power transmission solutions, thereby driving demand for submarine electricity transmission systems. The market is moderately consolidated, with major players like ABB Ltd, Siemens AG, and Prysmian SpA playing pivotal roles. Recent projects, such as the Xlinks Morocco-UK Power Project and the Hornsea 3 Offshore wind farm, underscore the growing reliance on High-Voltage Direct Current (HVDC) systems for efficient long-distance power transmission, further supporting the market's expansion during the forecast period.
Submarine Electricity Transmission Systems 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, till 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 Porter's Five Forces 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 Substitutes 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 End User
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2.1.1 Offshore Wind Turbines
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2.1.2 Offshore Oil and Gas Platforms
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2.1.3 Intercountry and Island Connectors
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2.2 System Type
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2.2.1 HVDC System
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2.2.2 HVAC System
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2.3 Geography
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia-Pacific
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2.3.4 South America
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2.3.5 Middle-East and Africa
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Submarine Electricity Transmission Systems Market Size FAQs
What is the current Submarine Electricity Transmission Systems Market size?
The Submarine Electricity Transmission Systems Market is projected to register a CAGR of greater than 14% during the forecast period (2024-2029)
Who are the key players in Submarine Electricity Transmission Systems Market?
ABB Ltd., Siemens AG, Prysmian SpA, NKT A/S and Nexans SA are the major companies operating in the Submarine Electricity Transmission Systems Market.
