Submarine Power Cables Market Size (2024 - 2029)

The submarine power cables market is poised for substantial growth, driven by the rising demand from the offshore wind power sector and the need for inter-country and island power connections. Despite the challenges posed by the high maintenance and repair requirements of submarine cables, the market is expected to expand, with High-Voltage Direct Current (HVDC) cables holding the largest market share due to their efficiency in long-distance power transmission and system interconnection. The Asia-Pacific region leads in market size, with significant demand originating from China and South Asian countries.

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Market Size of Submarine Power Cables Industry

Submarine Power Cables Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
CAGR 6.00 %
Fastest Growing Market North America
Largest Market Asia Pacific
Market Concentration High

Major Players

Submarine Power Cables Market Major Players

*Disclaimer: Major Players sorted in no particular order

Submarine Power Cable Market Analysis

The submarine power cables market is expected to witness a significant growth in the coming years owing to the increasing demand from offshore wind power sector and growing demand for inter-country and island power connections are attributed to drive the demand for submarine power cables globally. 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.
  • Asia-Pacific region dominated the market across the globe with the majority of the demand coming from countries such as the China and South Asian Countries.

Submarine Power Cable Industry Segmentation

The submarine power cables market report include:

Type of Current
HVDC
HVAC
Geography
North America
Europe
Asia-Pacific
South America
Middle-East and Africa
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Submarine Power Cables Market Size Summary

The submarine power cables market is poised for substantial growth, driven by the rising demand from the offshore wind power sector and the increasing need for inter-country and island power connections. This demand is primarily fueled by the expansion of renewable energy projects and the necessity for efficient power transmission over long distances. However, the market faces challenges due to the high frequency of maintenance and repair work required for submarine cables, which could potentially restrain its growth. High-Voltage Direct Current (HVDC) cables are expected to dominate the market share, as they are essential for long-distance power transmission and system interconnection. The growing demand for HVDC cables in offshore oil rigs and renewable energy generation presents significant opportunities for market expansion in the coming years.

The Asia-Pacific region leads the global submarine power cables market, with China and South Asian countries contributing significantly to its growth. The Chinese government's push for renewable infrastructure development to reduce pollution and thermal power reliance is a key driver in this region. The offshore wind power market in China has seen substantial installations, with the country taking the lead in offshore wind capacity. Meanwhile, India, Japan, and ASEAN countries are also contributing to the demand for submarine power cables due to their unique geographical challenges and potential in offshore wind power generation. The market is partially consolidated, with major players like Prysmian Group, NKT A/S, Nexans SA, Sumitomo Electric Industries Limited, and ABB Ltd. playing pivotal roles in shaping the industry's landscape.

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Submarine Power Cables Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, until 2025

    3. 1.3 Government Policies and Regulations

    4. 1.4 Recent Trends and Developments

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type of Current

      1. 2.1.1 HVDC

      2. 2.1.2 HVAC

    2. 2.2 Geography

      1. 2.2.1 North America

      2. 2.2.2 Europe

      3. 2.2.3 Asia-Pacific

      4. 2.2.4 South America

      5. 2.2.5 Middle-East and Africa

Submarine Power Cables Market Size FAQs

The Submarine Power Cables Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)

Prysmian Group, NKT A/S, Nexans SA and Sumitomo Electric Industries Limited are the major companies operating in the Submarine Power Cables Market.

Submarine Power Cable Market Report Snapshots

Submarine Power Cable Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)