Submarine Power Cable Market Growth Opportunities, Key Driven Factors, Market Highlights Forecast to 2023

Market Highlights

Electricity is a major requirement for all the economies worldwide, and submarine power cables have enabled isolated countries and islands to meet their energy needs. Offshore wind farms have been driving the growth of the global submarine power cable market, with the growing demand for renewable energy resources. Tidal energy projects are also trending in the market and they require submarine power cables to transmit the energy harnessed to the mainland.

Based on insulation type, the market is segmented into Cross-Linked Polyethylene (XLPE) and Ethylene Propylene Rubber (EPR). EPR cables are usually made without lead, which makes them lighter and easier to lay on the ocean bed. Based on the core type, the market is segmented as single core and multi core, where single core cables are dominating the market. By voltage, the market is segmented as high voltage and medium voltage. Medium voltage cables can usually support a voltage of 36 kV. Based on types of conductors used, the market is segmented into aluminum and copper. Aluminum segment has been dominating the market in 2017 and is expected to capture a larger market share during the forecast period. Based on end-use, the market is segmented as offshore oil & gas platforms, offshore wind farms, island connections and tidal power generation. Offshore wind farms segment is estimated to dominate the market during the forecast period. However, offshore oil 7 gas platforms segment is showcasing substantial growth trends during the forecast period.

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Market Research Analysis

Europe holds the largest market share whereas Asia-Pacific region is the fastest growing region.

Europe region is expected to dominate the market for submarine power cable market due to increased demand for power from renewable sources of energy. Norway is one of the largest users of submarine power cables in the world. The North Sea link between the UK and Norway that is currently under construction, covers a distance of about 730 Km and has a power rating of 1400 MW. The HVDC cross-channel link, built in 1986, between the UK and France has a capacity of 2000 MW, and is bi-directional where both the countries can import or export electricity as per requirements.

Scope of the Report

This report provides an in-depth analysis of the global submarine power cable market, tracking five market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, and share for North America, Europe, Asia-Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the submarine power cable market by insulation type, core type, voltage, conductor type, end-use and by region.

By Insulation Type

Cross-Linked Polyethylene (XLPE)
Ethylene Propylene Rubber (EPR)

By Core Type

Multi-Core
Single Core

By Voltage

Medium Voltage
High Voltage

By End-Use

Offshore Oil & Gas Platforms
Offshore Wind Farms
Island Connections
Tidal Power Generation

By Regions

North America
Asia-Pacific
Europe
Rest of the World

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Key Players

The key players of the global submarine power cables market are Ericson (Sweden), Alcatel-Lucent (France), Corning Inc. (US), Qingdao Hanhe Cable co. ltd. (China), J-Power Systems (Japan), and Kerite Company (US). LS Cable & System Corporation (South Korea), Nexans (Norway), NKT Holdings (Denmark), The Okonite Company (US), Prysmian Group (Italy) and General Cable (US) are among others.

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