Press release
Submarine Power Cable Market 2020 Covid 19 Impact Analysis with Future Business Strategies, Leading key players, Advancements Technologica and Forecast 2025
Submarine Power Cable Market
The global submarine power cable market is garnering substantial traction. The market growth attributes to rising uses of power transmission cables for energy, voltage, and transmission applications. Besides, the rising demand for voltage cables in the power generation segment drives the growth of the market. Moreover, burgeoning end-use verticals such as offshore wind power generation, oil & gas, island connection, and wave & tidal power generation escalate the market demand.
According to a leading research firm Market Research Future (MRFR), the global Submarine Power Cable Market is projected to register a modest CAGR during the anticipated period (2019 – 2025). The rising numbers of submarines used in warships, imperative in combat, surveillance, counter-surveillance, and other underwater missions accelerate the market growth. Substantial investments transpired by the government to strengthen the O&G and marine sectors boost the growth of the market.
Additionally, substantial funding in modernization and upgrades of submarines substantiates the market growth. The growing demand for advanced submarine power cables and the increased need for marine surveillance foster the growth of the market. Furthermore, the growing uptake of submarines due to the increased demand for maritime surveillance and rising terrorism bolster the market growth.
Global Submarine Power Cable Market - Competitive Landscape
Highly competitive, the submarine power cable market appears fragmented due to the presence of several well-established players. Industry players make substantial investments locally as well as in emerging countries to expand their production capacities, distribution network, and supply chain. Obtaining strong financial support has become the sole strategy of suppliers to maintain their market positions. Manufacturers strive to minimize production costs by adopting cost-effective manufacturing techniques.
Major Players
Players leading the global submarine power cable market include Nexans (France), Prysmian Group (Italy), NKT A/S (Denmark), LS Cable & System Ltd. (South Korea), Furukawa electric co., ltd. (Japan), Sumitomo Electric Industries, Ltd. (Japan), Hengtong Group Co., Ltd. (China), ZTT (China), and Qingdao Hanhe Cable Co., Ltd. (China), among others.
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Global Submarine Power Cable Market - Segmentation
The report is segmented into six dynamics;
By Type : Single Core and Multi-Core.
By Insulation Type: Cross-Linked Polyethylene (XLPE), Ethylene Propylene Rubber (EPR), and others.
By Voltage : Up to 66 KV, 66 KV–220 KV, and Above 220 KV.
By Conductor Material: Copper and Aluminum.
By End-Use: Offshore Wind Power Generation, Offshore Oil & Gas, Island Connection, Wave & Tidal Power Generation, and others.
By Regions : Americas, Europe, Asia Pacific, and Rest-of-the-World.
Global Submarine Power Cable Market - Regional Analysis
Europe dominates the global Submarine power cable market. The largest market share attributes to large budgets to improve the technology of dreadnoughts and the rising market demand. Besides, the burgeoning marine industries and the rising offshore wind power generation drive the regional market's growth. The UK, France, and Germany are significant markets for submarines in the region. The European submarine power cable market is anticipated to retain its dominance over the global market throughout the forecast period.
North America accounts for the second-largest share in the global submarine power cable market. The market is driven by the huge demand for nuclear-powered submarines and advanced combat technologies. Additionally, the modernization of naval fleets undertaken by the Canadian government boosts the regional market's growth. The US, backed by the presence of ballistic missile submarines, accounts for the largest share in the regional market.
The Asia Pacific submarine power cable market is growing rapidly. Factors such as the growing demand for uninterrupted power supply and the rising number of offshore wind farms boost the regional market growth. Moreover, the increasing demand for submarine power cables in oil and gas operations in the region influences the regional market's growth.
Increasing naval investments by the governments and increasing military budgets in the region positively impact market growth. Besides, growing investments in various military and commercial submarine power cable applications foster regional market growth. The APAC submarine power cable market is expected to grow at an impressive CAGR over the forecast period.
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Table of Content
Report Overview
Submarine Power Cable Market Trends and Competitive Landscapes
Segmentation of Submarine Power Cable Market by Type
Segmentation of Market by End-Users
Market Analysis by Major Regions
Product Commodity of Submarine Power Cable Market in Major Countries
North America Submarine Power Cable Landscapes Analysis
Europe Submarine Power Cable Landscapes Analysis
Asia Pacific Submarine Power Cable Landscapes Analysis
Latin America, Middle East & Africa Submarine Power Cable Landscapes Analysis
Major Players Profile
If you have any requirements, let know and we will customize the report according to your need.
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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