Submarine Power Cable Market Revenue Data Historic And Forecast Analysis

Submarine Power Cable Market Size was valued at USD 10.7 billion in 2021. The submarine power cable market industry is projected to grow from USD 12.03 Billion in 2022 to USD 27.45 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 12.50% during the forecast period (2022 - 2030).

Global energy demand has been increasing gradually, and it is anticipated that this trend will continue to fuel the market for submarine power cables. The main factors driving the increase in power demand worldwide are rising income, greater access to electricity, and urbanization. In 2019, the world's energy demand increased by 2.3% compared to 2018, mostly as a result of rising heating and cooling demands. To cut carbon emissions and encourage sustainable growth worldwide, energy producing businesses have been concentrating on the production of renewable energy. Additionally, the necessity to increase the proportion of renewable energy sources like wind and wave & tidal power in the power generation mix is a result of the growing concerns about the rising carbon dioxide emissions and the measures to reduce them.

Submarine Power Cable Market Overview
Growing offshore wind farms across the globe particularly in the European region is majorly fueling the growth of the Submarine Power Cable Market. Also, the growing expansion of offshore oil and gas industries and increasing investment from private and government coupled with stringent regulations for energy-efficient operations in the industry are boosting the growth of the market. Additionally, the growing inter-country transmission network for underwater electric supply has boosted the growth of the Submarine Power Cable Market.

Furthermore, growing concerns regarding grid stability and security due to peak load demand for power across the globe and an increase in fund flow to develop a sustainable electrical infrastructure for the integration of renewable systems are anticipated to accelerate the growth of the market. Moreover, rising per capita income, growing access to electricity, and rapid urbanization across the globe is the primary reason behind the growing demand for electricity. Thus, many energy generation companies are looking for renewable generation of electricity which fuels the growth of the Submarine Power Cable Market.

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Global Submarine Power Cable Market: Major Players
ZTT
Benchmarking
Tele-Fonika Kable
LS Cable & System
Sumitomo Electric
NKT
Hengtong Group
Prysmian
General Cable Corporation
Furukawa Electric
KEI Industries
Nexans
Hydro Group

Global Submarine Power Cable Market: By Types
Single core
Multicore

Global Submarine Power Cable Market: By Applications
Offshore wind power generation
Inter-country and island connection
Offshore oil & gas

Global Submarine Power Cable Market: Regional Analysis
All the regional segmentation has been studied based on recent and future trends, and the market is forecasted throughout the prediction period. The countries covered in the regional analysis of the Global Submarine Power Cable market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.

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