Submarine Power Cables Market will Possibly Surpass the Valuation of US$11 Bn through 2027

Up from the valuation of more than US$5.8 Bn estimated to be attained by 2022 end, global submarine power cables market is poised to exceed US$11.2 Bn in 2027. In a latest published report of Fairfield Market Research, the market for submarine power cables market is projected to see a healthy growth outlook over 2022 - 2027. The market according to the report will continue to largely benefit from a consistent rise in the entry of new cables in service, and the sustained rate of decommissioning of old cables. With the key economies across the world tighten their belts eyeing the net-zero carbon emission goals, the investments in green power sector will most likely ascend, in turn creating demand for submarine power cables. The offshore wind farms that have especially been exhibiting exceptional development over the recent past will favour the demand dynamics in submarine power cables market, says the report.

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Business Opportunities to Flock in Offshore Projects
The market for submarine power cables is expected to reap the advantage of soaring global energy demands, as well as the growing significance of power distribution through the development of greater subsea power cables. With the boom around green energy growing denser, the leading green energy markets, i.e., Europe, and Asia are likely to ramp up in terms of developments - especially offshore windmills that tend to boost demand for high voltage submarine power cables. The report indicates increasing investments in offshore projects, i.e., wind power, and oil and gas that would further pave the way for market expansion. However, the report also states that the expensive installation costs will remain a longstanding challenge facing the market in long term.

Demand for HVDC Cables Dominant, Single Core Cables Poised for a Promising Outlook
On the back of the technical ease, and economical deployment, single core cables will retain their dominant position in the market. Accounting for over 79% market share, single core cables are expected to witness a steady stream of demand in the offshore wind sector. On the other side, in terms of voltage, high voltage (HVDC) cables will remain preferred with their higher reliability quotient, especially in the case of bulk power distribution.

Europe's Dominance Prevails, New Installations to Uplift Market Prospects of Asia Pacific
Housing a majority of the globally leading manufacturers of power cables, Europe also generates notable demand for inter-connector cables typically laid to move energy freely to ensure supply security. Europe's submarine power cables market is thus expected to maintain a leading position in the global landscape. The report highlights North America, and Asia Pacific to emerge as the next key markets, led by the US, and Japan, respectively. The market in the US is especially projected for a sharp growth outlook, majorly attributing to the offshore renewable energy sector that generates demand for export cables from wind, wave, and tidal installations. On the other hand, the market in Asia Pacific has been strengthening its positioning in global undersea cable race, which will favour the growth of submarine power cables market in the region.

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Key Market Players
Nexans S.A., Prysmian Group, NKT A/S, Furukawa Electric Co., LTD., Sumitomo Electric Industries, Ltd., ABB, LS Cable & System Ltd, ZTT, KEI Industries Limited, and Hengtong Marine Cable Systems are some of the significant players steering the competition landscape of global submarine power cables market. The report has some of the key players covered under the profiling and analysis.

The Global Submarine Power Cables Market is Segmented as Below:

By Type Coverage
• Single Core
• Multi Core

By Conductor Coverage
• Aluminium
• Copper

By Voltage Coverage
• High (500KV and Above)
• Medium (Below 500 KV)

By End-user Coverage
• Inter-country & Island Connection
• Offshore Oil & Gas
• Offshore Wind Power

By Geographical Coverage
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Leading Companies
• Nexans
• Prysmian Group
• NKT
• ZTT
• KEI Industries Limited
• LS Cable & System Ltd
• The Furukawa Electric Co., Ltd.
• Hengtong Marine Cable Systems
• ABB
• Sumitomo Electric Industries

Inside This Report You Will Find:
1. Executive Summary
2. Market Overview
3. Global Submarine Power Cables: Micro/Macro Economic Factors
4. Global Submarine Power Cables Market Outlook,
5. North America Submarine Power Cables Market Outlook, 2019 - 2027
6. Europe Submarine Power Cables Market Outlook, 2019 - 2027
7. Asia Pacific Submarine Power Cables Market Outlook, 2019 - 2027
8. Latin America Submarine Power Cables Market Outlook, 2019 - 2027
9. Middle East & Africa Submarine Power Cables Market Outlook, 2019 - 2027
10. Competitive Landscape
11. Appendix

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This release was published on openPR.