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Submarine Power Cable Market worth $32.29 billion by 2030, growing at a CAGR of 11.34% - Exclusive Report by 360iResearch
Submarine Power Cable Market | 360iResearch
The Global Submarine Power Cable Market to grow from USD 15.21 billion in 2023 to USD 32.29 billion by 2030, at a CAGR of 11.34%.
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The submarine power cable market comprises the design, manufacture, installation, and maintenance of high-voltage electrical cables laid underwater to transmit electricity between offshore energy generation facilities (such as wind farms or tidal power stations) and onshore power grids. These cables play a crucial role in connecting renewable energy sources with mainland transmission networks, thus enabling efficient energy distribution and driving sustainable growth across various industries. Submarine power cables find application in offshore wind farms, inter-country & island connections, and offshore oil & gas platforms. The global push towards reducing carbon emissions has led countries to invest heavily in renewable energy sources such as offshore wind farms. Technological advancements in cable manufacturing have helped create more durable, efficient, and cost-effective solutions. However, submarine cable installation requires significant initial capital investments, which could discourage some players from entering the market or limit their capacity for additional investments. Regulatory concerns also pose challenges, as they require companies to navigate complex permitting processes. Efforts by major players to invest in advancements to ease the process of regulatory approvals for projects are increasing. Additionally, leveraging digital platforms to optimize submarine cable systems through predictive analytics to increase efficiency can increase the scope of the industry.
In the Americas, countries are witnessing significant growth in their offshore wind energy sector, leading to increased demand for submarine power cables. The US Department of Energy has set ambitious targets for offshore wind capacity by 2050, while Canada aims at increasing its renewable energy share. These factors have attracted investments in developing transmission infrastructure and strengthening the regional market. The European Union holds a dominant position in the global submarine power cable market due to its focus on renewable and clean energy. Countries such Germany, UK, and Denmark have made substantial investments in research and innovation. Subsea interconnections between the various EU nations, such as France and Germany, are driving the demand for submarine power cables. In Asia Pacific, China and India are emerging as key players in the submarine power cable industry. Both nations have set ambitious renewable energy targets which drive their investment in wind and solar energy projects. India is increasing its efforts to connect power grids with undersea cables, necessitating the deployment of efficient submarine power cables. Japan holds a significant share of the Asia-Pacific submarine power cable market due to its strategic geographical location and advanced technological developments.
Market Segmentation & Coverage:
This research report categorizes the Submarine Power Cable Market in order to forecast the revenues and analyze trends in each of following sub-markets:
Based on Core Type, market is studied across Multicore and Single Core. The Multicore is projected to witness significant market share during forecast period.
Based on Conductor Material, market is studied across Aluminum and Copper. The Copper is projected to witness significant market share during forecast period.
Based on Cable Type, market is studied across AC and DC. The DC is projected to witness significant market share during forecast period.
Based on Voltage Level, market is studied across High Voltage, Low Voltage, and Medium Voltage. The Medium Voltage is projected to witness significant market share during forecast period.
Based on End-User, market is studied across Inter-Country & Island Connection, Offshore Oil & Gas, and Offshore Wind Power Generation. The Offshore Wind Power Generation is projected to witness significant market share during forecast period.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Europe, Middle East & Africa commanded largest market share of 43.34% in 2023, followed by Americas.
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FPNV Positioning Matrix:
The FPNV Positioning Matrix is essential for assessing the Submarine Power Cable Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in the Submarine Power Cable Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Key Company Profiles:
The report delves into recent significant developments in the Submarine Power Cable Market, highlighting leading vendors and their innovative profiles. These include ABB Limited, Belden Inc., Fujitsu Limited, Furukawa Electric Co., Ltd., Hellenic Cables S.A., Hengtong Group Co., Ltd., Hesfibel Subsea Cables, Hydro Group, JDR Cable Systems Ltd., KEI Industries Limited, LS Cable & System Ltd., Nexans SA, Ningbo Orient Wires & Cables Co., Ltd., NKT A/S, Novacavi srl, Prysmian S.p.A., S.B.Submarine Systems, SSG Cable, Sumitomo Electric Industries Limited, Taihan Cable & Solution Co., Ltd., TELE-FONIKA Kable S.A., ZMS Cable Group, and ZTT International Limited.
Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Submarine Power Cable Market, by Core Type
7. Submarine Power Cable Market, by Conductor Material
8. Submarine Power Cable Market, by Cable Type
9. Submarine Power Cable Market, by Voltage Level
10. Submarine Power Cable Market, by End-User
11. Americas Submarine Power Cable Market
12. Asia-Pacific Submarine Power Cable Market
13. Europe, Middle East & Africa Submarine Power Cable Market
14. Competitive Landscape
15. Competitive Portfolio
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Submarine Power Cable Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Submarine Power Cable Market?
3. What is the competitive strategic window for opportunities in the Submarine Power Cable Market?
4. What are the technology trends and regulatory frameworks in the Submarine Power Cable Market?
5. What is the market share of the leading vendors in the Submarine Power Cable Market?
6. What modes and strategic moves are considered suitable for entering the Submarine Power Cable Market?
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