Submarine Power Cable Market: Global Industry Overview and Forecast (2024-2030)

Submarine Power Cable Market Overviews

Electricity generated by marine wind turbines is transmitted to the world by several cable systems buried in the ocean. Therefore, the growing investment of developed and developing countries in offshore wind turbines to generate wind power furthers the demand for underwater power lines, increasing the submarine power cable market.

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Submarine Power Cable Market Scope and Methodology:

The major factors driving the Submarine Power Cable market are rising investment in offshore farms, increasing data traffic, and investment by OTT providers to cope with the demand. Underwater cables are widely used for power, communication and internet applications. They are widely used in transferring energy from oil ore, from coastal wind farms to power stations, and in communications between countries and islands. Increasing demand for international grid connectivity is one of the significant factors affecting the demand for low power cables. Underwater communication cables are used for communication between countries. About 97% of global internet traffic relies entirely on submarine cables, and due to increasing internet usage, product demand is set to rise sharply. A growing focus is on joining renewable overseas energy production, and increasing electricity security has further boosted global Submarine Power Cable market growth. These communication cables facilitate faster connectivity and carry large amounts of data worldwide.

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Submarine Power Cable Market Regional Insights

Asia Pacific region is expected to have the largest market share of almost 38% of the total market by 2023. The region has the highest acquisition and distribution of wind farms in the region, among which China holds the leading position. According to the IEEFA, China is expected to have 4.6GW1 of offshore wind turbine capacity by 2018. It installed 1.8GW of marine air capacity in 2018 alone, 40% of the total 4.5GW added worldwide during the year. In January 2019, China approved 24 coastal wind power projects along the coast of Jiangsu Province with a capacity of 6.7GW and an investment injection of USD 18 billion. China's significant resources, including China Energy Group, China General Nuclear Power Corp., China Huaneng Group, and State Power Investment Corp., support these offshore wind projects.

Submarine Power Cable Market Segmentation

By Voltage Type, the high voltage segment is responsible for the highest revenue share of about 66.5% by 2023. High voltage power cables ranging from over 33kV are widely used for power transmission and distribution. Therefore, the ever-increasing demand for HVDC hydroelectric power cables and the growing investment in offshore wind turbines are significant factors driving the segment of high voltage submarine power cables. High voltage cables reduce transmission losses and thus, allow for efficient transmission. The HVDC power system develops at high speeds and allows for the transfer of electricity from significant power sources to a large country. Several companies and development centres support the growth of HVDC energy programs, such as North Seas Countries Offshore Grid Initiative, CIGRE, and others.

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Submarine Power Cable Market Key Players

Crunchbase Company (Netherlands)
Prysmian (Italy)
Nexans (France)
NKT (Denmark)
General Cable (US)
Furukawa Electric (Japan)
Sumitomo Electric (Japan)
KEI Industries (India)

Key questions answered in the Submarine Power Cable Market are:

What is Submarine Power Cable?
What was the Submarine Power Cable market size in 2023?
What is the growth rate of the Submarine Power Cable Market?
Which are the factors expected to drive the Submarine Power Cable market growth?
What are the different segments of the Submarine Power Cable Market?
What growth strategies are the players considering to increase their presence in Submarine Power Cable?
What are the upcoming industry applications and trends for the Submarine Power Cable Market?
What are the recent industry trends that can be implemented to generate additional revenue streams for the Submarine Power Cable Market?
Who are the leading companies and what are their portfolios in Submarine Power Cable Market?
What segments are covered in the Submarine Power Cable Market?
Who are the key players in the Submarine Power Cable market?
Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2022)
Past Pricing and price curve by region (2018 to 2022)
Market Size, Share, Size & Forecast by Different Segment | 2024-2030
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by Region
Market Segmentation - A detailed analysis by segment with their sub-segments and Region
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of Business by Region
Lucrative business opportunities with SWOT analysis
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