Press release
Submarine Power Cable Market Study: An Emerging Hint of Opportunity by 2028
The Submarine Power Cable Market is projected to grow from US$ 7,643.46 million in 2021 to US$ 11,829.01 million by 2028. It is estimated to grow at a CAGR of 6.4% from 2021 to 2028.Governments in Taiwan and Japan are feeling pressure to meet their climate change commitments and have set ambitious targets for renewable energy development. To achieve these goals, it is necessary to replace large-scale, fossil fuel-based power generation with alternative sources. Offshore wind power is emerging as the most viable option, as recognized by many governments in the region.
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Analysis of the Top Market Players:
1. Prysmian Group
2. NKT A/S
3. Sumitomo Electric Industries Ltd
4. FURUKAWA ELECTRIC CO. LTD
5. HENGTONG GROUP CO. LTD
6. KEI Industries Limited
7. LS Cable & System Ltd
8. Hydro Group Plc
9. ZT International Ltd
10. TFKable
In this report, the market has been segmented on the basis of:
Type (Multicore and Single Core)
Conductor Material (Copper and Aluminum)
Voltage (High Voltage and Medium Voltage)
Application (Offshore Oil and Gas, Offshore Wind Power, and Inter-Country & Island Connection)
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The Asian offshore wind industry has seen a surge of activity in recent years and is predicted to soon overtake Europe as the largest offshore wind market. China's offshore wind power generation capacity has grown at an impressive rate of 66% annually since 2015, expanding from 102 MW in 2010 to 565 MW in 2014, and reaching 7.03 GW in 2019. This accounts for around 94% of current operational offshore wind power generation in the APAC region, and 31% of the world's wind power capacity, with over 11 GW of offshore capacity installed as of January 2021. This progress in the power and IT sectors, focused on developing and expanding wind energy generation capacity, is driving growth in the submarine power cable market in APAC.
COVID-19 Impact on Submarine Power Cable Market
In the submarine power cable market research study, it was found that Brazil is the primary country in the region for acquiring submarine power cables, representing over 85% of the market in 2020. Brazil's 19 active offshore oil rigs produce a significant amount of oil for both domestic consumption and international export. However, in 2020, Brazil's offshore oil platforms faced numerous challenges, such as labor shortages, facility shutdowns, government restrictions on ongoing drilling operations, and supply chain difficulties due to critical worldwide disruptions in international trade. These challenges resulted in a decline in investments in submarine power cables throughout South America, as well as a reduction in offshore platform maintenance and repair operations, thereby limiting the growth of the submarine power cable market.
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