Submarine Power Cable Market is Forecasted to Reach US$ 19 Billion in 2028, Says Stratview Research

The global submarine power cable market is projected to witness a growth rate of 15.15% annually from 2022 to 2028 with an anticipated size of US$ 19 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global submarine power cable market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:
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Report Highlights:
Market Size in 2028: US$ 19 billion
Growth (CAGR): 15.15% during 2022-2028
Forecast Period: 2022-2028
Trend Period: 2016-2020
Base Year: 2021
Number of Segments Covered: 5
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Submarine Power Cable Market:

The global submarine power cable market is segmented based on core type, voltage type, conductor type, end-user type, and region.

Based on core type - The market is segmented as single-core and multi-core. The single core segment is expected to witness a significant growth rate in the market during the assessment period. The growth of the segment can be attributed to long route power transfer and minimal transmission losses along high voltage power supply, the main factors endorsing the deployment of single core submarine power cable market share.

Based on voltage type - The market is segmented as medium, high, extra high, and ultra-high. Medium voltage type is anticipated to register a high growth rate in the market owing to low installation cost coupled with large-scale deployment across offshore wind farms. Furthermore, increasing the reliability on renewable power generation technologies along with government reforms and endeavors to create an energy-efficient environment, which will positively influence the growth of the market.

Based on conductor type - The market is segmented into aluminum and copper. The copper segment is estimated to register a major share of the market during the forecast period on account of high electrical conductivity and ductility coupled with non-magnetic properties. Furthermore, copper wires are set to depict a surge on account of the properties they possess including the ability to bear heavy loads, corrosion resistance, strength, and weight. Also, the ongoing integration of safe & reliable power transmission systems along with energy efficient equipment will invigorate the submarine power cable market share.

To know the most attractive segments, click here:
https://stratviewresearch.com/2031/Submarine-Power-Cable-Market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Europe is estimated to be the leading region in the market. This growth outlook is majorly attributed to the following-

• Owing to continuous advancements toward an effective transmission network coupled with high energy demand from developing countries.
• Stringent regulations pertaining to efficient power transmission along with rising cross-border electricity trade will boost the growth of the market in the region.

Submarine Power Cable Market Drivers:

Some of the key drivers listed in the report are given below.

• Continuous expansion of oil & gas platforms
• Increasing deployment of wind farms
• High investments by government departments and private firms
• Integration of energy-efficient operational environment
In addition, increasing the fund supply for the development of sustainable electrical infrastructure with grid integration of renewable systems will enhance the growth of the market.

Top Companies in the Submarine Power Cable Market:

Stratview Research has identified the following companies as the top market players.
• ABB
• Furukawa Electric
• Hengtong Marine Cable Systems
• Intertek Group
• KEI Industries
• Kelani Cables
• LS Cable & Systems
• Nexans
• Ningbo Orient Wires and Cables
• NKT
• Prysmian
• Sumitomo Electric
• TF Kable
• ZTT

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Submarine Power Cable Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

Related Reports:
• High Voltage Cables Market: https://stratviewresearch.com/1185/high-voltage-cables-market.html
• Power and Control Cable Market: https://stratviewresearch.com/945/power-and-control-cable-market.html

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

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This release was published on openPR.