Press release
Submarine Power Cable Market to Reach USD 19 Billion by 2028, Says Stratview Research
Stratview Research
Stratview Research, a global market research firm, has launched a report on the global market, which provides a comprehensive outlook of the global and regional industry forecast, current & emerging market trends, segment analysis, competitive landscape, & more. The report covers detailed market dynamics, segmentation by core type, voltage, conductor, end-user type, and region, and offers strategic insights relevant for investment, manufacturing, and supply chain planning.
Request a free sample report: https://www.stratviewresearch.com/Request-Sample/2031/Submarine-Power-Cable-Market.html#form
Market Statistics:
• Market size (2021): USD 6.97 billion
• Forecast value (2028): USD 19 billion
• CAGR (2022-2028): 15.15%
• Forecast period: 2022-2028
• Base year: 2021
• Total number of segments: 4
• Tables & figures: 100+
• Country-Level Market Assessment: 20
Market Segmentation:
By Core Type
• Single Core
• Multi-Core
By Voltage Type
• Medium (>66 kV)
• High (66 kV to 220 kV)
• Extra High (>220 kV to 400 kV)
• Ultra High (>400 kV)
By Conductor Type
• Aluminium
• Copper
By Region
• North America
• Europe
• Asia-Pacific
• Rest of the World
Segment Analysis:
The single-core segment leads the core-type category due to its suitability for long-distance power transfer with minimal transmission losses, making it preferred for high-voltage subsea applications. This structural advantage supports operational efficiency and lower energy dissipation over extended routes, positioning it strongly for continued investment decisions.
The medium (>66 kV) voltage type is expected to register high growth as its lower installation costs and suitability for widespread deployment across offshore wind farms enhance capital project economics for developers.
Within conductor types, copper accounts for the largest share because of its high electrical conductivity, ductility, and corrosion resistance, which are critical for reliable subsea power transmission; this reliability factor influences procurement and long-term service planning.
Regional Insights:
Europe is the dominant regional market, driven by stringent regulations for efficient power transmission, high energy demand from developing countries, and expanding cross-border electricity trade. These structural factors support strategic investments in subsea power infrastructure and position Europe as a focal region for OEMs and system integrators targeting high-value energy transition projects.
Europe's lead has implications for supplier footprint decisions and regional partnerships. Europe's regulatory environment and grid integration goals create enhanced market certainty that attracts capital and long-term contracts.
Market Drivers:
• Expansion of offshore wind farms increases demand for underwater power transmission infrastructure.
• Continuous growth of offshore oil & gas platforms requires robust subsea power links.
• High investments by government bodies and private firms accelerate infrastructure deployment.
• Integration of energy-efficient operational environments promotes modern grid connections.
• Increased funding for sustainable electrical infrastructure with renewable grid integration enhances long-term market potential.
Top Companies in the Market
• 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
FAQs:
1.What is the current size and forecast of the submarine power cable market ?
The market was valued at approximately USD 6.97 billion in 2021 and is forecast to reach USD 19 billion by 2028 at a CAGR of 15.15% from 2022 to 2028, reflecting accelerating offshore infrastructure deployment.
2.Which factors are driving demand for submarine power cables ?
Demand is driven by offshore wind farm expansion, growth in offshore oil & gas platforms, and increased investment in energy infrastructure that requires reliable underwater power transmission.
3.Which region holds the largest share in the submarine power cable market ?
Europe holds the largest market share due to advanced transmission networks, regulatory support, and rising cross-border power trade, which structurally support subsea power cable investments.
4.How is segmentation by voltage type shaping market growth ?
The medium (>66 kV) segment is growing rapidly as it offers a balance of cost-effective installation and suitability for offshore wind and renewable connections, influencing project planning and capital allocation.
5.What implications does conductor type have for business strategy ?
Copper's dominance due to superior conductivity and reliability shapes supplier sourcing strategies and long-term maintenance planning for energy infrastructure projects.
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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.
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