Submarine Power Cable Market - Global Industry Analysis, Size, Share 2024 | Research Report

A submarine power cable is an electricity transmission cable used primarily to carry electricity from below the surface of the water. It is termed submarine, as it is mostly laid onto the seafloor or buried under the seafloor. Submarine power cable is used to transmit electricity to offshore installations such as oil & gas platforms, offshore laboratories, or offshore power generation units. If required, these cables can also be laid on to river beds or lake beds for energy transmission across cities or remote locations. Submarine power cable can also be employed to interconnect different electrical transmission networks to allow global energy trade. Its usage can be extended to supply power and for communication purpose to remote locations.

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High Voltage Alternating Current (HVAC) and High Voltage Direct Current (HVDC) are the two primary and basic types of submarine power cable. Depending upon the insulation, the cable can also be classified into paper insulated & fluid filled and extruded plastic insulation (XLPE or EPR). The size or diameter of the cable depends upon its current carrying capacity and amount of insulating layers. The range varies from 50 mm to 1500 mm, depending upon the end-use or application.

Most countries are shifting toward harnessing wind energy & wave energy of sea or ocean due to the increase in demand for renewable energy. The number of offshore wind farms has increased significantly of late. At the same time, the usage of tidal turbine to harness wave energy is also being practiced in developed nations such as the U.S., Germany, France, and Denmark.

Submarine power cable carries the electricity generated at such offshore renewable energy platforms to the shore or mainland for usage in various applications. However, such energy projects need to transfer high or heavy load of electricity from power generation unit to load centers. This can lead to significant losses during transmission of power. HVDC cables are lightweight; therefore, they are preferred over HVAC cables for such applications. Thus, rise in the number of renewable power generation projects is expected to boost the demand for HVDC cables in the next few years.

Apart from renewable energy sources, submarine power cables are also used for providing power to offshore oil & gas platforms and offshore ocean laboratories. Most of the oil deposits are being developed offshore, which requires power for its operations, is certainly one of the key factor which may increase the demand of Submarine power cables.

High cost of installation or high cost of laying the cable onto the ocean or sea floor is the major restraint of the submarine power cable market. The route has to be surveyed before laying such cables across long distances along the seafloor. However, the planned route may change due to the topography and submarine conditions. This may increase the cost of the project.

Europe is expected to be a key region of the submarine power cable market in the near future due to the major shift toward renewable energy in the region. In February 2017, the European Union agreed to the proposal of investing significantly in increasing energy security by strengthening its cross-border energy infrastructure. HVDC cables can play a vital role in such projects. This presents immense opportunities for the submarine power cable market.

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Asia Pacific is also anticipated to be a key region of the market due to the rise in the usage of renewable energy in the region. North America is also likely to be one of the prominent regions of the submarine power cable market owing to the rising number of renewable energy projects and offshore oil and gas projects in the region.

Key players operating in the submarine power cable market are Hentong Marine Cable Systems, AEI Cables, General Cables, JDR Cables, NXT, Prysmian, ZTT, ABB, Nexan, TE Subcom, and Sumitomo

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