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Global Submarine Power Cable Market
End User (Off-Shore Wind Power Generation, Inter Country & Island Connection, Offshore Oil & Gas)
Off-shore wind power generation segment in the submarine power cable market is estimated to reach USD 18.11Billion by the end of 2037 up from a revenue of USD 5.31 billion in the year 2024. This growth of the segment is poised to be encourage by rising demand for electricity. As per the estimation of IEA, demand for electricity across the globe is anticipated to grow at a faster rate during the next three years, rising by an average of 3.4% yearly through 2026. Hence, this is predicted to influence renewable energy growth further driving the segment growth.
Submarine power cables for offshore wind farms are constructed to meet specific requirements, typically with high voltages. These cables are composed of copper or aluminum wires, which were selected for their electrical conductivity and cost. Insulation that includes XLPE or EPR protects and strengthens the wires, whereas lead wraps or steel wire shields serve as protective layers.
These cables have been developed to resist water ingress and corrosion, which is critical for their durability in hostile marine conditions. Versatility in design enables adaptation to changing seabed conditions during installation. Furthermore, these wires are critical conduits for transferring renewable energy from wind farms located offshore to onshore grids, helping to further worldwide efforts towards sustainable energy generation.
Conductor Material (Copper, Aluminum)
In submarine power cable market, copper segment is set to cross USD 30 Billion by 2037. Copper is frequently used as a conductor material in underwater power cables because of its high electrical conductivity, corrosion resistance, and mechanical strength. Its powerful conductivity enables effective power transfer over long distances with minimum loss.
Copper's intrinsic immunity to corrosion makes it perfect for marine conditions where moisture and saltwater are present. Further, with the growing production of copper, the market is expanding. According to the predictions made by USGS, till now, over 700 million metric tons of copper are predicted to be manufactured around the world.
Core Type (Single Core Cable, Multi Core Cable)
The single core cable segment is anticipated to capture the highest submarine power cable market revenue by the end of 2037. Single-core cables comprise a single conductor wrapped by layers of insulation and protective sheathing. Single-core underwater power cables possess a streamlined structure, having a single conductor covered by layers of insulation, metallic protection, and protective sheathing.
Additionally, single-core submarine power cables have concentric protection and are utilized in AC systems with three independent cables, each carrying one phase of electric current. An additional fourth cable serves as a backup to replace any damaged primary cables, ensuring continuous power transmission in the event of damage, such as from ship anchors. Hence, all these advantages are predicted to expand the segment growth further encouraging a rise in the submarine power cable market.
Our in-depth analysis of the submarine power cable market includes the following segments:
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Conductor Material |
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Author Credits: Dhruv Bhatia
Copyright © 2024 Research Nester. All Rights Reserved
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