Global Submarine Power Cable Market
European Market Statistics
Europe region in submarine power cable market revenue is expected to cross USD 13.65 Billion by the end of 2037, the highest as compared to the year 2024 when revenue is poised to be USD 4.04 billion. The major factor to encourage market expansion in this region is growing investment in offshore projects. It is estimated that Europe needs about USD 434 billion in investment in offshore wind grids in order to meet targets. Therefore, the spending on submarine power cables is also expected to rise.
The UK market for Submarine power cable is estimated to generate the highest revenue of USD 3.12 billion by the end of 2037. This growth is anticipated to be encourage by the growing number of key players.
Furthermore, on account of the growing net zero initiative which is driving demand for clean energy the market in Germany is also predicted to have notable growth over the forecast period.
Also, along with these two major nations, the market in France for submarine power cables is forecasted to observe growth over the forecast period. This is anticipated to be on account of the growing demand for interrupted power supply.
APEJ Market Analysis
In submarine power cable market, Asia Pacific excluding Japan region is expected to showcase around 10.23% growth rate till 2036. This is poised to be dominated by growing urban population. For instance, as per UNICEF, the population of cities in Asia is growing notably reaching close to 55 percent of the by 2030. This is further boosting the electricity demand hence influencing the submarine power cable market.
In this region, the market in China for submarine power cables is projected to gather the highest revenue of USD 3.46 billion by the end of 2037. The main element driving the market growth in this region is the growing subsidies offered by the government to adopt more renewable energy.
Moreover, the Indian market for submarine power cable is also set to rise owing to the growing focus on importing renewable energy.
Another major nation is South Korea which is predicted to observe growth in the market on account of rising investment in cross-border interconnection projects.
Author Credits: Dhruv Bhatia
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