Submarine Power Cable Market Outlook:
Submarine Power Cable Market size was valued at USD 17.65 billion in 2025 and is projected to reach USD 46.58 billion by the end of 2037, rising at a CAGR of 7.7% during the forecast period, i.e., between 2026-2037. In 2026, the industry size of submarine power cable is assessed at USD 20.47 billion.
The rapid expansion of offshore wind farms is driving the growth of the market. These cables play a crucial role in transmitting electricity generated by offshore turbines to onshore grids. Increasing investments by energy companies to expand and upgrade offshore wind installations are further fueling demand. For example, in April 2024, Ørsted inaugurated the Greater Changhua 1 and 2a offshore wind farms in Taiwan, the largest in Asia-Pacific, with a combined installed capacity of 900 MW. This development not only enhances Taiwan’s offshore wind capacity but also strengthens the country’s broader offshore wind ecosystem.
Source: WBG
The demand for submarine power cables is expected to increase with growing data traffic globally. According to the International Telecommunication Union (ITU), 69% of the global population was actively using the internet in 2024. The International Energy Agency reported in July 2023 that the internet traffic globally expanded 20-fold, and the number of internet users doubled in the last decade. This influences the need for the proliferation of data centers and cloud services to manage a large pool of internet traffic. As a result, the installation of submarine power cables is likely to surge to establish high-capacity and low-latency connections.
