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Submarine Power Cable Market Trends

  • Report ID: 6188
  • Published Date: Jun 13, 2024
  • Report Format: PDF, PPT

Global Submarine Power Cable Market

  1. An Outline of the Submarine Power Cable Market
    1. Market definition
    2. Market segmentation
    3. Solution overview
  2. Assumptions & Abbreviations
  3. Research Methodology & Approach
    1. Research process
    2. Primary research
      1. Service/Solution Providers
      2. End-users
    3. Secondary research
    4. Market size estimation
  4. Summary of the Report for Key Decision Makers
  5. Market Opportunities
  6. Market Dynamics
  7. Market Trends
  8. Major Roadblocks for the Market Growth
  9. Regulatory Landscape
  10. Comparative Analysis of the Current Technologies
  11. Industry Risk Analysis
  12. Industry Pricing Benchmarking & Analysis
  13. SWOT Analysis
  14. Industry Growth Outlook
  15. Use Case Analysis
  16. Industry Supply Chain Analysis
  17. Regional Demand Analysis
  18. Recent News on Submarine Power Cables Market
  19. PORTER Analysis
  20. EXIM Analysis
  21. Patent Analysis
  22. Competitive Positioning
  23. Global Submarine Power Cable Market Outlook
    1. Market Summary
    2. Market Revenue by Value (USD Million) and Compound Annual Growth Rate (CAGR)
    3. Market Increment $ Opportunity Assessment, 2024-2037
    4. Year-on-Year (YoY) Growth Trend Analysis
    5. Global Submarine Power Cable Market Valuation, Business Viewpoint, and Forecast by Core Type, 2024-2037
      1. Single Core Cable, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      2. Multi Core Cable, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
    6. Global Submarine Power Cable Market Valuation, Business Viewpoint, and Forecast by Voltage, 2024-2037
      1. Medium, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      2. High, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
    7.  Global Submarine Power Cable Market Valuation, Business Viewpoint, and Forecast by Conductor Material, 2024-2037
      1. Copper, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      2. Aluminum, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
    8. Global Submarine Power Cable Market Valuation, Business Viewpoint, and Forecast by End User, 2024-2037
      1. Off-Shore Wind Power Generation, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      2. Inter Country and Island Connection, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      3. Offshore Oil & Gas, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
    9. Global Submarine Power Cable Market Valuation, Business Viewpoint, and Forecast by Region, 2024-2037
      1. North America, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      2. Europe, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      3. Asia Pacific excluding Japan, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      4. Japan, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      5. Latin America, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      6. Middle East & Africa, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
    10. Cross Analysis of Core Type w.r.t. End User (USD Million), 2024-2037
  24. North America Submarine Power Cable Market Outlook
    1. Market Summary
    2. Market Value (USD Million) Current and Future Projections, 2024-2037
    3. Market Increment $ Opportunity Assessment, 2024-2037
    4. Year-on-Year Growth Forecast (%)
    5. Market Dynamics
    6. Key players operating in the region
    7. Trends / Opportunities in the market
    8. North America Submarine Power Cable Market Valuation, Business Viewpoint, and Forecast by Core Type, 2024-2037
      1. Single Core Cable, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      2. Multi Core Cable, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
    9. North America Submarine Power Cable Market Valuation, Business Viewpoint, and Forecast by Voltage, 2024-2037
      1. Medium, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      2. High, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
    10. North America Submarine Power Cable Market Valuation, Business Viewpoint, and Forecast by Conductor Material, 2024-2037
      1. Copper, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      2. Aluminum, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
    11. North America Submarine Power Cable Market Valuation, Business Viewpoint, and Forecast by End User, 2024-2037
      1. Off-Shore Wind Power Generation, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      2. Inter Country and Island Connection, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      3. Offshore Oil & Gas, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
    12. North America Submarine Power Cable Market Valuation, Business Viewpoint, and Forecast by Country, 2024-2037
      1. US, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      2. Canada, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
    13. Cross Analysis of Core Type w.r.t. End User (USD Million), 2024-2037
  25. Europe Submarine Power Cable Market Outlook
    1. Market Summary
    2. Market Value (USD Million) Current and Future Projections, 2024-2037
    3. Market Increment $ Opportunity Assessment, 2024-2037
    4. Year-on-Year Growth Forecast (%)
    5. Market Dynamics
    6. Key players operating in the region
    7. Trends / Opportunities in the market
    8. Europe Submarine Power Cable Market Valuation, Business Viewpoint, and Forecast by Core Type, 2024-2037
      1. Single Core Cable, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      2. Multi Core Cable, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
    9. Europe Submarine Power Cable Market Valuation, Business Viewpoint, and Forecast by Voltage, 2024-2037
      1. Medium, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      2. High, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
    10. Europe Submarine Power Cable Market Valuation, Business Viewpoint, and Forecast by Conductor Material, 2024-2037
      1. Copper, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      2. Aluminum, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
    11. Europe Submarine Power Cable Market Valuation, Business Viewpoint, and Forecast by End User, 2024-2037
      1. Off-Shore Wind Power Generation, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      2. Inter Country and Island Connection, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      3. Offshore Oil & Gas, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
    12. Europe Submarine Power Cable Market Valuation, Business Viewpoint, and Forecast by Country, 2024-2037
      1. U.K, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      2. Germany, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      3. France, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      4. Italy, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      5. Spain, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      6. Russia, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      7. Rest of Europe, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
    13. Cross Analysis of Core Type w.r.t. End User (USD Million), 2024-2037
  26. Asia Pacific excluding Japan Submarine Power Cable Market Outlook
    1. Market Summary
    2. Market Value (USD Million) Current and Future Projections, 2024-2037
    3. Market Increment $ Opportunity Assessment, 2024-2037
    4. Year-on-Year Growth Forecast (%)
    5. Market Dynamics
    6. Key players operating in the region
    7. Trends / Opportunities in the market
    8. Asia Pacific excluding Japan Submarine Power Cable Market Valuation, Business Viewpoint, and Forecast by Core Type, 2024-2037
      1. Single Core Cable, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      2. Multi Core Cable, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
    9. Asia Pacific excluding Japan Submarine Power Cable Market Valuation, Business Viewpoint, and Forecast by Voltage, 2024-2037
      1. Medium, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      2. High, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
    10. Asia Pacific excluding Japan Submarine Power Cable Market Valuation, Business Viewpoint, and Forecast by Conductor Material, 2024-2037
      1. Copper, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      2. Aluminum, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
    11. Asia Pacific excluding Japan Submarine Power Cable Market Valuation, Business Viewpoint, and Forecast by End User, 2024-2037
      1. Off-Shore Wind Power Generation, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      2. Inter Country and Island Connection, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      3. Offshore Oil & Gas, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
    12. Asia Pacific excluding Japan Submarine Power Cable Market Valuation, Business Viewpoint, and Forecast by Country, 2024-2037
      1. China, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      2. India, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      3. South Korea, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      4. Australia, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      5. Vietnam, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      6. New Zealand, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      7. Rest of Asia Pacific, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
    13. Cross Analysis of Core Type w.r.t. End User (USD Million), 2024-2037
  27. Japan Submarine Power Cable Market Outlook
    1. Market Summary
    2. Market Value (USD Million) Current and Future Projections, 2024-2037
    3. Market Increment $ Opportunity Assessment, 2024-2037
    4. Year-on-Year Growth Forecast (%)
    5. Market Dynamics
    6. Key players operating in the region
    7. Trends / Opportunities in the market
    8. Japan Submarine Power Cable Market Valuation, Business Viewpoint, and Forecast by Core Type, 2024-2037
      1. Single Core Cable, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      2. Multi Core Cable, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
    9. Japan Submarine Power Cable Market Valuation, Business Viewpoint, and Forecast by Voltage, 2024-2037
      1. Medium, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      2. High, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
    10. Japan Submarine Power Cable Market Valuation, Business Viewpoint, and Forecast by Conductor Material, 2024-2037
      1. Copper, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      2. Aluminum, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
    11. Japan Submarine Power Cable Market Valuation, Business Viewpoint, and Forecast by End User, 2024-2037
      1. Off-Shore Wind Power Generation, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      2. Inter Country and Island Connection, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      3. Offshore Oil & Gas, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
    12. Cross Analysis of Core Type w.r.t. End User (USD Million), 2024-2037
  28. Latin America Submarine Power Cable Market Outlook
    1. Market Summary
    2. Market Value (USD Million) Current and Future Projections, 2024-2037
    3. Market Increment $ Opportunity Assessment, 2024-2037
    4. Year-on-Year Growth Forecast (%)
    5. Market Dynamics
    6. Key players operating in the region
    7. Trends / Opportunities in the market
    8. Latin America Submarine Power Cable Market Valuation, Business Viewpoint, and Forecast by Core Type, 2024-2037
      1. Single Core Cable, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      2. Multi Core Cable, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
    9. Latin America Submarine Power Cable Market Valuation, Business Viewpoint, and Forecast by Voltage, 2024-2037
      1. Medium, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      2. High, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
    10. Latin America Submarine Power Cable Market Valuation, Business Viewpoint, and Forecast by Conductor Material, 2024-2037
      1. Copper, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      2. Aluminum, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
    11. Latin America Submarine Power Cable Market Valuation, Business Viewpoint, and Forecast by End User, 2024-2037
      1. Off-Shore Wind Power Generation, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      2. Inter Country and Island Connection, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      3. Offshore Oil & Gas, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
    12. Latin America Submarine Power Cable Market Valuation, Business Viewpoint, and Forecast by Country, 2024-2037
      1. Brazil, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      2. Argentina, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      3. Mexico, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      4. Rest of Latin America, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
    13. Cross Analysis of Core Type w.r.t. End User (USD Million), 2024-2037
  29. Middle East & Africa Submarine Power Cable Market Outlook
    1. Market Summary
    2. Market Value (USD Million) Current and Future Projections, 2024-2037
    3. Market Increment $ Opportunity Assessment, 2024-2037
    4. Year-on-Year Growth Forecast (%)
    5. Market Dynamics
    6. Key players operating in the region
    7. Trends / Opportunities in the market
    8. Middle East & Africa Submarine Power Cable Market Valuation, Business Viewpoint, and Forecast by Core Type, 2024-2037
      1. Single Core Cable, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      2. Multi Core Cable, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
    9. Middle East & Africa Submarine Power Cable Market Valuation, Business Viewpoint, and Forecast by Voltage, 2024-2037
      1. Medium, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      2. High, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
    10. Middle East & Africa Submarine Power Cable Market Valuation, Business Viewpoint, and Forecast by Conductor Material, 2024-2037
      1. Copper, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      2. Aluminum, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
    11. Middle East & Africa Submarine Power Cable Market Valuation, Business Viewpoint, and Forecast by End User, 2024-2037
      1. Off-Shore Wind Power Generation, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      2. Inter Country and Island Connection, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      3. Offshore Oil & Gas, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
    12. Middle East & Africa Submarine Power Cable Market Valuation, Business Viewpoint, and Forecast by Country, 2024-2037
      1. GCC, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      2. Israel, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      3. South Africa, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
      4. Rest of Middle East & Africa, Market Value (USD Million), CAGR & Y-o-Y Growth Trend, 2024-2037F
    13. Cross Analysis of Core Type w.r.t. End User (USD Million), 2024-2037
  30. Comprehensive Analysis of Leading Players in the Market
    1. Market share of Key Competitors in the Market (%), 2023
    2. Profile of the Major Vendors
      1. Prysmian Spa
      2. KEI Industries Ltd
      3. Nexans Group
      4. Ls cables and systems ltd
      5. ZTT Group
      6. Furukawa Electric Co Ltd
      7. Ningbo Orient Wires & Cables Co., Ltd
      8. Sumitomo Electric Industries Limited
      9. TFKable
      10. ABB Group
      11. Hydro Group

Submarine Power Cable Market Trends

Growth Drivers

  • Growing capacity of renewable energy sources - It was estimated by EIA that, generation of power in 2021 by renewable sources in 2021 was expected to increase by about 8% to rise to 8 300 TWh, the highest year-on-year growth compared to the 1970s.

    With the growing renewable energy sources capacity and the demand for long-distance power interconnectors to enable easy use of renewable energy around countries and regions, submarine power cable technology, which is effective for power transmission over long distances, is achieving notable popularity in the submarine power cable market globally.
     
  • Surging advancement of submarine power cables - One of the key trends in the submarine power cable market is the ongoing growth of high-voltage direct current (HVDC) technology. HVDC submarine cables are renowned due to their long-distance efficiency, minimal energy losses, and capacity to connect remote locations.

    As the demand for environmentally friendly power grows, cables such as these facilitate the transmission of electricity from offshore wind farms, marine renewables, and even transcontinental connections. Furthermore, advancements in components and production techniques improve the durability and reliability of underwater power lines. It involves the use of more robust insulation substances, protective coatings, and resistance to corrosion alloys, which expand the operational life of these cables in harsh marine environments.
     
  • Rising discoveries of offshore reservoirs - The energy demand is growing on account of various factors including growing populations and industries. For instance, according to the United Nations Population Fund, the population across the globe grew to seven billion in 2011, and in November 2022, it increased to eight billion.

    Hence, offshore reserve discovery and production in these locations help to fulfill the growing energy demand. Submarine power cables are essential for transporting electricity produced on offshore platforms to the mainland, allowing power to be distributed to cities and industrial areas. Consequently, the submarine power cable market is projected to rise over the years to come.

Challenges

  • High price of installing and repairing submarine cables - The high cost of setting up and fixing submarine cables limits the growth of the global submerged power cables market.

    The complex installation processes, specific machinery requirements, and the necessity for qualified workers all contributes to the high costs associated with setting up and maintaining underwater cables. Hence, the submarine power cable market is poised to be hindered.
     
  • Growing impact of submarine power cables on the environment - Submarine power cables may trigger environmental issues that include disturbance, underwater noise, heat release, electromagnetic fields, and toxins, including nutrient discharge.

    Submarine cables may cause environmental consequences during installation, use, and removal, involving accidents. Hence, various strict rules have been launched by the government which may restrict the market expansion.
     
  • Lack of skilled workers

Submarine Power Cable Market: Key Insights

Base Year

2024

Forecast Year

2025-2037

CAGR

9.63%

Base Year Market Size (2024)

USD 13.04 Billion

Forecast Year Market Size (2037)

USD 42.8 Billion

Regional Scope
  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Browse Key Market Insights with Data Illustration:

Author Credits:  Dhruv Bhatia


  • Report ID: 6188
  • Published Date: Jun 13, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of submarine power cable was over USD 13.04 billion.

The market size for submarine power cable is expected to cross USD 42.8 billion by the end of 2037 expanding at a CAGR of 9.63% during the forecast period i.e., between 2025-2037.

The major players in the market are Prysmian Spa, KEI Industries Ltd, Nexans Group, Ls cables and systems ltd, and others.

The off-shore wind power generation segment is anticipated to garner a size of USD 18.11 billion during 2037.

The Europe sector is poised to gather USD 13.65 billion in revenue by the end of 2037.
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