USD 28.50 billion
Global Submarine Power Cable Market Size, Share, Growth Analysis, By Application(Power Cables and Communication Cables), By Component(Dry Plant Product and Wet Plant Product) - Industry Forecast 2024-2031
Report ID:
SQMIG20D2143 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|
Tables:
59 |
Figures:
77
Global Submarine Power Cable Market Insights
Global Submarine Power Cable Market size was valued at USD 28.50 billion in 2022 and is poised to grow from USD 30.18 billion in 2023 to USD 47.74 billion by 2031, growing at a CAGR of 5.90% during the forecast period (2024-2031).
Power and telecom applications frequently use submarine cables. Transmission of electricity to offshore wind farms and power plants, as well as links between nations and islands, all take place using underwater power cables. The need for low-power cables is being influenced by the rising need for linking the electrical systems of different nations. Communications between regions and countries are conducted using submarine communication cables. Undersea cables carry approximately 97% of all internet traffic worldwide, and as internet usage grows, so does the demand for undersea cables.
The rise of the market around the world has been fuelled by the growing focus on integrating offshore renewable energy generation and greater energy security. These communication cables facilitate quicker communication and transport lots of data. Nearly 90% of global data traffic travels over undersea communication cables. For OTT and communication providers like Google, Amazon, Facebook, and Microsoft, they are therefore the most valuable cable. NEC, a Japanese IT corporation, for instance, has revealed plans to construct a massive underwater cable with four crore fibre optics for Facebook. The submarine will have 24 fibre pairs and a maximum bandwidth of 500 mbps.
Most nations have laws protecting underwater cables from dangers because they view them as an essential part of their economies. As an illustration, the Australian Communications and Media Authority (ACMA) has established safety zones that forbid activities that might harm the cables connecting Australia and the rest of the world. The laying of fresh undersea cable projects is also made permissible.
US Submarine Power Cable Market is poised to grow at sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Power Cables
Fastest Growth
Power Cables
Growth Rate
5.90% CAGR
Global Submarine Power Cable Market ($ Bn)
Country Share for Asia Pacific Region (%)
Global Submarine Power Cable Market By Application ($ Bn)
Global Submarine Power Cable Market By Application (%)
To get more reports on the above market click here to Buy The Report
Global Submarine Power Cable Market Segmental Analysis
Global Submarine Power Cable Market is segmented on the basis of application, voltage outlook, component and region. By application, the market is segmented into power cables and communication cables. By voltage outlook, market is segmented into medium, high, extra high. By component, the market is segmented into dry plant product and wet plant product. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Submarine Power Cable Market Analysis by Application
The category with the highest revenue share in 2023, roughly 62.45%—was undersea power cables. The market is being driven by new capacity additions in the offshore wind industry as well as increased demand for connectivity between nations and islands. In addition, the expansion of offshore wind farms and the electrification of offshore oil and gas networks have led to increased research and development efforts, which has raised the demand for submarine power cables.
Due to its sizable market share, the category for undersea communication cables is anticipated to experience the fastest compound annual growth rate (CAGR) between 2024 and 2031, at 6.8%. Urbanization and economic activity have increased quickly, and this trend will continue to fuel expansion in the infrastructure and building sectors in both developing and developed nations. The growth and modernization of infrastructure is being sparked by demand from a number of businesses, including the commercial, telecom, energy, and power sectors, and is expected to fuel market demand. Global market expansion has also been fueled by a growing emphasis on integrating offshore renewable energy generation to meet future renewable energy targets and boost energy security, as well as by providing electricity access to isolated landmasses and connecting national networks to reduce energy consumption.
Submarine Power Cable Market Analysis by Voltage Outlook
The highest revenue share in 2023, roughly 65.5%—was attributed to the high voltage segment. For the transmission and distribution of power, high voltage cables with a voltage above 33kV are frequently utilized. Therefore, the key factors influencing the high voltage cables sector of the submarine power cables market include increased investments in offshore wind power generation and increasing demand for HVDC submarine power cables. Additionally, HV cables lessen transmission losses, enabling effective power delivery. Electricity from large-capacity, high-power sources can now be sent to the mainland thanks to the HVDC power system, which is developing quickly. The development of HVDC power systems is aided by numerous businesses and research facilities.
From 2024 to 2031, the medium voltage cables market is anticipated to expand at a compound yearly growth rate of 5.0%. The growth is attributable to the usage of MV cables for power transmission in offshore oil and gas installations. The market for MV cables has been driven by rising demand from international oil and gas operations.
Global Submarine Power Cable Market By Application, 2023 (%)
To get detailed analysis on other segments, Request For Free Sample Report
Global Submarine Power Cable Market Regional Insights
At over 38.3% of the entire market in 2023, the Asia Pacific region held the greatest share. Wind farm acceptance and deployment are at their highest levels in this area, with China leading the pack. In operation offshore wind power capacity in China was 4.6 GW1, according to IEEFA. 40% of the entire 4.5GW added globally throughout the year was installed by the 1.8GW of offshore wind capacity it installed alone. With a combined capacity of 6.7GW and an investment boost of USD 18 billion, China approved 24 offshore wind power projects off the coast of Jiangsu Province in January.
Due to rising investments in wind farms and inter-country & island connections, the market in the Latin American area is expected to expand at the second-highest compound annual growth rate of 5.2% from 2024 to 2031. Several undersea cable projects also began operating. For instance, Google revealed intentions to build Firmina, an open subsea cable that will link the US East Coast to Las Toninas, Argentina, with landings in Brazil and Uruguay. With the new link, the corporation hopes to increase subscribers' access to the internet across Latin America while simultaneously supporting its current cable investments there.
Global Submarine Power Cable Market By Region, 2024-2031
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Global Submarine Power Cable Market Dynamics
Submarine Power Cable Market Drivers
Interconnection of Power Grids
- Interconnecting power grids across countries and regions has numerous benefits, including enhanced grid stability, efficient load balancing, and access to diversified energy sources. Submarine power cables enable the interconnection of power grids, facilitating the exchange of electricity between different countries or islands. This helps to optimize energy resources, improve grid resilience, and foster energy cooperation, thereby driving the demand for submarine power cables.
Offshore Oil and Gas Industry
- The offshore oil and gas industry relies on submarine power cables to transmit power between offshore platforms and onshore facilities. These cables provide a reliable and efficient means of supplying electricity to offshore drilling rigs, production platforms, and subsea equipment. As offshore oil and gas exploration and production activities continue to expand globally, the demand for submarine power cables in this sector remains strong.
Submarine Power Cable Market Restraints
Lengthy Approval and Permitting Processes
- The installation of submarine power cables often requires approvals and permits from various regulatory authorities and stakeholders. Obtaining these permits can be a time-consuming and complex process, involving environmental impact assessments, consultation with local communities, and coordination with multiple government agencies. Delays in obtaining necessary approvals and permits can hinder project timelines and increase costs, acting as a restraint on the timely deployment of submarine power cables.
Request Free Customization of this report to help us to meet your business objectives.
Global Submarine Power Cable Market Competitive Landscape
Alcatel-Lucent, TE SubCom, and NEC Corporation were the main companies that dominated the global submarine cable market in 2023. The other small- and medium-sized submarine cable companies concentrate on smaller projects in different locations. Numerous subsea cable suppliers are also involved in offshore oil and gas projects, underwater power cables, and other marine infrastructure projects all over the world.
Submarine Power Cable Market Top Player’s Company Profiles
- NKT A/S (Denmark)
- Furukawa Electric Co., Ltd. (Japan)
- LS Cable & System Ltd. (South Korea)
- Hengtong Group Co., Ltd. (China)
- Jiangsu Zhongtian Technology Co., Ltd. (China)
- ZTT Group (China)
- Guangdong Huaxing Cable Co., Ltd. (China)
- LS-VINA Cable & System (Vietnam)
- Jiangsu Zhongchao Holding Co., Ltd. (China)
- JDR Cable Systems Ltd. (United Kingdom)
- TFKable Group (Poland)
- W. L. Gore & Associates, Inc. (United States)
- Southwire Company, LLC (United States)
- General Cable Corporation (United States)
- Hellenic Cables Group (Greece)
- Fujikura Ltd. (Japan)
- Hengxin Technology Ltd. (China)
- Taihan Electric Wire Co., Ltd. (South Korea)
- Belden Inc. (United States)
Submarine Power Cable Market Recent Developments
- In March 2023, Prysmian Group announced that it had won a contract to supply a 1.2 GW submarine power cable for the Dogger Bank wind farm project in the UK. The cable will be the longest ever installed in the UK, at a length of 120 kilometers.
- In February 2023, Nexans announced that it had won a contract to supply a 1.5 GW submarine power cable for the Vineyard Wind project in the US. The cable will be the first ever installed in US waters, at a length of 80 kilometers.
- In January 2023, ABB announced that it had won a contract to supply a 1 GW submarine power cable for the Formosa 2 wind farm project in Taiwan. The cable will be the first ever installed in Taiwanese waters, at a length of 90 kilometers.
Global Submarine Power Cable Key Market Trends
Growing Offshore Wind Farms
- The trend of increasing offshore wind farm installations is driving the demand for submarine power cables. Offshore wind farms are being developed in various regions globally to harness the abundant wind resources available at sea. Submarine power cables are essential for transmitting the electricity generated by offshore wind turbines to the onshore grid. As countries aim to increase their renewable energy capacity, the demand for submarine power cables for offshore wind farms is expected to continue growing.
Global Submarine Power Cable Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global submarine power cable market has been witnessing significant growth in recent years. The increasing demand for renewable energy, particularly offshore wind farms, and the interconnection of power grids are driving the market's expansion. The market is expected to continue growing as countries strive to increase their renewable energy capacity and optimize their power transmission infrastructure. The global submarine power cable market is poised for continued growth driven by the increasing demand for renewable energy, interconnection of power grids, and offshore oil and gas activities. Technological advancements and collaborative efforts among industry players are expected to further enhance the performance and reliability of submarine power cables, facilitating the efficient transmission of electricity across the world's water bodies.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 28.50 billion |
| Market size value in 2031 | USD 47.74 billion |
| Growth Rate | 5.90% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Submarine Power Cable Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Submarine Power Cable Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Submarine Power Cable Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Submarine Power Cable Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Submarine Power Cable Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Submarine Power Cable Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Submarine Power Cable Market Report Snapshots
Want to customize this report?
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATION
USA (+1) 351-333-4748
