Submarine Power Cable Market
Report ID: SQMIG20D2143
Report ID: SQMIG20D2143
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Report ID:
SQMIG20D2143 |
Region:
Global |
Published Date: December, 2025
Pages:
202
|Tables:
59
|Figures:
77
Global Submarine Power Cable Market size was valued at USD 19.8 Billion in 2024 and is poised to grow from USD 21.78 Billion in 2025 to USD 46.69 Billion by 2033, growing at a CAGR of 10% during the forecast period (2026–2033).
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 - 2026-2033
Global Market Size
USD 18.0 billion
Largest Segment
Power Cables
Fastest Growth
Power Cables
Growth Rate
10.0% CAGR
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Global Submarine Power Cable Market is segmented by Type, Core Type, Conductor Material, Voltage, Insulation Type, End-User and region. Based on Type, the market is segmented into AC (Alternating Current) and DC (Direct Current). Based on Core Type, the market is segmented into Single Core and Multi-Core. Based on Conductor Material, the market is segmented into Copper and Aluminum. Based on Voltage, the market is segmented into Low, Medium and High. Based on Insulation Type, the market is segmented into Cross-Linked Polyethylene (XLPE) and Ethylene Propylene Rubber (EPR). Based on End-User, the market is segmented into Offshore Wind Power Generation, Inter-country and Island Connection, Offshore Oil & Gas and Wave & Tidal Power Generation. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
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.
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.
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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.
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Interconnection of Power Grids
Offshore Oil and Gas Industry
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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.
Growing Offshore Wind Farms
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 2024 | USD 19.8 Billion |
| Market size value in 2033 | USD 46.69 Billion |
| Growth Rate | 10% |
| Base year | 2024 |
| Forecast period | 2026-2033 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| 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 |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the 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 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.
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With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Submarine Power Cable Market:
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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).
Alcatel-Lucent, TE SubCom, and NEC Corporation were the main companies that dominated the 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. 'Prysmian Group (Italy)', 'Nexans SA (France)', 'NKT A/S (Denmark)', 'Sumitomo Electric Industries, Ltd. (Japan)', '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)'
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.
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.
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.
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