Submarine Power Cable Market: Current Analysis and Forecast (2023-2030)

Report Description

Global Submarine Power Cable Market is expected to reach USD 19,767.42 Million in 2030 by growing at a CAGR of 10.3%.  Factors such as the increasing demand for offshore wind energy and the growing need to connect islands and countries are the catalysts for the growth. Furthermore, the increase in offshore oil and gas and the rising demand and utilization of High Voltage Direct Current (HVDC) cables are further propelling the adoption of Submarine Power Cables.

For instance, Viking Link is currently the world’s longest HVDC submarine power cable link, ranging 764 km between Great Britain and Denmark.

ABB, FURUKAWA ELECTRIC CO., LTD., Hellenic Cables, LS Cable & System Ltd., NEXANS, NKT A/S, Prysmian Group S.p.A., Sumitomo Electric Industries, Ltd., TFKable, and ZTT are some of the key players in the market. Several M&As along with partnerships and continuous innovation in their product portfolio have been undertaken by these players to facilitate customers with hi-tech and innovative submarine power cables.

Insights Presented in the Report

“Amongst Current, HVDC power cable category to witness higher CAGR during the forecast period.”

Based on the current, power cables come in two types: HVAC and HVDC. In the forecast period, HVDC power cables will capture the highest market share, as high voltages are transmitted through these cables for long distances. HVDC cables offer lower transmission losses when compared with HVAC power cables. Moreover, the cost of DC power cables is less when compared with the HVAC power cables.

On the other hand, HVAC submarine power cables are primarily used to connect offshore wind farms to the mainland grid and offshore oil and gas rigs to the onshore power supply. These cables provide a reliable and efficient means of transmitting electricity over shorter distances underwater.

For instance, in October 2023, India and Saudi Arabia combinedly announced the laying of a 1,600 km long high voltage direct current (HVDC) submarine power cable to link their power grids, deepening an energy alliance that could significantly boost the reliability of power grids in both countries and foster economic development. The project could range between USD 15-18 billion.

“Amongst end-user, the offshore wind power generation segment to hold a significant share in the market in 2022.”

The Submarine Power Cable market is categorized into three segments: offshore wind power generation, inter-county and island connection, and offshore oil and gas. The offshore wind power generation segment holds a major share of this market. This is mainly owing to increasing demand for clean energy and installations of offshore wind power, especially in regions including Asia and America. The inter-county and island connection segment is also anticipated to capture a significant share owing to the increasing need to connect islands with the mainland grids to fulfill the energy needs within the coastal region.

For instance, the 30 MW Hywind Scotland Pilot Park project, commissioned in 2017, is the world’s first floating offshore wind farm.

According to IRENA, the installed offshore wind capacity is estimated to reach 228 GW in 2030 from just 23 GW in 2018. Further, it is estimated to reach 1000 GW by 2050. It also stated that, by 2050, the offshore wind will represent 17% of the overall installed wind capacity of 6,044 GW.

“Europe to hold a considerable share in the market.”

Europe is expected to experience a significant growth rate in the projected period. The primary factor driving this growth is the presence of well-established submarine power cable interconnections, large offshore wind farms, and offshore oil and gas rigs in the region. Furthermore, the region has ambitious renewable energy goals, further increasing offshore wind farm installations. Moreover, the rise in cross-border energy trading and interconnections is also anticipated to impact the market positively. Furthermore, the need to upgrade existing submarine power cable systems is another factor contributing to the market’s growth.

 Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global Submarine Power Cable market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Frequently Asked Questions (FAQ)

Research Methodology

Research Methodology for the Submarine Power Cable Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Submarine Power Cable market were the three major steps undertaken to create and analyze the adoption of Submarine Power Cable in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Submarine Power Cable market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Submarine Power Cable market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Submarine Power Cable market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as Current, Voltage and End-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Submarine Power Cable market. Further, we conducted factor analysis using dependent and independent variables such as current, voltage and end-user of Submarine Power Cable. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Submarine Power Cable market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Submarine Power Cable market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Submarine Power Cable market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Submarine Power Cable market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Submarine Power Cable market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of current, voltage and end-user in the global Submarine Power Cable market.

The main objective of the Global Submarine Power Cable Market Study

The current & future market trends of the global Submarine Power Cable market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Submarine Power Cable market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of type and process.
• Define and analysis of the regulatory framework for the Submarine Power Cable industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Submarine Power Cable market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the Submarine Power Cable market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

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