Submarine Power Cable Market Report 2031 by Segments, Geography, Dynamics, Recent Developments, and Strategic Insights

The submarine power cable market size is projected to reach US$ 13.45 billion by 2031 from US$ 8.96 billion in 2023. The market is expected to register a CAGR of 5.2% during 2023–2031. The increasing investment in offshore wind energy plants and the rise in cross-country submarine connections for power transmission are likely to be the key drivers and trends of the market.

Submarine Power Cable Market Analysis

The submarine power cable market is experiencing significant growth globally. This growth is attributed to the increasing investment in offshore wind energy plants and the rise in cross-country submarine connections for power transmission. Moreover, the rise in the development of the underwater data center is anticipated to drive market growth in the coming years.

Submarine Power Cable Market Overview

A submarine power cable is a transmission cable for holding electric power below the surface of the water. These are called "submarines" because they generally carry electric power beneath salt water (seas, arms of the ocean, straits, etc.). Still, it is also possible to use submarine power cables beneath fresh water (large lakes and rivers).

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Submarine Power Cable Market: Strategic Insights

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Submarine Power Cable Market Drivers and Opportunities

Increasing Investment In Offshore Wind Energy Plants to Favor Market

The increasing investment in offshore wind energy can significantly drive the submarine power cable market. The increasing demand for infrastructure by the offshore wind farms to transmit the generated electricity to the terrestrial areas. Furthermore, the number of online offshore wind farms is increasing. For instance, offshore wind farms are growing in Europe. 2023 saw a record 4.2 GW of new offshore wind farms come into use, up 40% in 2022. And US$32 billion in new investments were announced, covering 9 GW that’ll be built over the coming years. The supply chain is also seeing a turnaround, with new factories announced in Denmark, Germany, Poland, the Netherlands and Spain.

Development in Underwater Data Centres.

Underwater data centers are submerged facilities endowed with power and cooling infrastructure that house computer servers and related IT equipment. These facilities aim to grow sustainability and efficiency in computing operations while also surveying new frontiers in data storage and processing technology. Several countries are investing in underwater data centers. For instance, in December 2023, China installed the data center module 35m deep on the seabed off the coast of Lingshui Li County, Hainan Province, by HiCloud, a division of Highlander. This company developed the data center in tests dating back to 2020.

Submarine Power Cable Market Report Segmentation Analysis

Key segments that contributed to the derivation of the submarine power cable market analysis are type, conductor material, voltage, and applications.

• Based on type, the submarine power cable market is divided into multicore and single-core. The multicore components segment is anticipated to hold a significant market share in the forecast period.
• Based on conductor material, the submarine power cable market is divided into copper and aluminum. The copper segment is anticipated to hold a significant market share in the forecast period.
• By voltage, the market is segmented into high voltage and medium voltage. The high voltage segment is anticipated to hold a significant market share in the forecast period.
• By application, the market is segmented into offshore oil and gas, offshore wind power, and inter-country & island connection. The offshore oil and gas segment is anticipated to hold a significant market share in the forecast period.

Submarine Power Cable Market Share Analysis by Geography

The geographic scope of the submarine power cable market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America has dominated the submarine power cable market. High technology adoption trends in various industries in the North American region have fuelled the growth of the submarine power cable market. Factors such as increased adoption of digital tools and high technological spending by government agencies are expected to drive the North American submarine power cable market growth. Also, the increasing investment in offshore wind energy plants and the rise in cross-country submarine connections for power transmission. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has a large number of submarine power cable market players who have been increasingly focusing on developing innovative solutions. All these factors contribute to the region's growth of the submarine power cable market.

Submarine Power Cable Market Regional Insights

The regional trends and factors influencing the Submarine Power Cable Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Submarine Power Cable Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Submarine Power Cable Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Submarine Power Cable Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Submarine Power Cable Market are:

1. Prysmian Group
2. NKT A/S
3. Sumitomo Electric Industries Ltd
4. FURUKAWA ELECTRIC CO. LTD
5. HENGTONG GROUP CO. LTD
6. KEI Industries Limited

Disclaimer: The companies listed above are not ranked in any particular order.

Submarine Power Cable Market News and Recent Developments

The submarine power cable market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the submarine power cable market are listed below:

• LS GreenLink USA, Inc., a wholly-owned subsidiary of LS Cable & System Ltd. (“LS C&S”), has selected a 98-acre brownfield site in Chesapeake, Virginia, for its new state-of-the-art submarine power cable manufacturing facility. This strategically located site, within the Hampton Roads Beltway along the Elizabeth River, will enhance LS GreenLink's ability to meet global demand for submarine power cables. (Source: LS GreenLink USA, Inc., Company Website, July 2024)
• Sumitomo Electric Industries, Ltd. was awarded a contract to supply 132kV submarine power cable for Gwynt y Môr Offshore Wind Farm, located approximately 15 km off the North Coast of Wales. (Source: Sumitomo Electric Industries, Ltd Company Website, May 2024)

Submarine Power Cable Market Report Coverage and Deliverables

The “Submarine Power Cable Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Submarine power cable size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Submarine power cable trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Submarine power cable analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the submarine power cable market
• Detailed company profiles