Submarine Power Cable Market Forecast, Trends by 2031
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
Market Size Value in US$ 7,643.46 million in 2021 Market Size Value by US$ 11,829.01 million by 2028 Growth rate CAGR of 6.4% from 2021 to 2028. Forecast Period 2021- 2028 Base Year 2021
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Submarine Power Cable Market: Strategic Insights
| Market Size Value in | US$ 7,643.46 million in 2021 |
| Market Size Value by | US$ 11,829.01 million by 2028 |
| Growth rate | CAGR of 6.4% from 2021 to 2028. |
| Forecast Period | 2021- 2028 |
| Base Year | 2021 |
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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 Report Scope
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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Conductor Material, Voltage, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The expected CAGR of the submarine power cable market is 5.2%.
The rise in the development of the underwater data center is anticipated to drive the market in the forecast period.
The key players holding majority shares in the global submarine power cable market are Prysmian Group, NKT A/S, Sumitomo Electric Industries Ltd, Furukawa Electric Co. Ltd, Hengtong Group Co. Ltd, KEI Industries Limited, LS Cable & System Ltd, Hydro Group Plc, ZT International Ltd, TFKable.
North America is anticipated to dominate the submarine power cable market in 2023.
The global submarine power cable market is expected to reach US$ 13.45 billion by 2031.
The increasing investment in offshore wind energy plants and the rise in cross-country submarine connections for power transmission are some of the factors driving the submarine power cable market.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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