Submarine Power Cable Market Overview:

Submarine Power Cable Market share is projected to reach USD 27.45 billion by 2030, with CAGR of 12.5% during the forecast period of 2022 to 2030.

Our Market Overview and Regional Analysis provide an understanding of the industries, companies and products within the market. Our Trends section provides an analysis of how the market is currently performing and looks set to perform in the future. Our Growth Forecast section gives you an idea about how our Market Analysis works, by giving us further details on how we can build our Market Forecast model for a particular domain within this report. Lastly, in our Metrics section we outline important data points relating to each of these sections as well as our current forecasted price range.

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Market Segmentation

By Type

Single Core

Submarine power cables with a single core segment are appropriate for both grounds- as well as underwater-based applications. These single-core power cables are made of materials like copper and aluminum and have a single use. The main materials used to encase these kinds of cables are cross-linked polyethylene, stainless steel, plus ethylene propylene. Such single-core cables might have a solid core or a stranded core.

Multi-Core

Multiple electrical conductors that are typically isolated from one another make up multi-core cables. These cables are generally employed in the transmission of electricity and signals in industries like power generation and transportation.

By Insulation Type

• Cross-linked polyethylene (XLPE)
• Ethylene Propylene Rubber (EPR)

By Voltage

• Up to 66 kV
• 66 KV – 220 KV
• Above 220 kV

By Conductor Material

• Copper
• Aluminum

By End-Use

• Offshore Wind Power Generation
• Offshore Oil & Gas
• Island Connection
• Wave and Tidal Power Generation

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Regional Classification

North America, Europe, Asia-Pacific, the Middle East & Africa, plus South America make up the regional segments of the worldwide submarine power cable market.

Europe

With an industry value of USD 2,827.7 million by 2020, Europe held the biggest market share; the industry is forecasted to see the highest CAGR of 13.8 percent during the projected period.

Asia-Pacific

In the Asia Pacific area, China held the highest market share in 2020. Japan, which was the second-largest industry in 2020, is anticipated to increase at a CAGR of 12.3 percent throughout the study period.

Industry News

The growing usage of submarine power cables across cross-border power grid connections would accelerate market expansion by improving power network dependability and lowering investment. Growing environmental concerns are motivating nations to concentrate on producing energy from renewable sources, which has led to an increase in tidal as well as wind energy projects. This has created a market for submarine power cables, which will present the market with great opportunities well over the forecast timeframe.

The industry is increasing as a result of the rise in the need for island-plus international power connections as well as offshore wind energy.

The market for submarine power transmission cables is anticipated to be constrained by the high frequency of repairs and maintenance on underwater cables.

The continued growth of offshore oil as well as gas platforms as well as swift private and government player investments could be considered an industry opportunity.