Global Submarine Power Cable Market to grow significantly during 2019-2025

January 29, 2020


According to the recent study titled ‘Submarine Power Cable Market Size By Core (Single, Multi Core), By Voltage (Medium {> 66 kV}, High {66 kV to 220 kV}, Extra High {> 220 kV to 400 kV}, Ultra High {> 400 kV}), By Conductor (Copper, Aluminum), By End User (Offshore Windfarm, Offshore Oil & Gas Production), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, Italy, France, UK, Spain, Greece, Norway, Denmark, Ireland, Belgium, China, India, Australia, Japan, Vietnam, Malaysia, Philippines, Taiwan, Qatar, UAE, Bahrain, Libya, Cyprus, Tunisia, Brazil, Chile, Argentina), Price Trends, Competitive Market Share & Forecast, 2019 - 2025’, available with Market Study Report LLC, the global submarine power cable market was worth US $1.5 billion in 2018 and is anticipated to record an annual installation of 2500 km by the year 2025.
 

Increasing establishment of offshore wind farms, coupled with rising deployment of offshore oil & gas sites is propelling the expansion of submarine power cable market. Surging investments by private and government organizations, backed by stringent regulatory reforms to ensure operation efficiency and energy sustainability will further enhance the business outlook. Additionally, expanding intercountry transmission network for electricity supply will boost the deployment of submarine power cable, thereby aiding the market growth.
 

Based on the core type, multi core segment is expected to witness high demand in the upcoming due to constant deployment of offshore wind turbines. Ease of installation and short route electricity supply with low energy loss is stimulating the segmental growth. In addition, integration of advanced cable laying techniques, coupled with specific instructions for line burial will increase the product penetration.
 

Considering the voltage spectrum, medium voltage cables segment is presumed to register decent growth over the forecast period, owing to large-scale deployment of offshore wind farms at a low installation cost. On the downside, medium voltage lines induce high maintenance cost and energy loss as compared to high voltage lines. Despite the restraints, shifting focus towards sustainable electricity production and government initiatives will boost the segmental growth.
 

In terms of the conductor type, aluminum segment is predicted to amass considerable share of submarine power cable market during 2019-2025, on account of versatile nature, easy installation, and low cost of aluminum as compared to its counterparts. Longer life span, along with low maintenance and transmission losses associated with aluminum cables will further instigate their adoption.
 

As per the end-user scope, submarine power cable market from offshore windfarm segment is anticipated to grow momentously over the analysis timeframe. Constant offshore oil & gas production will boost fund provisions for offshore wind turbines. Increasing shift towards a sustainable future, in consort with favorable government initiatives will help the offshore windfarm segment to flourish.
 

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Elaborating on the geographical landscape, Europe submarine power cable market was valued at USD 1 billion in 2018 and is slated to gain substantial traction by the year 2025, due the ongoing development of efficient transmission framework across the region. Increasing energy demand, coupled with cross-border power trade will further impel the regional market growth.  
 

The prominent players of submarine power cable industry are Ningbo Orient Wires & Cables, Sumitomo Electric, Intertek group, Kelani Cables, Hentong Marine Cable Systems, ABB, TF Kable, LS Cable & Systems, NKT, Nexans, KEI industries, Furukawa Electric, Prysmian group, and ZTT.


Frequently Asked Questions (FAQ) :

Increasing establishment of offshore wind farms, coupled with rising deployment of offshore oil & gas sites is propelling the expansion of submarine power cable market. Surging investments by private and government organizations, backed by stringent regulatory reforms to ensure operation efficiency and energy sustainability will further enhance the business outlook. Additionally, expanding intercountry transmission network for electricity supply will boost the deployment of submarine power cable, thereby aiding the market growth.
Aluminum segment is predicted to amass considerable share of submarine power cable market during 2019-2025, on account of versatile nature, easy installation, and low cost of aluminum as compared to its counterparts. Longer life span, along with low maintenance and transmission losses associated with aluminum cables will further instigate their adoption.
Europe submarine power cable market was valued at USD 1 billion in 2018 and is slated to gain substantial traction by the year 2025, due the ongoing development of efficient transmission framework across the region. Increasing energy demand, coupled with cross-border power trade will further impel the regional market growth.
The industry leaders of submarine power cable market are Ningbo Orient Wires & Cables, Sumitomo Electric, Intertek group, Kelani Cables, Hentong Marine Cable Systems, ABB, TF Kable, LS Cable & Systems, NKT, Nexans, KEI industries, Furukawa Electric, Prysmian group, and ZTT.