Rockville , Nov. 15, 2023 (GLOBE NEWSWIRE) -- The global submarine power cable market is projected to expand at a robust CAGR of 12.2% and reach a size of US$46.83 billion by the end of 2034. The market is undergoing a seismic transition as a result of rising demand for clean and renewable energy sources.
Submarine power lines have become the lifeline of modern society, allowing electricity to be transmitted across oceans. These cables are critical for connecting offshore wind farms, linking national systems, and facilitating international energy exchange. Cross-border grid interconnection projects are gaining traction, to improve energy security and the efficiency of electricity trade across countries.
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Submarine cable design and material advances are enhancing their efficiency, lifespan, and capacity. Because of their ability to carry enormous amounts of electricity over great distances with minimum losses, HVDC (high-voltage direct current) cables are becoming more common. Submarine power cables are environmentally beneficial, having little impact on marine environments. A new analysis by Fact.MR, a market research and competitive intelligence provider, sheds light on the current situation and prospects of the submarine power cable market, emphasizing its role in crafting a sustainable future.
| Report Attribute | Details |
| Value Projection (2034) | US$ 46.83 Billion |
| Growth Rate (2024-2034) | 12.2% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 30 Tables |
| No. of Figures | 127 Figures |
Key Takeaways from Market Study
- The global market for submarine power cables is estimated at US$ 14.81 billion in 2024.
- Worldwide sales of submarine power cables are projected to surge at 12.2% CAGR from 2024 to 2034.
- The market is projected to reach US$ 46.83 billion by the end of 2034.
- Europe held 45.5% share of the global market in 2023.
- Based on voltage, high voltage submarine power cables accounted for 66% of the global market share in 2023.
- Medium voltage submarine power cable sales are forecasted to rise at 5.3% CAGR through the forecast period (2024 to 2034).
“Demand for submarine power cables is witnessing an unprecedented surge, fueled by the global shift toward renewable energy. These cables are the backbone of clean energy transmission, fostering a more sustainable and interconnected world,” says a Fact.MR analyst.
Key Companies Profiled in This Report
- Prysmian Group
- NKT A/S
- Nexans SA
- Sumitomo Electric Industries Limited
- ABB Ltd.
- General Cable Corp.
- Furukawa Electric Group
- LS Cable & System
- Hengton Group Co., Ltd.
- KEI Industries Ltd.
- Hydro Group
- ZTT
- Tele Fonika Kable SA
- Taihan Cable & Solution Co., Ltd.
- Tratos
- The Okonite Company
- Hellenic Cables
- Bhuwal Insulation Cable Pvt. Ltd.
- Apar Industries
Transition to Renewable Energy Fosters Innovation in Submarine Power Cable Technology
Countries all around the world are accelerating their transition from fossil fuels to renewable energy sources in response to the major challenges of climate change and the need to reduce greenhouse gas emissions. Submarine power lines are essential to this shift because they enable the efficient transfer of renewable energy from its source to users.
Offshore wind farms, in particular, have developed as a significant renewable energy source. These wind farms are carefully placed in bodies of water with abundant and constant wind resources. Submarine power cables transport electricity generated by offshore wind turbines to onshore substations, allowing clean energy to be absorbed into the grid smoothly. This improves energy security while also reducing reliance on traditional, carbon-intensive power sources.
The global shift toward renewable energy sources is consistent with broader sustainability aims, increasing environmental awareness and adherence to tougher restrictions. Submarine power cables are the preferred alternative for energy transmission since they are environmentally beneficial and cause less harm to marine ecosystems than traditional overhead transmission lines.
Clean energy transition is a comprehensive shift toward a greener, more sustainable energy landscape, with submarine power cables serving as vital conduits of this change, allowing for the transmission of clean, renewable energy across borders and contributing to a more sustainable and interconnected world.
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Competitive Analysis:
The competitive landscape of this industry is characterized by a mix of well-established firms and new entrants. Major global firms with vast experience and skill in manufacturing high-voltage power cables intended to endure the harsh undersea environment, such as Nexans, Prysmian Group, and General Cable Technologies, are at the forefront of the submarine power cable market.
- Prysmian Group announced the completion of the Viking Link Interconnector project in October 2023, which connects Norway and the United Kingdom via an underwater power cable system capable of carrying 1,400 MW of electricity. This is the world's longest inter-country subsea power cable connection.
- Nexans announced the successful completion of the East Anglia THREE offshore wind farm project in July 2023, which connects the United Kingdom grid to a 450 MW offshore wind farm. Nexans delivered a submarine power cable system for this project.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the submarine power cable market for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on core type (single-core, multi-core), voltage (medium, high), conductor material (copper, aluminum), insulation type (cross-linked polyethylene [XLPE], ethylene propylene rubber [EPR]), and end use (offshore wind power generation, inter-country & island connection, offshore oil & gas), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
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About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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