Submarine Power Cable Market Size Overview:
Submarine Power Cable Market Size share is projected to reach USD 27,154.3 Millions by 2030 with CAGR of 12.5% during the forecast period of 2022 to 2030.
The industry is anticipated to grow throughout the forecast period due to significant factors including ongoing oil and gas platform expansion, rising wind farm deployment, increasing investments by government agencies and private businesses, and incorporation of an operational environment that is energy efficient.
Electrical energy is transported through the sea and just below the surface by submarine power transmission lines. These cables are made to endure a certain amount of pressure and heat. Additionally, if necessary, these cables could be utilized to transport electricity between cities within lakes or riverbeds. Energy trade as well as power supply to remote areas are anticipated to rise with the use of underwater cables for inter-country as well as island connections. These cables are used for offshore wind energy generation, offshore oil rings, and inter-country as well as island connections, among other things.
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Report Attribute/Metric | Details |
Market Size | 2030: USD 27,154.3 Millions |
CAGR | 12.5% |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2018 2019 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Type, Insulation Type, Voltage, Conductor Material, End-Use, and Region |
Geographies Covered | North America, Europe, Asia-Pacific, Middle East Africa, and South America |
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
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 Size.
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.
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