Submarine Power Cable Market, By Type (Single, Multicore), Voltage (Medium, High), Conductor Material (Copper, Aluminum), End-User (Offshore Wind Power Generation, Inter-Country & Island Connection, & Offshore Oil & Gas), & Region-Global Forecast To 2023
“The submarine power cable market is projected to grow at a CAGR of 15.32%, from 2018 to 2023.”
The submarine power cable market is projected to grow from USD 8.12 billion in 2018 to USD 16.56 billion by 2023, at a CAGR of 15.32% during the forecast period. The increasing demand from the offshore wind industry, along with demand from intercountry & island connections, have boosted the demand for submarine power cables. Also, the increasing deployment of submarine power cables in the offshore oil & gas sector would further aid the growth of this market. The high cost of installation and complex regulatory authorization procedures would act as a restraint for the submarine power cable market.
“The single core segment is expected to grow at the highest CAGR, from 2018 to 2023.”
The single core segment is expected to be the fastest-growing submarine power cable market, by type, from 2018 to 2023. It is considered to be the ideal cable type for submarine power cables. Single core submarine power cables are more suitable to cover longer distance as these cables experience lower reverse current when compared to multicore cables. Thus, application-based demand is high for this particular cable type, resulting in higher market share. The demand for single core submarine power cables is also driven by the increasing HVDC interconnections in Europe, Asia Pacific, and North America.
“The high voltage segment is expected to dominate the submarine power cable market from 2018 to 2023.”
The high voltage segment is estimated to be the largest market for submarine power cables in 2018. The market for the high voltage segment is driven by increasing number of grid interconnections and offshore wind projects, which require high-capacity cables for transmitting power over a long distance.
“Europe: The largest market for submarine power cable”
Europe is expected to be the largest market for submarine power cables in 2018, followed by Asia Pacific and North America. UK and Germany are expected to be the largest markets for submarine power cables in the region because of significant investments being made in the offshore wind sector.
The submarine power cable market is also expected to grow at a good pace in countries such as India, China, Taiwan and South Korea, because of new capacity additions in the offshore wind industry that are planned during the forecast period. These factors are expected to boost the growth of the submarine power cable market in Asia Pacific.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants to obtain and verify critical qualitative and quantitative information, as well as assess market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1 - 51%, Tier 2 - 30%, and Tier 3 - 19%
By Designation: C-Level - 31%, D-Level - 43%, Others - 26%
By Region: Asia Pacific - 30%, Europe - 27%, North America - 21%, Middle East & Africa - 16%, and South America - 6%,
Note: The tier of the companies has been defined on the basis of their total revenue; as of 2017: Tier 1 =<USD 10 billion, Tier 2 = from USD 1 billion to USD 10 billion, and Tier 3 =<USD 1 billion.
Leading players in the submarine power cable market include Prysmian (Italy), Nexans (France), NKT (Denmark), General Cable (US), and Sumitomo (Japan).
The report defines, describes, and forecasts the global submarine power cable market by type, voltage, end-user, conductor material, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market.
Why Buy this Report?
1. The report identifies and addresses key markets for submarine power cables, which would help suppliers review the growth in the demand for the product.
2. The report helps solutions providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.