Submarine Power Cable Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Multicore and Single Core), Conductor Material (Copper and Aluminum), Voltage (High Voltage and Medium Voltage), and Application (Offshore Oil and Gas, Offshore W

Submarine Power Cable Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Multicore and Single Core), Conductor Material (Copper and Aluminum), Voltage (High Voltage and Medium Voltage), and Application (Offshore Oil and Gas, Offshore Wind Power, and Inter-Country & Island Connection)

The submarine power cable market is projected to grow from US$ 7,643.46 million in 2021 to US$ 11,829.01 million by 2028. It is estimated to grow at a CAGR of 6.4% from 2021 to 2028.

Countries such as Taiwan and Japan have set high goals for renewable energy development in response to pressure on governments to stick to their climate change commitments. The large-scale, fossil fuel-based power generation must be replaced as a part of the energy transition. Many governments have chosen offshore wind as the most practical alternative for achieving these goals. According to the Asia Wind Energy Association, the focus on wind power has sparked a frenzy of activity in the Asian offshore wind business in the last two years. The region is predicted to soon replace Europe as the largest offshore wind market. Since 2015, China's offshore wind power generating capacity has expanded at the rate of 66% annually, from 102 MW in 2010 to 565 MW in 2014, and it further rose to 7.03 GW in 2019. It accounts for ~94% of the current operational offshore wind power generation of APAC and 31% of the world's wind power capacity, with over 11 GW of offshore capacity installed as of January 2021. Such progress in the power and IT sectors contributing to the development and expansion of wind energy generation capacity is propelling the submarine power cable market in APAC.

COVID-19 Impact on Submarine Power Cable Market

According to the submarine power cable market research study, Brazil is the key country across this region for the procurement of submarine power cables that accounted for more than 85% of the market in 2020. Brazil has around 19 offshore oil rigs which are currently active and generate a lot of oil for their consumption & international export as well. In 2020, Brazil's offshore oil platforms witnessed many challenges, such as shortage of labor, shutting down of facilities, government restrictions in the ongoing drilling operations, and supply chain challenges, as international trade was critically hampered worldwide, leading to a decline in the investments in submarine power cables across South America. This also led to a drop in offshore platform maintenance & repair operations across the region, limiting the submarine power cable market growth.

The global submarine power cable market has been segmented into five key regions—North America, Europe, APAC, Middle East & Africa, and South America. Europe accounted for the largest share in the submarine power cable market in 2020. the European region homes the longest inter-connector: the NorNed cable between Norway and the Netherlands with 580 Km of submarine power cables. Currently, the UK has four major power interconnectors. These are bridging the power gap between the UK and France, Ireland, the Netherlands, and Northern Ireland. These lines have a total capacity of 4 gigawatts (GW) and account for around 5% of the UK's current energy-producing capacity. Aside from the foregoing, there are plans for numerous island power lines and large interconnector cables in the region. NSN Link (Norway), Nemo Link (Belgium), Viking Link (Denmark), IceLink (Iceland), and the Western Link (England) are some of the projected interconnection plans for power transmission. These factors are expected to further contribute to the growth of the European submarine power cable market during the forecast period.

A few submarine power cable market players profiled in the study are Prysmian Group, Sumitomo Corporation, Furukawa Electric Group, LS Cable & System Ltd., and ABB Ltd.

The overall submarine power cable market size has been derived using primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information about the size of the submarine power cable. The process also serves the purpose of obtaining an overview and forecast of the submarine power cable market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic. Participants typically involved in this process include industry experts, such as VPs, business development managers, market intelligence managers, national sales managers, external consultants, valuation experts, research analysts, and key opinion leaders, specializing in the submarine power cable market.

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