London, July 27, 2022 (GLOBE NEWSWIRE) -- Global submarine power cables market is poised for a promising growth outlook over the five-year period of projection, i.e., 2022 – 2027. Slated for the revenue of over US$5.8 Bn toward the end of 2022, the market is likely to exceed US$11.2 Bn over the forecast period. Research reveals more than 450 submarine or undersea power cables in service recorded in the year 2021. Fairfield Market Research in its latest published report foresees strong growth prospects for submarine power cables market and suggests a consistent rise in the entry of new cables in service, as well as decommissioning of old cables over the years. The accelerating race toward the net-zero carbon emission goals has paved the way for investors to augment their investments in green power, especially offshore wind farms over the recent past. This is expected to benefit the overall demand dynamics in submarine power cables market.
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Single Core Cables Sought-after, HVDC Cables Dominant
With more than 79% share in market revenue, single core cables remain dominant owing to the associated technical ease, and economical deployment when compared to multicore cables. Sustained demand from the offshore wind sector will keep the sales of single core cables afloat. On the other hand, high voltage (HVDC) cables continue to be sought-after in terms of voltage as their reliability in case of bulk power distribution remains unmatched. Furthermore, preference for copper conductor in submarine power cables prevails over aluminum.
Revenue Generation Opportunities Abound in Offshore Projects
With increasing worldwide energy demands, the significance of power distribution through the development of greater subsea power cables has also been rising. This is projected to benefit the market in future. As far as green energy is concerned, the developments have been noteworthy across Europe, and Asia. Offshore windmills especially boost the demand, thereby fostering the development of HV submarine cables - both HVAC, and HVDC. Mounting investments in offshore wind power, as well as offshore oil and gas projects will further pave the way for market expansion, says the report. While offshore wind power currently constituted over 65% share in the market, demand from a growing number of oil and gas projects will also remain instrumental to the market build-up. However, the report also highlights the fact that the installation costs alone account for 30-40% of the overall costs of submarine power cables, which will continue to challenge rapid growth of the market in short term.
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Europe Remains Global Leader, News Installations Underway in Asia Pacific
Europe houses most of the leading power cable manufacturers and generates notable demand for inter-connector cables that are laid to move energy freely through the continent to ensure supply security. European market will thus continue to spearhead the global submarine power cables landscape. North America, and Asia Pacific follow Europe as the US, and Japan also have strong presence of some of the globally leading players. While the US market awaits sharp growth with the advent of offshore renewable energy sector that demands export cables from wind, wave, and tidal installations, that in Asia Pacific is likely to reap the benefit of a strengthening position in global undersea cable race. Japan along with China contributes over 30% share toward the Asia’s submarine power cables market, states the report.
Key Market Players
Nexans S.A., Prysmian Group, NKT A/S, Furukawa Electric Co., LTD., Sumitomo Electric Industries, Ltd., ABB, LS Cable & System Ltd, ZTT, KEI Industries Limited, and Hengtong Marine Cable Systems
REPORT SCOPE & SEGMENTATION:
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| Report Highlights | Key Market Indicators, Macro-micro economic impact analysis, Technological Roadmap, Key Trends, Driver, Restraints, and Future Opportunities & Revenue Pockets, Porter’s 5 Forces Analysis, Historical Trend (2019-2027), Price Trend Analysis- 2019-2027, Market Estimates and Forecast, Market Dynamics, Industry Trends, Competition Landscape, Category, Region, Country-wise Trends & Analysis, COVID-19 Impact Analysis (Demand and Supply Chain) |
Table of Contents:
1. Executive Summary
1.1. Global Submarine Power Cables Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Analyst’s Recommendations
2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.1. Drivers
2.2.2. Restraints
2.2.3. Market Opportunities
2.2.4. Economic Trends
2.3. Value Chain Analysis
2.4. Porter’s Five Forces Analysis & PEST Analysis
2.5. COVID-19 Impact
2.5.1. Supply Chain
2.5.2. End-user Customer Impact Analysis
3. Global Submarine Power Cables: Micro/Macro Economic Factors
4. Global Submarine Power Cables Market Outlook,
4.1. Global Submarine Power Cables Market Outlook, by Type, Volume (“000” Km) and Value (US$ Mn), 2019 - 2027
4.1.1. Key Highlights
4.1.1.1. Single Core
4.1.1.2. Multi Core
4.1.2. BPS Analysis/Market Attractiveness Analysis, by Type
4.2. Global Submarine Power Cables Market Outlook, by Conductor, Volume (“000” Km) and Value (US$ Mn), 2019 - 2027
4.2.1. Key Highlights
4.2.1.1. Copper
4.2.1.2. Aluminium
4.2.2. BPS Analysis/Market Attractiveness Analysis, by Conductor
4.3. Global Submarine Power Cables Market Outlook, by Voltage, Volume (“000” Km) and Value (US$ Mn), 2019 - 2027
4.3.1. Key Highlights
4.3.1.1. High (Above 500 KVA)
4.3.1.2. Medium (Below 500 KVA)
4.3.2. BPS Analysis/Market Attractiveness Analysis, by Voltage
4.4. Global Submarine Power Cables Market Outlook, by End-user, Volume (“000” Km) and Value (US$ Mn), 2019 - 2027
4.3.1. Key Highlights
4.3.1.1. Inter-Country & Island Connection
4.3.1.2. Offshore Oil & Gas
4.3.1.3. Offshore Wind Power
4.3.2. BPS Analysis/Market Attractiveness Analysis, by End-user
4.4. Global Submarine Power Cables Market Outlook, by Region, Volume (“000” Km) and Value (US$ Mn), 2019 - 2027
4.4.1. Key Highlights
4.4.1.1. North America
4.4.1.2. Europe
4.4.1.3. Asia Pacific
4.4.1.4. Latin America
4.4.1.5. Middle East & Africa
4.4.2. BPS Analysis/Market Attractiveness Analysis, by Region
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