Dublin, Nov. 28, 2023 (GLOBE NEWSWIRE) -- The "Submarine Power Cable Market by Core Type (Single-core, Multi-core), Voltage (Medium, High), Conductor Material (Copper, Aluminium), End Use (Offshore Wind, Inter-Country & Island Connection, Offshore Oil & Gas), Type and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The Submarine Power Cable market is estimated to grow from USD 12.9 Billion in 2023 to USD 22.3 Billion by 2028; it is expected to record a CAGR of 11.5% during the forecast period.
The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the Submarine Power Cables market.
The submarine power cable market is witnessing rapid growth owing to the increasing offshore wind energy installations and the number of projects related to inter-country and island connections.
The Submarine power cable market is dominated by a few major players that have a wide regional presence. The leading players in the Submarine power cable market are Prysmian S.p.A (Italy), Sumitomo electric industries (Japan), LS Cable & System Ltd. (South Korea), NKT A/S (Denmark), and Nexans (France).
Single-core: The largest segment of the Submarine Power Cable market, by core type
Based on core type, the Submarine power cable market has been split into two types: single-core, and multicore. Single-core submarine power cables are specialized electrical cables designed for the transmission of electrical power underwater. During cable installation, single-core cables are generally easier to handle and manoeuvre compared to multi-core cables. This can lead to cost savings and reduced installation time.
Inter-country and island connection is expected to emerge as the second largest segment based on end use
Based on end use, the submarine power cable market has been segmented into upto offshore wind power generation, inter-country and island connection, and offshore oil & gas. Interconnecting countries and islands through power cables or grids helps enhance energy security and reliability.
If one region experiences a power shortage or outage, interconnected grids can supply power from neighboring areas, reducing the risk of blackouts and ensuring a stable energy supply. The expanding interconnection capacities in various countries due to ongoing and prospective investments in the projects is driving this growth.
Asia Pacific is expected to emerge as the second-largest region based on Submarine Power Cables market
Asia Pacific is expected to be the second-largest segment in the market. In this region, According to the Global Wind Energy Council (GWEC), the Asia-Pacific region is expected to lead offshore wind growth this decade.
China is targeting 1,200 GW of wind energy capacity by 2030, while the Asia-Pacific region as a whole has offshore wind project pipelines totaling 250GW. This ongoing industry activity is one of the trend which is expected to attract fresh investments in the offshore winf power generation sector, subsequently driving demand for submarine power cables in the region.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 202 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $12.9 Billion |
| Forecasted Market Value (USD) by 2028 | $22.3 Billion |
| Compound Annual Growth Rate | 11.5% |
| Regions Covered | Global |
Company Profiles
- 1X Technologies LLC
- Apar Industries
- Bhuwal Insulation Cable Pvt. Ltd.
- Furukawa Electric Co. Ltd.
- Hellenic Cables
- Hengtong Group Co. Ltd.
- Hydro Group
- Jdr Cable Systems Ltd.
- Kei Industries Limited
- Ls Cable & System Ltd.
- Nexans
- Nkt A/S
- Prysmian Spa
- Ssgcable
- Sumitomo Electric Industries, Ltd.
- Taihan Cable & Solution Co. Ltd.
- Tfkable
- The Okonite Company
- Tratos
- Ztt
For more information about this report visit https://www.researchandmarkets.com/r/q8hh5a
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