London, Nov. 25, 2022 (GLOBE NEWSWIRE) -- Fairfield Market Research says in a newly published study that the global submarine power cables market gains from the sustained introduction of new power cables for service in the various marine industry applications. The rate of decommissioning of old cables has also been on the rise over the recent past, which also creates strong tailwinds for the market. The report estimates that with green power investments shooting up, the market will take a leap forward during the period of projection, 2022 – 2027. The estimated revenue of US$5.8 Bn (2022) of submarine power cables market is expected to reach over US$11.2 Bn by the end of 2027. Investors have been eyeing green power sector, which augurs well for submarine power cable sales. Moreover, the report also states that the dynamic developments in offshore wind farms will further facilitate the expansion of submarine power cables market growth in future.
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Key Research Insights
- Poised for 14.4% growth, the market will significantly benefit from the set goals of net-zero emissions worldwide
- Demand for single core cables bestseller with more than 79% market value share
- Demand from offshore wind power sector makes up from over 65% of overall demand
Insights into Segmental Analysis
Single core cables currently account for over 79% of submarine power cables market share. The report attributes this dominance to the economical deployment of these cables, the perceived benefit of technical ease, and stable growth in demand across offshore wind projects. Voltage-wise analysis of the market reveals that high-voltage (HVDC) submarine power cables will continue to see preference for application in bulk power distribution. Copper remains the sought-after conductor over other alternatives like aluminum. On the other hand, offshore wind power, and offshore oil and gas sectors are likely to promise the maximum growth opportunity to submarine power cables companies on account of the rocketing investments. Among these, offshore wind power currently accounts for more than 65% market share, says the report.
Key Report Highlights
- Offshore wind projects hold a massive opportunity, and the report indicates a lucrative window existing in the offshore oil and gas industry
- The market growth will remain largely influenced by the consistently soaring worldwide energy demand, as well as the subsequent rise in the importance of power distribution through a more efficient subsea power cables network
- Installation of submarine power cables takes up 30-40% of the overall submarine power cable costs, creating a significant headwind for the market in long term
Insights into Regional Analysis
Europe leads the pack in global submarine power cables market and will remain the largest demand generator for interconnector cables. The region has been a hub for some of the globally leading submarine power cables manufacturers Europe’s lead will remain intact in global submarine power cables market, majorly attributing to escalating demand for interconnector cables eyeing supply security across the region. The market here will benefit from mounting investments in HVDC submarine power cables especially for inter-country, and island connections. Led by the US, and Japan respectively, North America, and Asia Pacific represent the next key markets for submarine power cables. The latter will especially develop attractive potential as several new installations are underway. Green energy developments remain largely concentrated across Europe, and Asian markets. Investments continue to flow in, especially for the offshore wind power projects. The report marks that the market will gain momentum with notable growth in offshore windmills across both the regions. Besides, China, and India also emerge as the lucrative competitors in the undersea cables race.
Key Market Players in Global Submarine Power Cables Marketplace
Sumitomo Electric Industries, Ltd., Prysmian Group, ABB, Nexans S.A., NKT A/S, Furukawa Electric Co., LTD., Hengtong Marine Cable Systems, LS Cable & System Ltd, KEI Industries Limited, ZTT
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2021 | |
| Forecast Year | 2022 – 2027 | |
| Market Size in 2022 | US$5.8 Bn | |
| Estimated Market Size in 2027 | US$11.2 Bn | |
| CAGR | 14.4% | |
| Key Players | Nexans S.A., NKT A/S, Prysmian Group, Furukawa Electric Co., LTD., ABB, LS Cable & System Ltd, Sumitomo Electric Industries, Ltd., ZTT, Hengtong Marine Cable Systems, KEI Industries Limited | |
Market Segmentation
Type Coverage
- Single Core
- Multi Core
Conductor Coverage
- Aluminium
- Copper
Voltage Coverage
- High (500KV and Above)
- Medium (Below 500 KV)
End-user Coverage
- Inter-country & Island Connection
- Offshore Oil & Gas
- Offshore Wind Power
Geographical Coverage
- North America
- Europe
- Latin America
- Middle East & Africa
- Asia Pacific
Leading Companies
- Nexans
- Prysmian Group
- NKT
- ZTT
- KEI Industries Limited
- LS Cable & System Ltd
- The Furukawa Electric Co., Ltd.
- Hengtong Marine Cable Systems
- ABB
- Sumitomo Electric Industries
Report Inclusions
- Market Estimates and Forecast
- Market Dynamics
- Industry Trends
- Competition Landscape
- Type-wise Analysis
- Conductor-wise Analysis
- Voltage-wise Analysis
- End User-wise Analysis
- Region-wise Analysis
- Country-wise Analysis
- Key Trends Analysis
- COVID-19 Impact Analysis
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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