New York, March 18, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “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 global submarine power cable market growth is driven by the increasing investment on offshore wind energy plants, rise in cross country submarine connections for power transmission, rising development of underwater data center.
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| Report Coverage | Details |
| Market Size Value in | US$ 7.64 billion in 2021 |
| Market Size Value by | US$ 11.82 billion by 2028 |
| Growth rate | CAGR of 6.4% from 2021 to 2028. |
| Forecast Period | 2021- 2028 |
| Base Year | 2021 |
| No. of Pages | 188 |
| No. Tables | 169 |
| No. of Charts & Figures | 88 |
| Historical data available | Yes |
| Segments covered | Type, Conductor Material, Voltage, and Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Submarine Power Cable Market: Competitive Landscape and Key Developments
Prysmian Group, Sumitomo Corporation, Furukawa Electric Group, LS Cable & System Ltd., and ABB Ltd. are the key players profiled in the market forecast. In addition, several other essential market players were studied and analyzed to get a holistic view of the global submarine power cable market and its ecosystem.
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In 2021, In addition to their usual selection of polyurethane sheathing materials, Hydro Group added a number of new cable jacket alternatives. These are intended to boost the company's ability to serve a wide range of defense, renewable energy, and oil and gas applications.
LS Cable & System announced that, in 2021, the company was selected as a preferred bidder for a KRW200 billion submarine cable project by CDWE (CSBC-DEME Wind Engineering), Taiwan's first EPCI offshore wind power construction company, and it would supply submarine cables to the Hai Long Offshore Wind Farm until 2025.
Submarine power cable is used to supply electricity and power to the subsea machinery and equipment used across different platforms, such as offshore oil & gas facilities, naval subsea bases, offshore complexes, offshore wind power-generating facilities, and telecom industry. It also finds usage in accomplishing long route data and power transfer between island/country inter-connection. Factors, such as the continuous expansion of offshore oil & gas platforms, coupled with increasing deployment of wind farms, high investments by government departments and private firms, integration of energy-efficient operational environment are expected to drive the global submarine power cable market during the forecast period. In addition, the increasing fund supply for the development of sustainable electrical infrastructure with grid integration of renewable systems will enhance the growth of this market.
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The COVID-19 outbreak decimated the demand for submarine power cables globally in 2020, which reflected significantly lower volumes of orders among the submarine power cable manufacturers, resulting in a lower number of productions. The decline in production volumes adversely affected the businesses of various components & raw material vendors across the submarine power cable industry worldwide. The reduced production and operations across offshore oil & gas and challenges in developing offshore wind projects worldwide have led to an adverse effect in the global market. Other factors, such as stringent government regulations regarding shutting down physical business operations involving human contact, have led to several difficulties, such as labor shortages worldwide.
Opportunities for Submarine Power Cable Market:
The constantly rising investments across the globe on several offshore oil and gas projects, offshore wind farms, and intercountry power transmission projects are expected to increase the demand for submarine power cables. Some of the major investments and initiatives include a massive interconnection pipeline between country and island projects over the years. Some of the major HVDC submarine power cable project pipeline includes IceLink, MSNLink and NorthConnect, Nord.Link and NorGer, UK Western Link, IFA2, NemoLink, Euro-Asia Interconnector, Labrador-Island, Maritime Link, India-Sri Lanka Interconnection, and Sumatra-Java. These investments by several countries across all submarine power cable applications are expected to propel the market over the forecast period.
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Submarine Power Cable Market: Type Overview
Based on type, the submarine power cable market is segmented as single-core and multicore. The single-core accounted for a larger share in 2020 in the global market. These cables are highly adopted among various industries, such as oil and gas and wind farms. They are used for applications, such as power supply from an onshore substation to offshore oil & gas platform, the connection between offshore oil & gas platforms, interconnecting grids of countries, power supply from the mainland to isolated islands, and export cable to transport the total generated power from offshore substation to onshore substation. These factors are raising the adoption of single-core submarine power cables, thereby contributing to the market's growth.
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