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The submarine power cable market size is valued to increase USD 5.12 billion, at a CAGR of 13.64% from 2023 to 2028. Growing offshore renewable energy installations will drive the submarine power cable market.
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The submarine power cable industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The single core segment is estimated to witness significant growth during the forecast period.
In the dynamic and evolving the market, single-core cables have emerged as a leading segment, generating significant revenue in 2023. These cables, featuring a single conductor encased in a protective sheath, offer numerous advantages for long-distance underwater power transmission. Their flexible design and compact construction make them suitable for offshore renewable energy projects and international power connections, which often encounter challenging environmental conditions, such as high pressure and corrosive seawater. Single-core cables boast superior insulating qualities and fewer transmission losses, ensuring a consistent and efficient power supply. The streamlined installation process and minimal maintenance requirements further contribute to their popularity.
Subsea cable installation is a critical aspect of the market, requiring rigorous environmental impact assessments, hydrographic surveys, and geotechnical investigations. Advanced technologies like remotely operated vehicles, cable joint design, and cable trenching technology facilitate the installation process. High-voltage direct current (HVDC) converter stations play a crucial role in the market, converting alternating current to direct current for efficient power transmission. Optical fiber communication and electromagnetic field analysis are essential for monitoring the cable's performance and detecting potential issues, such as water ingress or cable faults. Cable lifespan prediction, network monitoring systems, and power cable termination are other key aspects of the market.
The market also faces challenges, including ampacity derating factors, seismic hazard assessment, and cable armoring techniques for fault current protection. Protective coating systems, corrosion protection methods, and high-voltage grounding are essential for ensuring the cables' durability and longevity. According to recent studies, the market for submarine power cables is projected to grow by 15% in the next three years, driven by increasing demand for renewable energy sources and international power connections. Additionally, the market is expected to expand by 12% over the next five years, reflecting the ongoing evolution of technologies and applications. These trends underscore the market's continuous growth and the importance of staying informed about the latest developments.
The Single core segment was valued at USD 2.58 billion in 2018 and showed a gradual increase during the forecast period.
Europe is estimated to contribute 44% to the growth of the global market during the forecast period.Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The European the market experienced notable expansion in 2023, fueled by the increasing adoption of offshore wind energy in countries like the UK, Belgium, Denmark, and the Netherlands. The rise in offshore wind energy production is attributed to the installation of larger and taller wind turbines, which has become a prevalent trend in the region. In 2022, Germany, a key player in Europe's renewable energy sector, reached a combined capacity of 7.7 GW for offshore wind power turbines.
With a goal of generating 45% of its electricity from renewable sources by 2025, the country is poised to continue driving market growth. Currently, wind power contributes approximately 15% to Germany's total power generation.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The market is a critical sector driving the transition towards renewable energy and sustainable power transmission. This market encompasses advanced technologies and design standards, including high-voltage submarine cable designs, which ensure efficient power transfer over long distances underwater. The integration of optical fiber communication protocols in these cables enhances data transmission capabilities, enabling real-time monitoring and control of power grids. Subsea cable fault location techniques have seen significant advancements, reducing downtime and maintenance costs. HVDC converter station efficiency optimization and thermal modeling are essential aspects of submarine power cable design, ensuring optimal performance and longevity. Corrosion protection strategies and effective cable maintenance strategies are crucial for minimizing cable degradation and extending their operational life.
Underwater cable repair methodologies and subsea cable integrity monitoring systems are essential for maintaining the reliability and safety of these power transmission systems. Seismic design of submarine power cables and consideration of ocean currents during cable laying are vital factors in ensuring cable durability and stability. Insulation material selection criteria and water ingress prevention measures are crucial for maintaining cable insulation integrity and preventing electrical failures. High voltage cable termination techniques and remote monitoring of submarine cables enable early detection and resolution of potential issues. Cable joint design for high voltage applications is a significant focus area, as these joints can significantly impact the overall cable performance.
Ampacity derating factors in submarine power cables and geotechnical considerations in cable routing are essential aspects of cable design, ensuring safe and efficient power transmission. Hydrographic survey requirements for cable laying are crucial for assessing seabed conditions and minimizing installation risks. Compared to traditional power transmission methods, the adoption of submarine power cables has seen a significant increase in recent years, with more than 60% of new power transmission projects opting for underwater cable solutions. This trend is expected to continue, as the benefits of submarine power cables, such as increased reliability, reduced environmental impact, and enhanced power transmission capabilities, become increasingly apparent.
The submarine power cable market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the submarine power cable market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape of Submarine Power Cable Industry
Companies are implementing various strategies, such as strategic alliances, submarine power cable market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
ABB Ltd. - The Company specializes in the design and production of advanced XLPE Submarine Cable Systems, delivering reliable and efficient power transmission solutions for global clients in various industries. These systems ensure minimal power loss and enhanced durability for underwater applications.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Dive into Technavio’s robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Submarine Power Cable Market insights. See full methodology.
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Market Scope |
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Report Coverage |
Details |
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Page number |
181 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 13.64% |
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Market growth 2024-2028 |
USD 5119.5 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
11.73 |
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Key countries |
US, Germany, China, UK, and Japan |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
What is the expected growth of the Submarine Power Cable Market between 2024 and 2028?
USD 5.12 billion, at a CAGR of 13.64%
What segmentation does the market report cover?
The report segmented by Type (Single core and Multicore), Application (Offshore wind, Island connection and inter-country, Offshore oil, and Others), and Geography (Europe, APAC, North America, Middle East and Africa, and South America)
Which regions are analyzed in the report?
Europe, APAC, North America, Middle East and Africa, and South America
What are the key growth drivers and market challenges?
Growing offshore renewable energy installations, Capital-intensive installation and maintenance of submarine power cables
Who are the major players in the Submarine Power Cable Market?
Key Companies ABB Ltd., Eland Cables Ltd., Europacable, Fujikura Co. Ltd., Furukawa Electric Co. Ltd., HELUKABEL Romania Srl, Hengtong Group Co. Ltd., Hydro Group, Jiangsu Zhongtian Technology Co Ltd, KEI Industries Ltd., Leoni AG, LS Cable and System Ltd., Nexans SA, NKT AS, Parker Hannifin Corp., Prysmian Spa, Southwire Co. LLC, Subsea 7 SA, Sumitomo Electric Industries Ltd., and The Okonite Co.
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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