Submarine Power Cable Market Report by Type (Single Core, Multi Core), Voltage (Medium Voltage, High Voltage), Conductor Material (Copper, Aluminum), End User (Offshore Wind Power Generation, Inter-Country and Island Connection, Offshore Oil and Gas), and Region 2024-2032

Submarine Power Cable Market Report by Type (Single Core, Multi Core), Voltage (Medium Voltage, High Voltage), Conductor Material (Copper, Aluminum), End User (Offshore Wind Power Generation, Inter-Country and Island Connection, Offshore Oil and Gas), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A11755
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Market Overview:

The global submarine power cable market size reached US$ 25.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 67.5 Billion by 2032, exhibiting a growth rate (CAGR) of 11.4% during 2024-2032. The growing demand for inter-country transmission networks for underwater electricity supply, favorable government initiatives for electricity generation, and rising adoption of renewable energy sources across the globe are some of the major factors propelling the market.

Report Attribute
 Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023 US$ 25.3 Billion
Market Forecast in 2032 US$ 67.5 Billion
Market Growth Rate (2024-2032) 11.4%


A submarine power cable, also known as a submarine power transmission cable, is a specialized cable designed for the transmission of electrical power across different water bodies. It is manufactured from multiple layers of copper and aluminum to ensure durability and reliability even in extreme weather conditions. It can transmit alternating current (AC) and direct current (DC) and handle high-power electricity. It assists in interconnecting electrical transmission networks of numerous regions and countries. As it efficiently transmits electric power over long distances, the demand for submarine power cables is increasing across the globe.

Global Submarine Power Cable Market

At present, the rising demand for electricity due to rapid urbanization is strengthening the growth of the market. Moreover, the growing demand for submarine power cables on account of the rising number of offshore wind parks around the world is offering a positive market outlook. In addition, the increasing focus on grid stability and security during the peak load demand for power across the globe is bolstering the growth of the market. Apart from this, rising demand for cross-border interconnected power grid connections with improved reliability are offering lucrative growth opportunities to industry players. Furthermore, the increasing adoption of submarine power cables due to the thriving offshore oil and gas industry worldwide is supporting the growth of the market.

Submarine Power Cable Market Trends/Drivers:

Increasing demand for inter-country transmission networks

There is a rise in the demand for inter-country transmission networks for underwater electric supply around the world. Single-core cables are widely utilized for low voltage applications, such as inter-country power transmission. The inter-country transmission network assists in optimizing the utilization of energy sources. In line with this, various companies are adopting inter-country transmission networks, as they aid in enhancing grid stability and resilience. Furthermore, there is an increase in the adoption of inter-country transmissions to cater to the increasing demand for electricity among individuals across the globe. Apart from this, submarine power cables can connect offshore substations and adjacent offshore turbines efficiently. 

Favorable government initiatives for electricity generation

Governing agencies of various countries are promoting the adoption of clean energy sources for generating electricity and implementing stringent rules and regulations to reduce carbon emissions around the world. They are also decreasing the dependency on fossil fuels, such as coal, petroleum, and natural gas, for power generation as they emit a lot of pollution in the environment. In addition, governing authorities are increasingly investing in renewable infrastructure. Apart from this, there is a rise in the focus on utilizing energy-efficient solutions among the masses across the globe. Furthermore, the growing concerns over climate change and its impact on the environment are positively influencing the market.

Growing adoption of renewable energy 

People are focusing on utilizing renewable energy sources due to the increasing awareness about the harmful consequences of a polluted environment across the globe. They are also rapidly adopting renewable energy sources to maintain sustainability in the environment while reducing greenhouse gas (GHG) emissions. In line with this, there is a rise in the utilization of renewable energy sources in submarine power cables, as they are cost-effective. Renewable energy sources assist in improving air quality and offer enhanced energy security as compared to conventional energy resources. Furthermore, various key players are investing in renewable energy plants around the world, which is positively influencing the market.

Submarine Power Cable Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global submarine power cable market report, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on type, voltage, conductor material, and end user.

Breakup by Type:

  • Single Core
  • Multi Core
     

Single core dominates the market

The report has provided a detailed breakup and analysis of the market based on the type. This includes single core and multi core. According to the report, the single core represented the largest segment.

Single core power cable comprises one insulated conductor wire and an insulating layer that is manufactured from plastic and rubber materials. Moreover, the increasing utilization of single core power cables in the offshore wind sector, as they are easy and economical to deploy, is bolstering the growth of the market. Apart from this, the rising adoption of single core power cables, as they aid in supporting high current loads and preventing corrosion, is contributing to the growth of the market.

Breakup by Voltage:

  • Medium Voltage
  • High Voltage
     

High voltage accounts for the majority of the market

The report has provided a detailed breakup and analysis of the market based on the voltage. This includes medium voltage and high voltage. According to the report, high voltage represented the largest segment.

High voltage cables allow the transfer of electricity from big capacity high-power sources to the mainland. They also reduce transmission losses and allow efficient power transmission, which is offering a positive market outlook. Besides this, rising adoption of high-voltage direct current (HVDC) submarine power cables in offshore wind power generation are strengthening the growth of the market. Furthermore, the increasing utilization of high voltage cables for long-distance electric supply is contributing to the growth of the market.

Breakup by Conductor Material:

  • Copper
  • Aluminum
     

Aluminum holds the biggest market share

The report has provided a detailed breakup and analysis of the market based on the conductor material. This includes copper and aluminum. According to the report, aluminum represented the largest segment, as it is less expensive as compared to copper. In line with this, the rising adoption of aluminum, as it is a strong conductor of heat and electricity, is supporting the growth of the market. Apart from this, the increasing utilization of aluminum due to their flexibility and lighter weight is propelling the growth of the market. Additionally, the rising adoption of aluminum, as it has a natural oxide layer that provides enhanced corrosion resistance and protects the cables from hash weather conditions, is contributing to the growth of the market.

Breakup by End User:

  • Offshore Wind Power Generation
  • Inter-Country and Island Connection
  • Offshore Oil and Gas
     

Offshore wind power generation represents the largest market share

A detailed breakup and analysis of the market based on the end user has also been provided in the report. This includes offshore wind power generation, inter-country and island connection, and offshore oil and gas. According to the report, offshore wind power generation accounted for the largest market share due to the growing demand for renewable energy sources. In addition, governing agencies of various countries are encouraging the development of offshore wind farms, which is positively influencing the market. Besides this, the increasing installed capacity of offshore wind power generation is contributing to the growth of the market. Furthermore, the rising employment of offshore wind power generation, as it can generate more electricity as compared to onshore wind turbines, is bolstering the market growth.

Breakup by Region:

  • North America
    • United States
    • Canada
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Europe exhibits a clear dominance, accounting for the largest submarine power cable market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. 

Europe held the biggest market share on account of the increasing oil and gas exploration activities. Moreover, the growing demand for submarine power cables due to the thriving offshore wind sector is offering a positive market outlook in the region. In line with this, rising technological advancements in submarine power cable systems and related components are propelling the growth of the market. Apart from this, the increasing focus on clean sources of energy, such as wind and solar power, is contributing to the growth of the market in Europe.

Competitive Landscape:

Key players in the industry are engaging in partnerships and collaborations to construct a high-capacity fiber-optic long telecommunication submarine cable systems that will link various countries with each other. In addition, major manufacturers are increasingly investing in submarine cable projects that assist in improving connectivity among different nations. They are also signing an agreement to connect the remote islands through a submarine cable system with enhanced internet speed. In line with this, several industry players are securely installing submarine cables in various parts of the region. They are also developing huge submarine cable manufacturing facilities that aid in increasing the production of submarine cables.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

  • Furukawa Electric Co. Ltd.
  • Hengtong Group Co Ltd.
  • JDR Cable Systems (Holdings) Ltd.
  • LS Cable & System Ltd.
  • Nexans S.A.
  • Ningbo Orient Wires & Cables Co. Ltd. (Orient Cables)
  • Prysmian S.p. A,
  • Sumitomo Electric Industries Ltd.
  • ZTT International Limited
     

Recent Developments:

  • In 2021, LS Cable & System revealed its plan to acquire the largest submarine cable laying barge in Korea to increase its participation in domestic and overseas offshore wind power generation projects.
  • In 2023, Furukawa Electric Co. Ltd. secured a submarine power transmission project wherein they will supply triple-core submarine cables.
  • In 2019, Sumitomo Electric Industries Ltd. delivered its high-voltage direct current (HVDC) cross-linked polyethylene-insulated (XLPE) submarine cable system for the UK-Belgium interconnector (NEMO Link) and successfully completed the installation.
     

Submarine Power Cable Market Report Scope:

Report Features Details
Base Year of the Analysis 2023
 Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Scope of the Report Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment: 
  • Type
  • Voltage
  • Conductor Material
  • End User
  • Region
Types Covered Single Core, Multi Core
Voltages Covered Medium Voltage, High Voltage
Conductor Materials Covered Copper, Aluminum
End Users Covered Offshore Wind Power Generation, Inter-Country and Island Connection, Offshore Oil and Gas
Regions Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Furukawa Electric Co. Ltd., Hengtong Group Co Ltd., JDR Cable Systems (Holdings) Ltd., LS Cable & System Ltd., Nexans S.A., Ningbo Orient Wires & Cables Co. Ltd. (Orient Cables), Prysmian S.p.A, Sumitomo Electric Industries Ltd., ZTT International Limited, etc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report:

  • How has the global submarine power cable market performed so far, and how will it perform in the coming years?
  • What are the drivers, restraints, and opportunities in the global submarine power cable market?
  • What is the impact of each driver, restraint, and opportunity on the global submarine power cable market?
  • What are the key regional markets?
  • Which countries represent the most attractive submarine power cable market?
  • What is the breakup of the market based on the type?
  • Which is the most attractive type in the submarine power cable market?
  • What is the breakup of the market based on the voltage?
  • Which is the most attractive voltage in the submarine power cable market?
  • What is the breakup of the market based on the conductor material?
  • Which is the most attractive conductor material in the submarine power cable market?
  • What is the breakup of the market based on the end user?
  • Which is the most attractive end user in the submarine power cable market?
  • What is the competitive structure of the global submarine power cable market?
  • Who are the key players/companies in the global submarine power cable market?

Key Benefits for Stakeholders:

  • IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the submarine power cable market from 2018-2032.
  • The research study provides the latest information on the market drivers, challenges, and opportunities in the global submarine power cable market.
  • The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
  • Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the submarine power cable industry and its attractiveness.
  • Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
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Submarine Power Cable Market Report by Type (Single Core, Multi Core), Voltage (Medium Voltage, High Voltage), Conductor Material (Copper, Aluminum), End User (Offshore Wind Power Generation, Inter-Country and Island Connection, Offshore Oil and Gas), and Region 2024-2032
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