The global submarinepower cable market was valued at US$ 5,141.8 Mn in 2018 and isanticipated to register a stable CAGR of 11.3% from 2019 to 2027, according toa new research report published by Transparency Market Research (TMR) titled‘Submarine Power Cable Market – Global Industry Analysis, Size, Share, Growth,Trends, and Forecast, 2019–2027.’ Growing number of offshore wind generationcapacity additions, increasing demand for grid interconnections and islandconnections, and rising demand from offshore oil & gas sector haveaugmented the global submarine power cable market. The market in Europe isexpanding at the maximum CAGR of 10.8% owing to numerous technologicalinnovations and increasing demand for submarine power cables in theregion.
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Growth in Offshore Wind Power Generation to Drivethe Submarine Power Cable Market
Submarine power cable systems are laid under the water for communicationand electric transmission. These cables carry signals over long distances andthey are primarily used to connect the mainland with large islands. The growingneed to interconnect grids for optimum utilization of renewable energy, forexample, offshore wind energy, is boosting the demand for submarine powercables. Increasing investments in the renewable energy sector, technologyadvancements and favorable government initiatives are major factors driving theglobal submarine power cable market. New additions to offshore wind generationcapacity are undergoing in various developing countries. Furthermore, theincreasing demand to generate electricity from offshore oil and gas facilitiesis another factor that propels the global submarine power cable market.Submarine cables or submarine fiber optic cables are laid on the ocean bedswith the objective to connect various regions across the world for thecommunication purpose. These cables are also employed by various telecomcarrier providers and private companies, such as Google, Facebook, andMicrosoft, to provide their services across the globe. Increasing onlinecontent and rising Internet speed have led to high demand for submarine powercables.
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Growing Adoption of Submarine Power Cables led byTechnological Advancements and Rising Number of Offshore Wind Farms in China,India, the U.K., and South Africa to Create Lucrative Opportunities for Market
Geographically, the global submarine power cable market has been dividedinto five major regions. These include North America, Europe, Asia Pacific,South America, and Middle East & Africa. In 2018, Europe was the leadingregion of the global market, followed by North America. This is primarily attributableto rise in the number of offshore wind farms and continuous efforts taken bymarket players from the region to introduce innovative submarine power cableproducts in the marketplace. The U.K. held a major share of the North Americamarket in 2018 and the market in the country is estimated to expand atsignificant CAGR during the forecast period. North America is also anticipatedto accumulate significant market share in 2018 owing to the rising number ofoffshore wind farm installations led by significant advancements in technologyin the region. The submarine power cable market in Asia Pacific is expected toexpand at a substantial CAGR during the forecast period. Factors such asgrowing technological innovations, increasing Internet traffic, rising numberof telecom subscriptions and Internet connections, and increasing R&Dinvestments are expected to drive the submarine power cable market in AsiaPacific from 2018 to 2026.
Furukawa Electric, General Cable Corporation, NKTHolding, and Prysmian Group to Continue to Lead the Global Submarine Power Cable Market
The company profiling of key players operating in the global submarinepower cable market includes company overview, major business strategiesadopted, SWOT analysis, and market revenues for years from 2016 to 2018. Majorplayers operating in the global market and profiled in the report are FurukawaElectric, General Cable Corporation, Hengtong Group, Hydro Group, KEIIndustries, LS Cable & System, Nexans, NKT Holding, Prysmian Group, andSumitomo Electric Industries. Various players are introducing technologicallyadvanced submarine power cables and establishing partnerships with otherplayers.
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