The global submarine power cable market was valued at US$ 5,141.8 Mn in 2018 and is anticipated to register a stable CAGR of 11.3% from 2019 to 2027, according to a 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 generation capacity additions, increasing demand for grid interconnections and island connections, and rising demand from offshore oil & gas sector have augmented the global submarine power cable market. The market in Europe is expanding at the maximum CAGR of 10.8% owing to numerous technological innovations and increasing demand for submarine power cables in the region.
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Growth in Offshore Wind Power Generation to Drive the Submarine Power Cable Market
Submarine power cable systems are laid under the water for communication and electric transmission. These cables carry signals over long distances and they are primarily used to connect the mainland with large islands. The growing need to interconnect grids for optimum utilization of renewable energy, for example, offshore wind energy, is boosting the demand for submarine power cables. Increasing investments in the renewable energy sector, technology advancements and favorable government initiatives are major factors driving the global submarine power cable market. New additions to offshore wind generation capacity are undergoing in various developing countries. Furthermore, the increasing demand to generate electricity from offshore oil and gas facilities is another factor that propels the global submarine power cable market. Submarine cables or submarine fiber optic cables are laid on the ocean beds with the objective to connect various regions across the world for the communication purpose. These cables are also employed by various telecom carrier providers and private companies, such as Google, Facebook, and Microsoft, to provide their services across the globe. Increasing online content and rising Internet speed have led to high demand for submarine power cables.
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Growing Adoption of Submarine Power Cables led by Technological 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 divided into five major regions. These include North America, Europe, Asia Pacific, South America, and Middle East & Africa. In 2018, Europe was the leading region of the global market, followed by North America. This is primarily attributable to rise in the number of offshore wind farms and continuous efforts taken by market players from the region to introduce innovative submarine power cable products in the marketplace. The U.K. held a major share of the North America market in 2018 and the market in the country is estimated to expand at significant CAGR during the forecast period. North America is also anticipated to accumulate significant market share in 2018 owing to the rising number of offshore wind farm installations led by significant advancements in technology in the region. The submarine power cable market in Asia Pacific is expected to expand at a substantial CAGR during the forecast period. Factors such as growing technological innovations, increasing Internet traffic, rising number of telecom subscriptions and Internet connections, and increasing R&D investments are expected to drive the submarine power cable market in Asia Pacific from 2018 to 2026.
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Furukawa Electric, General Cable Corporation, NKT Holding, and Prysmian Group to Continue to Lead the Global Submarine Power Cable Market
The company profiling of key players operating in the global submarine power cable market includes company overview, major business strategies adopted, SWOT analysis, and market revenues for years from 2016 to 2018. Major players operating in the global market and profiled in the report are Furukawa Electric, General Cable Corporation, Hengtong Group, Hydro Group, KEI Industries, LS Cable & System, Nexans, NKT Holding, Prysmian Group, and Sumitomo Electric Industries. Various players are introducing technologically advanced submarine power cables and establishing partnerships with other players.
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