Submarine Power Cable Market Overview:
Submarine Power Cable Market share is projected to arrive at USD 19,071.3 Million by 2027, at a CAGR of 12.5% during the figure time frame.
The industry is anticipated to grow throughout the forecast period due to significant factors including ongoing oil and gas platform expansion, rising wind farm deployment, increasing investments by government agencies and private businesses, and incorporation of an operational environment that is energy efficient.
Electrical energy is transported through the sea and just below the surface by submarine power transmission lines. These cables are made to endure a certain amount of pressure and heat. Additionally, if necessary, these cables could be utilized to transport electricity between cities within lakes or riverbeds. Energy trade as well as power supply to remote areas are anticipated to rise with the use of underwater cables for inter-country as well as island connections. These cables are used for offshore wind energy generation, offshore oil rings, and inter-country as well as island connections, among other things.
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Report Attribute/Metric
Details
Market Size
2027: USD 19,071.3 million
CAGR
12.5%
Base Year
2020
Forecast Period
2021-2027
Historical Data
2018 & 2019
Forecast Units
Value (USD Million)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Type, Insulation Type, Voltage, Conductor Material, End-Use, and Region
Geographies Covered
North America, Europe, Asia-Pacific, Middle East & Africa, and South America
Market Segmentation
By Type
Single Core
Submarine power cables with a single core segment are appropriate for both grounds- as well as underwater-based applications. These single-core power cables are made of materials like copper and aluminum and have a single use. The main materials used to encase these kinds of cables are cross-linked polyethylene, stainless steel, plus ethylene propylene. Such single-core cables might have a solid core or a stranded core.
Multi-Core
Multiple electrical conductors that are typically isolated from one another make up multi-core cables. These cables are generally employed in the transmission of electricity and signals in industries like power generation and transportation.
By Insulation Type
- Cross-linked polyethylene (XLPE)
- Ethylene Propylene Rubber (EPR)
By Voltage
- Up to 66 kV
- 66 KV – 220 KV
- Above 220 kV
By Conductor Material
- Copper
- Aluminum
By End-Use
- Offshore Wind Power Generation
- Offshore Oil & Gas
- Island Connection
- Wave and Tidal Power Generation
Regional Classification
North America, Europe, Asia-Pacific, the Middle East & Africa, plus South America make up the regional segments of the worldwide submarine power cable market.
Europe
With an industry value of USD 2,827.7 million by 2020, Europe held the biggest market share; the industry is forecasted to see the highest CAGR of 13.8 percent during the projected period.
Asia-Pacific
In the Asia Pacific area, China held the highest market share in 2020. Japan, which was the second-largest industry in 2020, is anticipated to increase at a CAGR of 12.3 percent throughout the study period.
Industry News
The growing usage of submarine power cables across cross-border power grid connections would accelerate market expansion by improving power network dependability and lowering investment. Growing environmental concerns are motivating nations to concentrate on producing energy from renewable sources, which has led to an increase in tidal as well as wind energy projects. This has created a market for submarine power cables, which will present the market with great opportunities well over the forecast timeframe.
The industry is increasing as a result of the rise in the need for island-plus international power connections as well as offshore wind energy.
The market for submarine power transmission cables is anticipated to be constrained by the high frequency of repairs and maintenance on underwater cables.
The continued growth of offshore oil as well as gas platforms as well as swift private and government player investments could be considered an industry opportunity.
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.
Request a Sample for extensive research insights - https://www.transparencymarketresearch.com/sample/sample.php?flag=S_id=26633Growth in Offshore Wind Power Generation to Drive the Submarine Power Cable MarketSubmarine 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.
Increasing investments in the renewable energy sector, technology advancements and favorable government initiatives are major factors driving the global submarine power cable market.
Furthermore, the increasing demand to generate electricity from offshore oil and gas facilities is another factor that propels the global submarine power cable market.
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.
