Submarine Power Cable Market
The global submarine power cable industry is witnessing substantial growth, driven by the increasing demand for renewable energy, particularly offshore wind energy, and the need for efficient power transmission systems. Submarine power cables are essential for transmitting electricity generated by offshore wind farms and other marine energy sources to the mainland grid, ensuring a reliable supply of clean energy. The market is characterized by significant investments in offshore wind projects across various regions, including Europe, North America, and Asia-Pacific. Europe remains a leader in the global submarine power cable market, with countries like the United Kingdom, Germany, and Denmark at the forefront of offshore wind development. The growing focus on sustainability and carbon reduction targets is driving the demand for submarine power cables, as governments and private companies invest in renewable energy infrastructure.
Technological advancements, such as the development of high-voltage direct current (HVDC) cables, are enhancing the efficiency and reliability of long-distance power transmission, further fueling market growth. Additionally, the expansion of cross-border electricity transmission projects, such as interconnectors between different countries, is creating new opportunities for the submarine power cable market. As the world continues to transition to a low-carbon economy, the submarine power cable market is expected to experience sustained growth, driven by the ongoing development of offshore renewable energy projects and the need for robust and efficient power transmission systems.
A submarine power cable is a type of transmission cable used for carrying electric power under the water's surface. It is also called submarine cable because it usually carries electric power under saltwater such as arms of the sea, straits and oceans. The expenses for the establishment and complex administration are hindering the market recently the number of submarines is increasing as it requires exports from tide, wind and wave. Submarine wide cables are used to transfer power with high voltage. Due to the focus on the environmental issue, the submarine power cable market is gaining exposure. The oil and gas industries are replacing the local system on platforms with power feeding systems.
It is expected that the Submarine Power Cable Market will register USD 12.03 billion, and by 2022, the market will gain 31.55 billion with a CAGR of 9.4%. Due top pandemic, many ventures have declined, but with the situation getting controlled, the market will show promising development. The effect of the pandemic was negative for the market. The expanding interest between the country and island are driving the market. The increasing interest among the county associated with the request from the seaward oil and gas area is propelling the market growth. The market players have been going with the ongoing market trends and finding ways to develop the market.
Market segmentation
The Submarine Power Cable Market is segmented by insulation type, voltage, conductor material, and end-user. Based on the type, the market is classified into single-core and multicore. The single-core segment is dominating the market and is expected to grow quickly in the upcoming years due to the affordable and straightforward sending combined with multicore links. The subsegments of the end-user are Offshore Wind Power Generation, Offshore Oil & Gas, Island Connection, and Wave & Tidal Power Generation. the offshore market segment will increase the growth rate of the market, and the submarine power cable carries out an important role in the connection of the offshore substation and adjacent offshore turbines. Up to 66 kV, 66 kV-220 VK and Above 220 VK are the variables of the Submarine Power Cable Market voltage segments. Above 220 VK will dominate the market due to the rapid expansion of ultra-high-tension transmission lines for long-lasting electric supply.
Regional analysis
Based on the region, the Submarine Power Cable Market is analysed in North America, Europe, Asia Pacific and other parts of the world. Europe is expected to dominate the market due to the increasing wind industry in the region, propelling the market's demand. The growing demand for the offshore oil and gas industry boosts the market. Asia Pacific region is also increasing as the government is imposing several orders and promoting ways to develop renewable infrastructure to reduce pollution and power generation. all other regions that are a part of the development of the market are growing significantly and will rise the market in the forecast period
Industry news
An Italian cable manufacturer, the Prysmian group, secured 47 acres of land to develop a submarine power cable plant in somerset.
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