Europe Submarine Power Cable Market - By Core, By Voltage, By Current, By End User, & Forecast, 2024 - 2032

Europe submarine power cable market size is predicted to observe significant growth from 2024 to 2032 driven by the increasing demand for reliable and efficient energy transmission infrastructure. Submarine power cables are essential for connecting offshore wind turbines to onshore grids for enabling the transmission of renewable energy over long distances with minimal transmission losses. For example, in April 2024, Greece grid operator, the Independent Transmission Operator (IPTO), launched a tender for AC submarine cables to connect islands in the Aegean Sea for streamlining the process to complete the ship AC cable contract.

Submarine power cables also facilitate cross-border energy trading and grid integration whilst enhancing energy security and diversifying energy sources across the continent. The European Union's initiatives for promoting energy transition and infrastructure development, such as the European Green Deal and the North Sea Wind Power Hub project will also stimulate investments in submarine power cable projects in the region.

The overall industry is classified into core, voltage, current, end user, conductor, and country.

Based on current, the Europe submarine power cable market size from the AC segment will record notable growth rate between 2024 and 2032 due to its widespread adoption in offshore wind farm projects and interconnection grids. AC submarine power cables are essential for transmitting large amounts of electrical power over long distances efficiently. They are particularly suited for connecting offshore wind turbines to onshore grids, where they facilitate the transport of renewable energy generated offshore to population centers onshore.

Europe submarine power cable industry from the copper conductor segment is set to grow significantly through 2032 owing to its established reliability and conductivity properties essential for efficient energy transmission underwater. Copper has long been the preferred material for submarine power cables due to its high electrical conductivity, which minimizes transmission losses over long distances.

Germany submarine power cable industry size is anticipated to grow at an impressive pace through 2032 due to ambitious expansion of offshore wind energy capacity, particularly in the North and Baltic Seas. Submarine power cables are essential for connecting offshore wind farms to the mainland grid for enabling the transmission of renewable energy over long distances efficiently. The advanced engineering and manufacturing expertise in submarine cable technologies, coupled with supportive government policies for promoting renewable energy investments will favor the regional market growth.