Submarine Power Cable Market by Core Type, Conductor Material, Cable Type, Voltage Level, End-User

Description

List of Tables

[186 Pages Report] The Submarine Power Cable Market size was estimated at USD 15.21 billion in 2023 and expected to reach USD 16.85 billion in 2024, at a CAGR 11.34% to reach USD 32.29 billion by 2030.

The submarine power cable market comprises the design, manufacture, installation, and maintenance of high-voltage electrical cables laid underwater to transmit electricity between offshore energy generation facilities (such as wind farms or tidal power stations) and onshore power grids. These cables play a crucial role in connecting renewable energy sources with mainland transmission networks, thus enabling efficient energy distribution and driving sustainable growth across various industries. Submarine power cables find application in offshore wind farms, inter-country & island connections, and offshore oil & gas platforms. The global push towards reducing carbon emissions has led countries to invest heavily in renewable energy sources such as offshore wind farms. Technological advancements in cable manufacturing have helped create more durable, efficient, and cost-effective solutions. However, submarine cable installation requires significant initial capital investments, which could discourage some players from entering the market or limit their capacity for additional investments. Regulatory concerns also pose challenges, as they require companies to navigate complex permitting processes. Efforts by major players to invest in advancements to ease the process of regulatory approvals for projects are increasing. Additionally, leveraging digital platforms to optimize submarine cable systems through predictive analytics to increase efficiency can increase the scope of the industry.

KEY MARKET STATISTICS
Base Year [2023]	USD 15.21 billion
Estimated Year [2024]	USD 16.85 billion
Forecast Year [2030]	USD 32.29 billion
CAGR (%)	11.34%

Core type: Rapidly expanding energy distribution through multicore and single core submarine power cables

Multicore submarine power cables refer to a cable that combines multiple power feeds into a single jacketed cable. Such cables are designed for high-density wiring between components and within equipment and electronic machinery. Multicore cables reduce clutter, ease the process of cable management, and achieve space optimization. Single core submarine power cables are equipped with just one conductor encapsulated within an insulated sheath. These types of cables are preferred when only a single electrical phase is required for transmission or in scenarios where space constraints prohibit the use of thicker multicore designs.

Conductor material: Advancements and efficiency increased in the conductor material used for submarine power cables

Aluminum is a lightweight and cost-effective conductor material that offers high electrical conductivity. The need-based preference for aluminum arises from its lower price point compared to copper, making it an attractive choice for budget-conscious projects or those requiring longer cable lengths. Copper is known as the industry standard due to its superior electrical conductivity properties. The need-based preference for copper arises from its low resistive losses when transmitting currents over large distances; this results in increased energy efficiency and lower operating costs over the cable's lifespan. However, copper is more expensive and heavier than aluminum, which can increase both material and installation costs.

Cable type: Transmitting power and energy across large distances using AC and DC cable type

The AC submarine power cable is designed to transmit electrical energy through alternating current, which changes direction periodically. One of the key advantages of using AC cables for underwater transmission is their ability to transport power over long distances without significant losses, making them suitable for connecting offshore wind farms and other remote power generation sources to onshore grids. Need-based preference for AC cables typically arises when there are large distances between power generation sources and load centers, such as offshore wind farms or island nations. The DC submarine power cable transmits electrical energy through direct current, which flows in one constant direction. Direct current is highly compatible with clean sources of energy such as solar and wind.

End-user: Development of innovative submarine power cables for various use cases

The need for inter-country & island connection is predominantly driven by the expanding demand for energy and the limitation of conventional power generation methods. Submarine power cables enable countries to share electricity resources, providing a reliable energy source and ensuring grid stability. Submarine power cables are crucial in offshore oil & gas installations as they provide a reliable supply of electricity required for exploration, drilling, production platforms, and floating production storage offloading (FPSO) units. These cables must have specific characteristics, such as resistance to mechanical stressors and corrosive environments found in marine conditions. Offshore wind power generation is rapidly gaining prominence due to its higher efficiency, reduced visual impact, and lesser land requirement. Submarine power cables are a vital component in transmitting electricity generated from these installations to the grid onshore.

Regional Insights

In the Americas, countries are witnessing significant growth in their offshore wind energy sector, leading to increased demand for submarine power cables. The US Department of Energy has set ambitious targets for offshore wind capacity by 2050, while Canada aims at increasing its renewable energy share. These factors have attracted investments in developing transmission infrastructure and strengthening the regional market. The European Union holds a dominant position in the global submarine power cable market due to its focus on renewable and clean energy. Countries such Germany, UK, and Denmark have made substantial investments in research and innovation. Subsea interconnections between the various EU nations, such as France and Germany, are driving the demand for submarine power cables. In Asia Pacific, China and India are emerging as key players in the submarine power cable industry. Both nations have set ambitious renewable energy targets which drive their investment in wind and solar energy projects. India is increasing its efforts to connect power grids with undersea cables, necessitating the deployment of efficient submarine power cables. Japan holds a significant share of the Asia-Pacific submarine power cable market due to its strategic geographical location and advanced technological developments.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Submarine Power Cable Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Submarine Power Cable Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Submarine Power Cable Market, highlighting leading vendors and their innovative profiles. These include ABB Limited, Belden Inc., Fujitsu Limited, Furukawa Electric Co., Ltd., Hellenic Cables S.A., Hengtong Group Co., Ltd., Hesfibel Subsea Cables, Hydro Group, JDR Cable Systems Ltd., KEI Industries Limited, LS Cable & System Ltd., Nexans SA, Ningbo Orient Wires & Cables Co., Ltd., NKT A/S, Novacavi srl, Prysmian S.p.A., S.B.Submarine Systems, SSG Cable, Sumitomo Electric Industries Limited, Taihan Cable & Solution Co., Ltd., TELE-FONIKA Kable S.A., ZMS Cable Group, and ZTT International Limited.

Market Segmentation & Coverage

This research report categorizes the Submarine Power Cable Market to forecast the revenues and analyze trends in each of the following sub-markets:

Core Type
- Multicore
- Single Core

Conductor Material
- Aluminum
- Copper

Cable Type
- AC
- DC

Voltage Level
- High Voltage
- Low Voltage
- Medium Voltage

End-User
- Inter-Country & Island Connection
- Offshore Oil & Gas
- Offshore Wind Power Generation

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Submarine Power Cable Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Submarine Power Cable Market?

3. What are the technology trends and regulatory frameworks in the Submarine Power Cable Market?

4. What is the market share of the leading vendors in the Submarine Power Cable Market?

5. Which modes and strategic moves are suitable for entering the Submarine Power Cable Market?

Product Code: MRR-62667ADF9E24

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Growing number of offshore wind farms
  - 5.1.1.2. Increasing growth of offshore oil & gas operations
  - 5.1.1.3. High use of high voltage direct current (HVDC) submarine power cables
- 5.1.2. Restraints
  - 5.1.2.1. High cost of installation and complexity of repair process
- 5.1.3. Opportunities
  - 5.1.3.1. Rising need for inter-country & island power connections
  - 5.1.3.2. Design improvements and advancements in submarine power cable
- 5.1.4. Challenges
  - 5.1.4.1. Regulatory, environmental, & complex authorization procedures
5.2. Market Segmentation Analysis
- 5.2.1. Core type: Rapidly expanding energy distribution through multicore and single core submarine power cables
- 5.2.2. Conductor material: Advancements and efficiency increased in the conductor material used for submarine power cables
- 5.2.3. Cable type: Transmitting power and energy across large distances using AC and DC cable type
- 5.2.4. End-user: Development of innovative submarine power cables for various use cases
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Submarine Power Cable Market, by Core Type

6.1. Introduction
6.2. Multicore
6.3. Single Core

7. Submarine Power Cable Market, by Conductor Material

7.1. Introduction
7.2. Aluminum
7.3. Copper

8. Submarine Power Cable Market, by Cable Type

8.1. Introduction
8.2. AC
8.3. DC

9. Submarine Power Cable Market, by Voltage Level

9.1. Introduction
9.2. High Voltage
9.3. Low Voltage
9.4. Medium Voltage

10. Submarine Power Cable Market, by End-User

10.1. Introduction
10.2. Inter-Country & Island Connection
10.3. Offshore Oil & Gas
10.4. Offshore Wind Power Generation

11. Americas Submarine Power Cable Market

11.1. Introduction
11.2. Argentina
11.3. Brazil
11.4. Canada
11.5. Mexico
11.6. United States

12. Asia-Pacific Submarine Power Cable Market

12.1. Introduction
12.2. Australia
12.3. China
12.4. India
12.5. Indonesia
12.6. Japan
12.7. Malaysia
12.8. Philippines
12.9. Singapore
12.10. South Korea
12.11. Taiwan
12.12. Thailand
12.13. Vietnam

13. Europe, Middle East & Africa Submarine Power Cable Market

13.1. Introduction
13.2. Denmark
13.3. Egypt
13.4. Finland
13.5. France
13.6. Germany
13.7. Israel
13.8. Italy
13.9. Netherlands
13.10. Nigeria
13.11. Norway
13.12. Poland
13.13. Qatar
13.14. Russia
13.15. Saudi Arabia
13.16. South Africa
13.17. Spain
13.18. Sweden
13.19. Switzerland
13.20. Turkey
13.21. United Arab Emirates
13.22. United Kingdom

14. Competitive Landscape

14.1. Market Share Analysis, 2023
14.2. FPNV Positioning Matrix, 2023
14.3. Competitive Scenario Analysis
- 14.3.1. NTT Launches Hyperscale Data Center Campus, Subsea Cable System 'MIST' in Chennai
- 14.3.2. OEG Offshore Acquires Subsea Cable Specialist Pelagian
- 14.3.3. Aqua Comms Acquires Indian Cable Landing Company Openbyte Infrastructure
14.4. Strategy Analysis & Recommendation

15. Competitive Portfolio

15.1. Key Company Profiles
15.2. Key Product Portfolio