Global Offshore Substation Market Research Report Information By Type (HVDC, HVAC), By Voltage (170 kV, 245 kV, 72.5 kV, 123 kV, 145 kV, 400 kV, and Above 400 kV) By Application (Wind Farms, Oil & Gas, and Others) and By Region Forecast to 2032

The offshore substation market was valued at USD 5,828.9 million in 2023. The Offshore Substation Market is expected to increase from USD 6,514.7 million in 2024 to USD 9,916.8 million by 2032, with a compound annual growth rate (CAGR) of 6.1% over the forecast period (2024-2032). An offshore substation is a facility that transmits electricity from onshore power plants to offshore generation locations.

These facilities are typically positioned near an electrical transmission line and link to onshore power networks. These substations are located in marine areas prone to extreme weather conditions, such as strong winds and waves, and must remain operational for many years. They are built to survive the harsh marine environment and are installed using a procedure known as subsea installation.

The offshore substation market is inextricably linked to the growth of the offshore wind industry, and one of the primary drivers of this market is the increasing infrastructural development in various emerging countries.

Market Segment insights

The Offshore Substation Market has been split based on type: HVDC and HVAC.

The Offshore Substation Market is divided into seven voltage categories: 170 kV, 245 kV, 72.5 kV, 123 kV, 145 kV, 400 kV, and above 400 kV.

The market is divided into three end uses: wind farms, oil and gas, and others.

Regional insights

The offshore substation market is divided into five regions: North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America. The Europe Offshore Substation market has the largest market share and is predicted to account for a sizable revenue share throughout the forecast period. The North Sea is the hub of European offshore wind energy aspirations, with nine nations committing to 300 GW of OW by 2050 and well on track to meet the required decarbonization. Furthermore, the fact that North Sea oil and gas continue to have lower emissions intensity is critical for Europe's energy security as it transforms to a low carbon economy. The number of deaths in the region increased by 3% as a result of the prevalence of disease-related risk factors such as smoking and high blood pressure. This projection is based on a 44% rise in oil and gas output from 2021 to 2022, with Norway, the United Kingdom, and the Netherlands taking the lead. All of this suggests that offshore substations play an important role in Europe's burgeoning offshore wind and offshore oil and gas industries. Substations serve an important role in controlling the flow of improved energy from these projects to grids, ensuring stability and meeting Europe's energy ambitions.

Major Players

The leading participants in the Offshore Substation Market include General Electric, Siemens Energy, Petrofac Limited, Burns & McDonnell, HSM Offshore Energy BV, Hitachi Energy, ABB, Chantiers de l'Atlantique, SLPE, Hollandia, and others.

Product Code: MRFR/E&P/30435-CR

1 EXECUTIVE SUMMARY

2 MARKET INTRODUCTION

2.1 DEFINITION
2.2 SCOPE OF THE STUDY
2.3 RESEARCH OBJECTIVE
2.4 MARKET STRUCTURE

3 RESEARCH METHODOLOGY

3.1 OVERVIEW
3.2 DATA FLOW
- 3.2.1 DATA MINING PROCESS
3.3 PURCHASED DATABASE:
3.4 SECONDARY SOURCES:
- 3.4.1 SECONDARY RESEARCH DATA FLOW:
3.5 PRIMARY RESEARCH:
- 3.5.1 PRIMARY RESEARCH DATA FLOW:
- 3.5.2 PRIMARY RESEARCH: NUMBER OF INTERVIEWS CONDUCTED
- 3.5.3 PRIMARY RESEARCH: REGIONAL COVERAGE
3.6 APPROACHES FOR MARKET SIZE ESTIMATION:
- 3.6.1 CONSUMPTION & NET TRADE APPROACH
- 3.6.2 REVENUE ANALYSIS APPROACH
3.7 DATA FORECASTING
- 3.7.1 DATA FORECASTING TECHNIQUE
3.8 DATA MODELING
- 3.8.1 MICROECONOMIC FACTOR ANALYSIS:
- 3.8.2 DATA MODELING:
3.9 TEAMS AND ANALYST CONTRIBUTION

4 MARKET DYNAMICS

4.1 INTRODUCTION
4.2 DRIVERS
- 4.2.1 GROWTH IN OFFSHORE WIND POWER GENERATION
- 4.2.2 INCREASING INFRASTRUCTURE DEVELOPMENT IN SEVERAL DEVELOPING COUNTRIES
4.3 RESTRAINTS
- 4.3.1 HIGH INSTALLATION COST
4.4 OPPORTUNITY
- 4.4.1 INCREASING SUPPORT OF GOVERNMENTS FOR PROJECTS
4.5 REGULATORY UPDATE
- 4.5.1 DNV-ST-0145 OFFSHORE SUBSTATIONS
4.6 COVID-19 IMPACT ANALYSIS
- 4.6.1 IMPACT ON SUPPLY CHAIN OF OFFSHORE SUBSTATION
- 4.6.2 IMPACT ON MARKET DEMAND OF OFFSHORE SUBSTATION

5 MARKET FACTOR ANALYSIS

5.1 SUPPLY CHAIN ANALYSIS
- 5.1.1 DESIGN AND DEVELOPMENT
- 5.1.2 RAW MATERIAL/COMPONENT SUPPLY
- 5.1.3 MANUFACTURE/ASSEMBLY
- 5.1.4 SALES & DISTRIBUTION
- 5.1.5 END USE
5.2 PORTER'S FIVE FORCES MODEL
- 5.2.1 THREAT OF NEW ENTRANTS:
- 5.2.2 BARGAINING POWER OF SUPPLIERS:
- 5.2.3 THREAT OF SUBSTITUTES:
- 5.2.4 BARGAINING POWER OF BUYERS:
- 5.2.5 RIVALRY:

6 GLOBAL OFFSHORE SUBSTATION MARKET, BY TYPE

6.1 OVERVIEW
6.2 HVDC
6.3 HVAC

7 GLOBAL OFFSHORE SUBSTATION MARKET, BY VOLTAGE

7.1 OVERVIEW
7.2 170 KV
7.3 245 KV
7.4 72.5 KV
7.5 123 KV
7.6 145 KV
7.7 400 KV
7.8 ABOVE 400 KV

8 GLOBAL OFFSHORE SUBSTATION MARKET, BY APPLICATION

8.1 OVERVIEW
8.2 WIND FARMS
8.3 OIL & GAS
8.4 OTHERS

9 GLOBAL OFFSHORE SUBSTATION MARKET, BY REGION

9.1 OVERVIEW
- 9.1.1 GLOBAL OFFSHORE SUBSTATION MARKET, BY REGION, 2023 VS 2032 (USD MILLION)
- 9.1.2 GLOBAL OFFSHORE SUBSTATION MARKET, BY REGION, 2018-2032 (USD MILLION)
9.2 NORTH AMERICA
- 9.2.1 US
- 9.2.2 CANADA
- 9.2.3 MEXICO
9.3 EUROPE
- 9.3.1 GERMANY
- 9.3.2 FRANCE
- 9.3.3 UK
- 9.3.4 SPAIN
- 9.3.5 ITALY
- 9.3.6 REST OF EUROPE
9.4 ASIA-PACIFIC
- 9.4.1 CHINA
- 9.4.2 INDIA
- 9.4.3 JAPAN
- 9.4.4 SOUTH KOREA
- 9.4.5 REST OF ASIA-PACIFIC
9.5 MIDDLE EAST & AFRICA
- 9.5.1 SAUDI ARABIA
- 9.5.2 UAE
- 9.5.3 SOUTH AFRICA
- 9.5.4 REST OF MIDDLE EAST & AFRICA
9.6 SOUTH AMERICA
- 9.6.1 BRAZIL
- 9.6.2 ARGENTINA
- 9.6.3 REST OF SOUTH AMERICA

10 COMPETITIVE LANDSCAPE

10.1 INTRODUCTION
10.2 COMPETITOR DASHBOARD
10.3 COMPANY MARKET SHARE ANALYSIS, 2023
10.4 KEY DEVELOPMENTS & GROWTH STRATEGIES
- 10.4.1 NEW PRODUCT LAUNCH/ DEVELOPMENT
- 10.4.2 PARTNERSHIP/COLLABORATION, INVESTMENT, EXPANSION, AND OTHERS

11 COMPANY PROFILES

11.1 GENERAL ELECTRIC
- 11.1.1 COMPANY OVERVIEW
- 11.1.2 FINANCIAL OVERVIEW
- 11.1.3 PRODUCTS OFFERED
- 11.1.4 KEY DEVELOPMENTS
- 11.1.5 SWOT ANALYSIS
- 11.1.6 KEY STRATEGIES:
11.2 SIEMENS ENERGY
- 11.2.1 COMPANY OVERVIEW
- 11.2.2 FINANCIAL OVERVIEW
- 11.2.3 PRODUCTS OFFERED
- 11.2.4 KEY DEVELOPMENTS
- 11.2.5 SWOT ANALYSIS
- 11.2.6 KEY STRATEGIES
11.3 PETROFAC LIMITED
- 11.3.1 COMPANY OVERVIEW
- 11.3.2 FINANCIAL OVERVIEW
- 11.3.3 PRODUCTS OFFERED
- 11.3.4 KEY DEVELOPMENTS
- 11.3.5 SWOT ANALYSIS
- 11.3.6 KEY STRATEGIES
11.4 BURNS & MCDONNELL.
- 11.4.1 COMPANY OVERVIEW
- 11.4.2 FINANCIAL OVERVIEW
- 11.4.3 PRODUCTS OFFERED
- 11.4.4 KEY DEVELOPMENTS
- 11.4.5 SWOT ANALYSIS
- 11.4.6 KEY STRATEGIES
11.5 HSM OFFSHORE ENERGY BV
- 11.5.1 COMPANY OVERVIEW
- 11.5.2 FINANCIAL OVERVIEW
- 11.5.3 PRODUCTS OFFERED
- 11.5.4 KEY DEVELOPMENTS
- 11.5.5 SWOT ANALYSIS
- 11.5.6 KEY STRATEGIES
11.6 HITACHI ENERGY LTD.
- 11.6.1 COMPANY OVERVIEW
- 11.6.2 FINANCIAL OVERVIEW
- 11.6.3 PRODUCTS OFFERED
- 11.6.4 KEY DEVELOPMENTS
- 11.6.5 SWOT ANALYSIS
- 11.6.6 KEY STRATEGIES
11.7 ABB
- 11.7.1 COMPANY OVERVIEW
- 11.7.2 FINANCIAL OVERVIEW
- 11.7.3 PRODUCTS OFFERED
- 11.7.4 KEY DEVELOPMENTS
- 11.7.5 SWOT ANALYSIS
- 11.7.6 KEY STRATEGIES
11.8 CHANTIERS DE L'ATLANTIQUE
- 11.8.1 COMPANY OVERVIEW
- 11.8.2 FINANCIAL OVERVIEW
- 11.8.3 PRODUCTS OFFERED
- 11.8.4 KEY DEVELOPMENTS
- 11.8.5 SWOT ANALYSIS
- 11.8.6 KEY STRATEGIES
11.9 SLPE.
- 11.9.1 COMPANY OVERVIEW
- 11.9.2 FINANCIAL OVERVIEW
- 11.9.3 PRODUCTS OFFERED
- 11.9.4 KEY DEVELOPMENTS
- 11.9.5 SWOT ANALYSIS
- 11.9.6 KEY STRATEGIES
11.10 HOLLANDIA
- 11.10.1 COMPANY OVERVIEW
- 11.10.2 FINANCIAL OVERVIEW
- 11.10.3 PRODUCTS OFFERED
- 11.10.4 KEY DEVELOPMENTS
- 11.10.5 SWOT ANALYSIS
- 11.10.6 KEY STRATEGIES

12 RECOMMENDATIONS & EXPERT INSIGHTS

12.1 WHAT IS THE SHORT-TERM VS LONG-TERM OUTLOOK FOR OFFSHORE SUBSTATION MARKET?
12.2 WHO ARE THE PLAYERS TO LOOK OUT FOR?
12.3 WHAT WILL THE PRODUCT MIX LOOK IN COMING YEARS?