According to the new market research report "Submarine
Power Cable Market by Type (Single, Multicore), Voltage (Medium, High),
Conductor Material (Copper, Aluminum), End-User (Offshore Wind Power
Generation, Inter-Country & Island Connection, & Offshore Oil &
Gas), and Region", published by MarketsandMarkets™, the submarine
power cable market is estimated to be valued at USD 16.56 billion by 2023, at a
CAGR of 15.32% from 2018 to 2023. Submarine power cables are widely used to
connect offshore wind farms to mainland grids.
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Increasing demand for inter-country and island connection
and increasing offshore wind installations in UK, Germany, and China are
contributing to the growth of the submarine power cable market. Increasing
demand for HVDC connections is one of the major opportunities for the submarine
power cable market.
Browse and in-depth TOC on " Submarine Power Cable Market"
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42 - Figures
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Europe is expected to be the fastest-growing market for
submarine power cables from 2018 to 2023. The demand for submarine power cables
in Europe is driven by the improvement and development of offshore wind
technology, which led to new offshore wind capacity additions across various
countries in the region.
UK, Germany, Denmark, and Netherlands are witnessing a
significant rise in new capacity addition, which has led to a growth in the
demand for submarine power cables. UK and Germany are expected to be the two
largest markets for submarine power cables in Europe in 2018. The growth of
offshore wind sector in these countries is supported by increasing government
initiatives, such as zero bids for offshore in Germany and a full zero subsidy
tender in the Netherlands. Moreover, the market is also expected to grow
significantly in Denmark and Netherlands, as well as in Finland, France, and
Sweden during the forecast period.
The offshore wind power generation segment is expected to
be the fastest-growing segment of the submarine power cable market from 2018 to
2023. This can be attributed to technology advancements and cost reductions.
North America is the fastest-growing market for submarine power cables and
offers various business opportunities to submarine power cable manufacturers in
the offshore wind power generation segment. High electricity price and high
electricity demand, along with the state governments backing for the renewable
energy industry, are the main drivers of offshore wind development in North
America.
The high voltage segment is expected to be the
fastest-growing market, by voltage, from 2018 to 2023. The high voltage
submarine power cable ranging above 33 kV is used for grid interconnections and
for connecting offshore platforms such as offshore wind generation and offshore
oil & gas facilities to the mainland grid. As cable technology advances,
more projects are being planned that require longer, deeper, and
higher-capacity cables. Hence, UK, Germany, Denmark, and Netherlands are expected
to experience a lot of investments in grid interconnections and offshore wind
sector in the coming years, which will result in higher market share of the
high voltage submarine power cable segment.
The single core segment is expected to be the fastest-growing
segment of the submarine power cable
market from 2018 to 2023. Single core cables offer many benefits to
operators, including easier and cheaper deployment. They are more suitable to
cover longer distance as these cables experience lower reverse current when
compared to multi-core cables. Upcoming extra-high voltage projects in Asia
Pacific, Europe, and North America are expected to drive the segment during the
forecast period.
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The copper segment is expected to be the fastest-growing
segment of the submarine power cable market from 2018 to 2023. Copper has better corrosion resistance than
aluminum. Moreover, cables using copper have a smaller cross-section diameter
than those using aluminum as copper has higher conductivity and requires a
smaller cross-section area for the same current-carrying capability. The
submarine power cable market with copper as conductor material is driven by technical
factors such as high conductivity and specific weight advantage, which lead to
a more efficient cable-laying process and greater stability of cables.
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