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 - Global Forecast to 2023”,
published by MarketsandMarkets™, the overall submarine power cable market is
estimated to be valued at USD 8.12 billion in 2018 and is projected to reach
USD 16.56 billion by 2023, at a CAGR of 15.32% during the forecast period. In
2018, Europe is estimated to be the largest market for submarine power cables,
followed by Asia Pacific and North America. The growth of the submarine power
cable market is driven by new offshore wind capacity additions in Europe and
Asia Pacific, increasing demand for inter-country and island connections, and
rising demand from the offshore oil & gas sector. The increasing need for
HVDC connections presents a significant opportunity for the submarine power
cable market.
Browse and in-depth TOC on “Submarine Power Cable Market”
64 - Tables
42 - Figures
140 – Pages
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The submarine
power cable market comprises both global and regional players. Key players
operating in the market include Prysmian (Italy), Nexans (France), NKT
(Denmark), General Cable (US), and Furukawa Electric (Japan). Contracts &
agreements, investments & expansions, and collaborations & partnerships
are the major strategies adopted by the players in the submarine power cable
market. Contracts & agreements was the most commonly adopted strategy from
2015 to 2018 (April). Industry players also adopted the strategy of investments
& expansions, which was the second-most widely followed strategy from 2015
to 2018 (April).
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Prysmian is one of the largest providers of cable and
system solutions to energy and telecom sectors. The company has 4 business
segments: energy products, energy projects, telecom, and oil & gas. The
company manufactures submarine power cables under the energy projects segment.
Through these business segments, Prysmian provides products and solutions for
power transmission and distribution, of specialty cables for applications in
many different industries and of medium- and low-voltage cables for
construction and infrastructure sectors. In October 2017, Prysmian entered into
a contract with Suomen Hyötytuuli (Finland) to supply approx. 14 km of 30-kV submarine
cable for 10 additional turbines for the Tahkoluoto offshore wind farm located
in the Baltic Sea.
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Nexans is one of the leading technology companies offering
products, solutions, and services in the fields of industrial automation,
utilities, transmission and distribution, and oil & gas, among others,
across the globe. The company operates through 4 segments: transmission and
distribution & operators, industry, distributors & installers, and
other activities. Nexans provides submarine power cables under its transmission
and distribution & operators segment. Through its transmission and
distribution & operators segment, the company also provides high-, medium-,
and low-voltage underground and overhead cables to cater to various end-use
industries, such as oil & gas, energy resources, building, and
communication. The company adopted investment & expansion as one of its key
growth strategies to strengthen its presence in the market. In November 2017,
Nexans opened a high-voltage test laboratory to enhance its cable testing
capacity up to 1.5 million volts at its Calais Center of Excellence in France.
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USA : 1-888-600-6441
sales@marketsandmarkets.com
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