Overview of Submarine Power Cable Market
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. 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.
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 report’s target audience includes:
·
Submarine power cable manufacturing company
·
Industry and consulting firms
·
State and national regulatory authorities
·
Transmission and distribution utilities
·
Government and industry associations
·
Submarine cable associations
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.
Browse Research Report Summary With Complete TOC @
https://www.marketsandmarkets.com/Market-Reports/submarine-power-cable-market-160046356.html
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.
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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