Exhaustive Study on Submarine Power Cable Market 2023 – Future Scenarios and Business Opportunity Analysis

The submarine power cable market is expected to grow from an estimated market size of USD 8.12 Billion in 2018 to USD 16.56 Billion by 2023, at a CAGR of 15.32%, from 2018 to 2023. The overall market is set to witness significant growth because of the increasing offshore wind installations, growing demand for inter-country and island connection, and demand from offshore oil & gas sector. Increasing demand for HVDC connections is one of the major opportunities for the submarine power cable market.

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Offshore Wind Power Generation: The largest segment, by End-User, during the forecast period

The offshore wind power generation segment is expected to hold the largest share of the submarine power cable market during the forecast period. Growing investment in the renewable sector and technology advancements along with government initiatives are the major factors driving the submarine power cable market in Europe. New offshore wind generation capacity is under development in countries in Asia Pacific, especially China. These factors have resulted in the highest market share of the offshore wind power generation segment in the submarine power cable market.

The high voltage segment accounts for the largest share of the submarine power cable market, by voltage, during the forecast period

The high voltage segment is expected to be the largest market, by voltage, from 2018 to 2023. Factors driving the market for high-voltage submarine power cables ranging above 33 kV include vast implementation of these submarine power cables in the offshore wind industry and inter-country & island connections.

Europe: The fastest-growing market for submarine power cables

In this report, the submarine power cable market has been analyzed on the basis of 5 regions: Asia Pacific, North America, Europe, and the Middle East & Africa. The submarine power cable market in Europe is driven by countries such as UK, Germany, Denmark, and Netherlands. The demand for submarine power cables in this sector is driven by rising offshore wind installations accelerated by significant technology advances.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiling of some of the key players in the submarine power cable market. These players include Prysmian (Italy), Nexans (France), NKT (Denmark), General Cable (US), and Furukawa Electric (Japan). Leading players are trying to establish themselves in the markets in developing economies and are adopting various strategies to increase their market shares.

Objectives of the Study

• To define, describe, and forecast the global submarine power cables market on the basis of type, voltage, end-user, conductor material type, and region
• To provide detailed information on major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
• To strategically analyze the submarine power cables market with respect to individual growth trends, future expansions, and contributions to the market
• To analyze market opportunities for stakeholders and details of a competitive landscape for market leaders
• To forecast the growth of the submarine power cables market with respect to major regions (North America, Europe, Asia Pacific, South America, and Middle East & Africa)
• To profile key players and comprehensively analyze their market ranking and core competencies
• To analyze competitive developments, such as mergers & acquisitions, expansion, new product developments, and contracts & agreements in the field of submarine power cables market

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

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Submarine Power Cable Market to Observe Exponential Growth By 2018-2023

According to the new 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", The submarine power cable market is expected to grow from an estimated market size of USD 8.12 Billion in 2018 to USD 16.56 Billion by 2023, at a CAGR of 15.32%, from 2018 to 2023. The overall market is set to witness significant growth because of the increasing offshore wind installations, growing demand for inter-country and island connection, and demand from offshore oil & gas sector. Increasing demand for HVDC connections is one of the major opportunities for the submarine power cable market.

                                                                           

Browse 64 market data Tables and 42 Figures spread through 140 Pages and in-depth TOC on "Submarine Power Cable Market - Global Forecast to 2023"

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Offshore Wind Power Generation: The largest segment, by End-User, during the forecast period

The offshore wind power generation segment is expected to hold the largest share of the submarine power cable market during the forecast period. Growing investment in the renewable sector and technology advancements along with government initiatives are the major factors driving the submarine power cable market in Europe. New offshore wind generation capacity is under development in countries in Asia Pacific, especially China. These factors have resulted in the highest market share of the offshore wind power generation segment in the submarine power cable market.

The high voltage segment accounts for the largest share of the submarine power cable market, by

voltage, during the forecast period

The high voltage segment is expected to be the largest market, by voltage, from 2018 to 2023. Factors driving the market for high-voltage submarine power cables ranging above 33 kV include vast implementation of these submarine power cables in the offshore wind industry and inter-country & island connections.

Target Audience:

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

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Europe: The fastest-growing market for submarine power cables

In this report, the submarine power cable market has been analyzed on the basis of 5 regions: Asia Pacific, North America, Europe, and the Middle East & Africa. The submarine power cable market in Europe is driven by countries such as UK, Germany, Denmark, and Netherlands. The demand for submarine power cables in this sector is driven by rising offshore wind installations accelerated by significant technology advances.

To enable an in-depth understanding of the competitive landscape, the report includes the profiling of some of the key players in the submarine power cable market. These players include Prysmian (Italy), Nexans (France), NKT (Denmark), General Cable (US), and Furukawa Electric (Japan). Leading players are trying to establish themselves in the markets in developing economies and are adopting various strategies to increase their market shares.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

Mr. Aashish Mehra

MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA : 1-888-600-6441

newsletter@marketsandmarkets.com

Submarine Power Cable Market to Capture Unparalleled Growth with A 15.32% CAGR Growth By 2023

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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About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

Global Submarine Power Cable Market is Projected To Grow At A Highest CAGR of 15.32%, from 2018 to 2023.

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.

Don’t miss out on business opportunities in Submarine Power Cable Market. Download our PDF Brochure and gain crucial industry insights that will help your business grow:

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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"

64 - Tables

42 - Figures

140 - Pages

View more detailed TOC @

https://www.marketsandmarkets.com/Market-Reports/submarine-power-cable-market-160046356.html

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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