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.
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