Browse 184 market data Tables and 46 Figures spread through 183 Pages and in-depth TOC on "Submarine Power Cable Market - Global Forecast to 2028"
Northbrook, IL 60062 -- (SBWIRE) -- 10/03/2023 -- According to a research report "Submarine Power Cable Market by Core Type (Single-core, Multi-core), Voltage (Medium, High), Conductor Material (Copper, Aluminium), End Use (Offshore Wind, Inter-Country & Island Connection, Offshore Oil & Gas), Type and Region - Global Forecast to 2028" published by MarketsandMarkets, the Submarine power cable is projected to reach USD 22.3 billion by 2028 from an estimated USD 12.9 billion in 2023, at a CAGR of 11.5% during the forecast period.
Submarine power cables are essential for maintaining a stable and reliable electrical supply infrastructure by connecting power grids across bodies of water, overcoming natural barriers, and enabling the integration of renewable energy sources like offshore wind farms. They ensure continuous power supply to islands, enhance energy security through redundant pathways, facilitate international energy trade, reduce environmental impact compared to overhead lines, and support urban development in densely populated coastal areas. Technological advancements in submarine cable technology, particularly high-voltage direct current transmission, have further bolstered their importance for efficient, long-distance, and high-capacity power transmission, making them an indispensable component of modern electricity infrastructure, ensuring stable power supply, and supporting the transition to sustainable energy systems.
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Offshore Wind Power Generation, by end use, is expected to grow by the largest segment during the forecast period.
Based on end use, the Submarine power cable market has been split into Offshore Wind Power Generation, Inter-country & Island Connection, and Offshore Oil & Gas. The Offshore Wind Power Generation segment is anticipated to be the largest during the forecast period. The Offshore Wind Power Generation segment is growing in the Submarine power cable market due to abundant wind resources near coastlines, proximity to urban centers, reduced environmental impact, and government support for renewable energy. Submarine power cables are vital for connecting offshore wind farms to the grid, facilitating this growth and promoting clean energy adoption.
The multi core segment, by core type segment, is expected to grow at the second-highest CAGR during the forecast period.
This report segments the Submarine power cable market based on core into two segments: single core, and multi core. The multi core segment is expected to be the fastest growing segment during the forecast period. The multi core segment is growing more in the offshore industry due to the increasing need for data transmission and temperature measurement in offshore renewable energy projects.
North America is expected to be the fastest region in the Submarine power cable market
North America is expected to be the fastest Submarine power cable market during the forecast period. The North American region has been subdivided into three key countries: the United States, Canada, and Mexico. The region's increasing focus on wind energy, coupled with supportive government policies and incentives, has driven the development of significant solar-wind projects in the region Notably, around 30 offshore wind projects have been officially unveiled in North America, signifying a notable expansion of the North American wind sector. This burgeoning growth is attributed to escalating investments in the offshore wind sector and a rising requirement for enhanced interconnectivity among nations and islands, thereby driving increased demand for submarine power cables within the region.
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Some of the major players in the Submarine power cable market are Prysmian S.p.A (Itlay), Sumitomo Electric Industries Ltd. (Japan), LS cable & system Ltd. (South Korea), NKT A/S (Denmark), and Nexans (France). The major strategies adopted by these players include sales contract, product launches, investments, collaborations, partnerships, and expansions.
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