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Global Submarine Power Cable Market Size, Share, Forecast: By Type: Single Core, Multi Core; By Voltage: Medium Voltage, High Voltage; By Conductor Material: Copper, Aluminium; By End-User: Offshore Wind Power Generation, Inter-Country and Island Connection, Offshore Oil and Gas; Regional Analysis; Competitive Landscape; 2024-2032
Global Submarine Power Cable Market Outlook
The global submarine power cable market size attained a value of nearly USD 24.54 billion in 2023. The market is projected to grow at a CAGR of 8.1% between 2024 and 2032 to reach a value of around USD 49.46 billion by 2032.
Key Trends in the Market
A submarine power cable refers to a transmission cable designed to transmit electrical energy under the water surface. The aim of these cables is to transport electric current at high or medium voltage. These cables are usually deployed under the ocean, connecting two land points.
- The surging energy diplomacy between emerging economies are heightening the deployment of submarine power cables to create renewable energy source and combat fluctuation issues of solar and wind energy.
- The thriving offshore wind energy generation sector is a crucial submarine power cable market trend. In addition, the increasing demand for renewable energy from various end-use sectors, such as healthcare and construction, among others, is further propelling the market growth.
- Over the forecast period, the anticipated increase in the demand for submarine power cables to establish inter-island connections is expected to add to the market growth.
Market Analysis
Based on type, the submarine power cable market segmentations include single core and multi core. On the basis of voltage, the market is classified into medium voltage and high voltage. By conductor material, the market is divided into copper and aluminium.
Based on end-user, the market is categorised into offshore wind power generation, inter-country and island connection, and offshore oil and gas. The major regional market for submarine power cable include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the key players in the global submarine power cable market report, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
- ABB Ltd
- Prysmian S.p.A
- Furukawa Electric Co., Ltd
- ZTT International Limited
- JDR Cable Systems (Holdings) Ltd
- Hengtong Group Co, Ltd
- Ningbo Orient Wires & Cables Co., Ltd (Orient Cables)
- NEXANS S.A.
- Sumitomo Electric Industries, Ltd.
- KEI Industries Limited
- Others
Market Share by Type
Single core accounts for a significant portion of the submarine power cable market share. This can be attributed to convenient transportation and the easy insulation between phases offered by this submarine power cable. Additionally, this type of cable is easy to deploy and more economical as compared to its counterparts.
Meanwhile, multi core submarine power cables are expected to gain popularity in the forecast period owing to their high stress and temperature resistant benefits.
Market Share by Region
According to the submarine power cable market analysis, Europe is expected to hold a substantial market share. The increasing demand for submarine power cables to establish intercity connections is driving the market growth. Moreover, growing investments by governments of countries like the United Kingdom and Norway aimed at deploying submarine power cables to meet the demands of wind and hydro energies are expected to provide impetus to the market in the region in the forecast period.
Competitive Landscape
ABB Ltd is a leading automation company which offers advanced submarine power cable systems. It caters to the demands of various sectors, including utility and transportation. The company was founded in 1988 and is headquartered in Zurich, Switzerland.
Prysmian S.p.A is a company that specialises in the production of electric cables, energy solutions, and telecom cables, among others. It was founded in 1879 and is headquartered in Milan, Italy.
Furukawa Electric Co., Ltd is a company which specialises in electronics, telecommunication, energy, automobile, and construction, among others. The company was established in 1884 and is headquartered in Tokyo, Japan.
Other market players in the submarine power cable market include ZTT International Limited, JDR Cable Systems (Holdings) Ltd, Hengtong Group Co, Ltd, Ningbo Orient Wires & Cables Co., Ltd (Orient Cables), NEXANS S.A., Sumitomo Electric Industries, Ltd., and KEI Industries Limited, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Voltage |
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| Breakup by Conductor Material |
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| Breakup by End-User |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Submarine Power Cable Market Analysis
8.1 Key Industry Highlights
8.2 Global Submarine Power Cable Historical Market (2018-2023)
8.3 Global Submarine Power Cable Market Forecast (2024-2032)
8.4 Global Submarine Power Cable Market by Type
8.4.1 Single Core
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Multi Core
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Submarine Power Cable Market by Voltage
8.5.1 Medium Voltage
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 High Voltage
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Submarine Power Cable Market by Conductor Material
8.6.1 Copper
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Aluminium
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Submarine Power Cable Market by End-User
8.7.1 Offshore Wind Power Generation
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Inter-Country and Island Connection
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Offshore Oil and Gas
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.8 Global Submarine Power Cable Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America Submarine Power Cable Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Submarine Power Cable Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Submarine Power Cable Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Submarine Power Cable Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Submarine Power Cable Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 ABB Ltd
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Prysmian S.p.A
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Furukawa Electric Co., Ltd
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 ZTT International Limited
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 JDR Cable Systems (Holdings) Ltd
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Hengtong Group Co, Ltd
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Ningbo Orient Wires & Cables Co., Ltd (Orient Cables)
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 NEXANS S.A.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Sumitomo Electric Industries, Ltd.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 KEI Industries Limited
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Submarine Power Cable Market: Key Industry Highlights, 2018 and 2032
2. Global Submarine Power Cable Historical Market: Breakup by Type (USD Billion), 2018-2023
3. Global Submarine Power Cable Market Forecast: Breakup by Type (USD Billion), 2024-2032
4. Global Submarine Power Cable Historical Market: Breakup by Voltage (USD Billion), 2018-2023
5. Global Submarine Power Cable Market Forecast: Breakup by Voltage (USD Billion), 2024-2032
6. Global Submarine Power Cable Historical Market: Breakup by End-User (USD Billion), 2018-2023
7. Global Submarine Power Cable Market Forecast: Breakup by End-User (USD Billion), 2024-2032
8. Global Submarine Power Cable Historical Market: Breakup by Region (USD Billion), 2018-2023
9. Global Submarine Power Cable Market Forecast: Breakup by Region (USD Billion), 2024-2032
10. North America Submarine Power Cable Historical Market: Breakup by Country (USD Billion), 2018-2023
11. North America Submarine Power Cable Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Europe Submarine Power Cable Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Europe Submarine Power Cable Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Asia Pacific Submarine Power Cable Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Asia Pacific Submarine Power Cable Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Latin America Submarine Power Cable Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Latin America Submarine Power Cable Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Middle East and Africa Submarine Power Cable Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Middle East and Africa Submarine Power Cable Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Global Submarine Power Cable Market Structure
Key Questions Answered in the Report
The market reached a value of nearly USD 24.54 billion in 2023.
The market is estimated to grow at a CAGR of 8.1% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of around USD 49.46 billion by 2032.
The heightening deployment of submarine power cables to create renewable energy sources, the thriving offshore wind energy generation sector, and the increase in demand for submarine power cables to establish inter-island connections are the major drivers of the market.
The key trends in the market include the increasing investments by various governments to deploy submarine power cables and the growing demands for wind and hydro energies.
Single core and multi core are the different types of submarine power cables.
Medium voltage and high voltage are the major segments based on voltage of submarine power cable market.
ABB Ltd, Prysmian S.p.A, Furukawa Electric Co., Ltd, ZTT International Limited, JDR Cable Systems (Holdings) Ltd, Hengtong Group Co, Ltd, Ningbo Orient Wires & Cables Co., Ltd (Orient Cables), NEXANS S.A., Sumitomo Electric Industries, Ltd., and KEI Industries Limited, among others, are the key market players.
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