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.
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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.
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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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