Global Submarine Power Cable Market Report Analyse by Key Region, Application and Types. This Reports covers all the Essential Details about the Industry Size, Share and Future Developments and Impact of Covide 19 on the Submarine Power Cable Market and Forecast till 2025
Market Scenario
The global submarine power cables market is expected to exhibit steady growth over the forecast period till 2025, according to the latest research report from Market Research Future (MRFR). The report contains detailed forecasts regarding the global submarine power cables market’s movement over the forecast period. These forecasts are based on a detailed analysis of historical and present statistics about the global submarine power cables market. Based on this analysis, detailed and accurate projections are made for the global submarine power cables market’s growth trajectory over the forecast period. The major drivers and restraints affecting the global submarine power cables market are also profiled in detail in the report. The competitive landscape of the global submarine power cables market is also examined in detail in the report, which includes detailed profiles of all major players operating in the global submarine power cables market. The impact of the COVID-19 pandemic on the global submarine power cables market is also assessed in the report.
Submarine power cables are power cables installed across water bodies in order to transmit power to or from sites located in the sea (or other water bodies). They contain several layers in order to protect them from the seawater and marine creatures, including the insulation and other protective layers. While submarine power cables are a fairly early discovery, their use has increased in recent years due to several contributing factors. The increasing construction of offshore wind farms has been a major driver for the global Submarine Power Cables Market over the last few years.
The demand for energy has been growing globally at a steady rate and is expected to grow steadily during the forecast period. The rising per capita income, increasing access to electricity, and rapid urbanization are the primary reasons for the rising demand for electricity worldwide. According to statistical data from the International Energy Agency (IEA), the energy demand in 2019 grew by 2.3% from 2018, primarily due to the growing heating and cooling needs worldwide. Energy generation companies have been focusing on renewable energy generation to reduce carbon emissions and promote sustainable growth globally. Offshore wind farms are rapidly developing at a significant rate owing to advantages such as high wind speed, improved efficiency, and higher energy generation capacities. According to the IEA, offshore wind energy is expected to attract an investment of around USD 1 trillion by 2040.
Furthermore, countries across the world, such as China, France, and the US, are focusing on increasing the share of offshore wind energy in the power generation mix. As per the IEA, in China, the installation capacity of offshore wind energy is expected to reach 110 GW by 2040. Additionally, in France, Iberdrola, S.A. (Spain) is developing and constructing the Saint-Brieuc offshore wind farm in Brittany, France, which is expected to be operational by 2023. In the US, in June 2019, the New Jersey Board of Public Utilities selected Ørsted A/S (Denmark) for the commencement of the offshore wind farm located on the coast of Atlantic City, the US. Such developments are expected to increase the share of the offshore wind energy capacity in the total power generation mix globally.
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Competitive Leaderboard:
Leading players in the global submarine power cables market include Qingdao Hanhe Cable Co. Ltd., Hengtong Group Co. Ltd., ZTT, Sumitomo Electric Industries Ltd., LS Cable & System Ltd., Furukawa Electric Co. Ltd., NKT A/S, Nexans, and Prysmian Group.
Market Segmentation
The submarine power cable industry has been considered for type, insulation type, voltage, conductor material and end use.
The types of submarine power cable are single core as well as multi-core.
The insulation types covered are ethylene propylene rubber (EPR) and cross-linked polyethylene (XLPE).
Voltage ranges outlined in the study are up to 66 KV, 66 KV –220 KV, and above 220 KB.
The conductor materials include aluminum as well as copper.
The segments, depending on end use, comprise offshore oil & gas, offshore wind power generation, wave and tidal power generation and island connection.
Regional Outlook
The main markets for submarine power cable are the Middle East & Africa, South America Asia Pacific or APAC, North America and Europe.
There is a high chance of Europe taking over the lead in the global market, on account of the widespread demand for continuous power supply, soaring number of offshore wind farms, and the widespread demand in the oil and gas sector.
In APAC, the constantly rising demand for electricity and the rapid surge in offshore exploration and production of gas and oil fuel the growth of the submarine power cables industry. A number of companies in the energy and power sector are focused on boosting oil and gas production and drilling, which pushes the demand for submarine power cables. In 2019, the Ministry of Energy and Minerals in Indonesia permitted the development scheme for the offshore Mako Gas field in the country. Increasing internet use and the consequent hike in the demand for higher bandwidth inspires the market growth for submarine power cables in the region.
The market growth in North America can be largely attributed to the heavy investments by OTT companies like Facebook, Google, Amazon and Microsoft in the use of high-capacity communication systems. The market growth is also the result of the heightened demand for higher bandwidth and the intense efforts given by the OTT players to cater to the surging demand for more advanced submarine systems. More and more content providers in the region are moving from capacity purchasers to the cable providers to meet with the needs of complex infrastructures.
Table of Content:
- Report Overview
- Market Trends and Competitive Landscapes
- Segmentation of Submarine Power Cable Market by Type
- Segmentation of Market by End-Users
- Market Analysis by Major Regions
- Product Commodity of Market in Major Countries
- North America Submarine Power Cable Landscapes Analysis
- Europe Submarine Power Cable Landscapes Analysis
- Asia Pacific Submarine Power Cable Landscapes Analysis
- Latin America, Middle East & Africa Submarine Power Cable Landscapes Analysis
- Major Players Profile
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