Submarine Power Cable Market Sales, Revenue and Growth Rate 2019-2025
Market Research Future published a research report on “Submarine Power Cable Market Research Report – Forecast to 2025” – Market Analysis, Scope, Stake, Progress, Trends and Forecast Report to 2025.
Market Scenario
Submarine power cables are useful cables regarding electricity transmission that are buried under water, mostly sea water. Market Research Future (MRFR) has published a research report about the global submarine power cable market that weighs expansion for this market at 14.05% CAGR (Compound Annual Growth Rate) between 2018 and 2023.
The crucial factor contributing to the global Submarine Power Cable Market growth is technological developments in the offshore wind farms markets. Other factors supporting the market growth include increasing harnessing of energy from offshore wind farms by many countries, growing use of submarine power cables to transmit electricity from the mainland, intercountry & island power connections using submarine power cables. However, factors that can restrain the market growth include the complexity of initial installation, difficulties of further repairs due to high underwater pressure, complex authorization due to clearances being required from various authorities, and lastly, damage caused to the cables from human intervention.
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Key Players
The key players in the global submarine power cable market include Alcatel-Lucent (France), Corning Inc. (USA), Ericson (Sweden), General Cable (USA), J-Power Systems (Japan), Kerite Company (USA), LS Cable & System Corporation (South Korea), Nexans (Norway), NKT Holdings (Denmark), The Okonite Company (USA), Prysmian Group (Italy), and Qingdao Hanhe Cable Co. Ltd. (China).
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.
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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 CableMarket by Type
- Segmentation of Market by End-Users
- Market Analysis by Major Regions
- Product Commodity of Market in Major Countries
- North America Submarine Power CableLandscapes Analysis
- Europe Submarine Power CableLandscapes Analysis
- Asia Pacific Submarine Power CableLandscapes Analysis
- Latin America, Middle East & Africa Submarine Power CableLandscapes Analysis
- Major Players Profile
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