Submarine Power Cable Market is expected to reach US$ 11,829.01 million by 2028

Rising Development of Underwater Data Center to Propel Submarine Power Cable Market Growth

According to our latest market study on "Submarine Power Cable Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Conductor Material, Voltage, and Application," the market is expected to grow from US$ 7,643.46 million in 2021 to US$ 11,829.01 million by 2028. It is estimated to grow at a CAGR of 6.4% from 2021 to 2028.

The constantly rising investments across the globe on several offshore oil and gas projects, offshore wind farms, and intercountry power transmission projects is expected to increase the demand for submarine power cables across the globe. major investments include huge pipeline of interconnection between country and island project over the years. Some of the major HVDC submarine power cable project pipeline includes IceLink, MSNLink and NorthConnect, Nord.Link and NorGer, UK Western Link, IFA2, NemoLink, Euro-Asia Interconnector, Labrador-Island, Maritime Link, India-Sri Lanka Interconnection, and Sumatra-Java. Similarly, regions like Middle East & Africa and Latin America also has a strong pipeline for building wind energy farms . According to the market study, the Latin American region plans to build 120 2000 GW of wind farms by 2050. Similarly, the Middle East & Africa region plans to build 40 2000 GW of wind farms by 2050. These huge investment by several countries across all submarine power cable applications is expected to propel the demand for submarine power over the forecast period.

Impact of COVID-19 Pandemic on Submarine Power Cable Growth

The COVID-19 pandemic disrupted the APAC's economy and the region's submarine cables market in 2020 as two of the world's highly populated countries, China and India, are located in the region. In 2020 China accounted for more than half of the global offshore wind expansions. For the first time, China accounted for this much share in the expansions part. Moreover, China still holds the second-largest position in the global offshore wind power capacity, wherein China holds around 28% currently. The COVID-19 crisis has led to a massive downfall in the economies of APAC countries and has a significant effect on the development of offshore platforms across the region in 2020. This led to a substantial decline in the APAC submarine power cable market in 2020.

The submarine power cable market is analyzed on the basis of type, conductor material, voltage, application, and geography. Based on type, the submarine power cable market is bifurcated into single-core and multicore. Based on conductor material, the submarine power cable market is segmented into copper and aluminum. Based on voltage, the submarine power cable market is segmented into ground high voltage and medium voltage. Based on application, the submarine power cable market is segmented into offshore oil and gas, offshore wind power, and inter-country & island connection. Based on geography, the submarine power cable market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America.

Prysmian Group, Sumitomo Corporation, Furukawa Electric Group, LS Cable & System Ltd., and ABB Ltd. Are the key players in the submarine power cable market. In addition, several other essential market players were studied and analyzed during the course of this study to get a holistic view of the market and its ecosystem.

Submarine Power Cable Market Share—by Region, 2020

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Submarine Power Cable Market Size & Industry Analysis by 2028

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Submarine Power Cable Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Multicore and Single Core), Conductor Material (Copper and Aluminum), Voltage (High Voltage and Medium Voltage), and Application (Offshore Oil and Gas, Offshore Wind Power, and Inter-Country & Island Connection)