Global Submarine Power Cables Market, By Type (Single Core, Multi Core), By Voltage (Medium, High),

Published Date: | Report Code : EP1958383


Global Submarine Power Cables Market, By Type (Single Core, Multi Core), By Voltage (Medium, High), By Conductor Material (Copper, Aluminum), By End-User (Inter-Country & Island Connection, Offshore Wind Power Generation, Offshore Oil & Gas), By Region (North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, Rest of the World) – Market Size & Forecasting (2016-2025)

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Domain : Energy

Report Code : EP1958383

Status : Upcoming

Global Submarine Power Cable Market is expected to grow during the forecast period owing to increasing demand for inter-country & island connections, increasing demand for HVDC connections and increasing investments. Moreover, the growth in demand from the offshore oil & gas sector is predictable to boost the demand for submarine power cables during the forecast period as well.

Submarine power cables are electricity transmitting cables that are buried underwater, mostly seawater. In recent decades, the importance of submarine power cables has grown exponentially, mainly on account of the development in technology, enabling us to harness energy from the deep seas. Submarine power cables are mostly used to transmit electricity at high voltages. Submarine power cables are made up of a concentric assembly of layers including optical fibers, conductors, protective layers, and insulation. Multi core power cables have optical fibers for data transmission and temperature measurement. The cables have a layer of lead to stop the intrusion of water into the cables. Most manufacturers are using lead or a lead alloy for this purpose. The cables are armored with non magnetic metals to avoid losses during transmission, mostly stainless steel copper or brass are used. Armoring also acts as a protective layer against corrosion. Most submarine power transmission systems use alternating current, as their voltages can easily be changed using a transformer.

However, when transmitting electricity over long distances direct current is more beneficial as the capacitance of the cable will require lesser current for charging as compared to alternating current. Direct current can easily be converted into alternating current by connecting a converter at each line of the direct line. Many countries are now harnessing energy from offshore wind farms, which require submarine power cables to transmit the electricity back to the shore, forming a major driving factor for the global submarine power cable market. Technological developments in the offshore wind farms markets are predicted to have a positive impact on the growth of the global submarine power cable market. Offshore oil platforms can use the diesel or gas they extract to power their electrical requirements, but such gas turbines have an efficiency of about 30% and emit a large among of carbon dioxide.

Thus, most platforms are now opting for electricity from the mainland transmitted through submarine power cables, driving the growth of the global submarine power cable market. Inter-country and island power connections that use submarine power cables form another major factor driving the growth of the global submarine power cable market. Some countries and islands are dependent on other nations for their power needs and such cables have enhanced the connectivity. Use of submarine power cables has multiple advantages, but the complexity involved in the initial installation of the product is a major restraint of the market. Further repairs of submarine power cables in deep water are very difficult due to the high pressure of water. Authorization of such projects is complex, mainly as many countries are involved and require clearances from various authorities including environmental and regulators. Another major restraint for the market is the damage caused to the cables from human intervention.   

Segment Analysis

Based on type, the market is segmented as single core and multi core. Single core cables is expected to have a larger market share and is expected to dominate the global submarine power cable market during the forecast period as it is simpler and easier to install it.

On the basis of voltage, the market is segmented as medium and high voltage. High voltage segment is expected to dominate the global submarine power cable market as it has multiple uses and the voltage can be easily stepped up or down as per requirement. 

On the basis of conductor type, the market is segmented as aluminum and copper. Aluminum is estimated to dominate the segment during the forecast period because of the technological developments in its manufacturing.

Based on application, the global submarine power cable market has been broadly segmented into inter-country and island connection, offshore wind power generation, and offshore oil rigs. The offshore wind power generation is expected to be the leading segment of the global market. Increasing investments in the renewable energy industry, advances in technology and positive government initiatives are significant drivers of the global submarine power cable market. New additions to offshore wind generation capacity are undergoing in various developing countries. Offshore wind turbines produce a higher amount of energy by using fewer turbines compared to the conventional turbines. Most countries are shifting toward harnessing wind energy and wave energy of seas or oceans, due to the increase in the demand for renewable energy. The offshore oil rigs segment is projected to expand at a substantial rate during the forecast period, owing to the increasing demand from offshore oil & gas operations, rising demand for inter-country connections, and growth of the oil & gas industry. Furthermore, the increasing need to generate electricity from offshore oil and gas facilities is another factor that propels the segment.

Western Europe is expected to lead the market demand during the forecast period due to the concentration of leading manufacturers and increasing demand for submarine power cable systems in the oil & gas industry and also to the rise in the number of offshore wind farms in the region. European market players are constantly striving to implement innovative submarine power cable products in the marketplace. North America is also anticipated to accumulate significant market share in owing to the rising number of offshore wind farm installations led by significant advancements in technology in the region. Asia Pacific's submarine power cable industry is likely to stay focused in China and Japan in the near future, owing to growing technological developments, increasing Internet traffic, and increasing numbers of telecom subscriptions and Internet connections in the region. The industry is driven by ongoing advancements toward an effective transmission network along with soaring energy demand from developing countries. As per IEA, in 2018, the global electricity demand increased by 4% which in turn lay a favorable business foundation. Stringent norms pertaining to efficient power transmission coupled with increasing cross-border electricity trade will further thrust the industry dynamics.

Key Factors Impacting Market Growth:
    • Increasing number of offshore wind farms
    • Increasing demand for inter-country & island power connections
    • Demand from offshore oil & gas operations
    • High cost of installation and complexity in the repair of deepwater cables
    • Regulatory, environmental, & complex authorization procedures leading to delays
    • Technical challenges regarding implementation and installation
    • Damages caused to cables by human interventions

Key Developments:
    • In February 2019, Prysmian (Italy) was awarded a new contract worth €17 million by New            
      Brunswick Power Corporation (NB Power), the largest electric utility in Atlantic  
      Canada based in the province of New Brunswick. The Fundy Isles Project includes the 
      of a new submarine cable connection that will enable ability upgrading of the 
      current submarine transmission system in the Bay of Fundy's Passamaquoddy  
      Region. The new power cable connection will connect Deer Island, Campobello Island 
      and Grand Manan Island to the Canadian province's mainland energy grid.
    • In May 2019, Nexans (France) provided a production boost for the Vigdis North Sea oil field 
      with a new all-electric actuated subsea boosting station. The boosting 
      station will be powered by an innovative Nexans power umbilical that combines high voltage 
      power supply and umbilical functions in a single cable cross-section.

Regional Analysis:

The regional outlook for submarine power cables market provides detailed information for markets including North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, and Rest of the World. North America and Western Europe are estimated to be key regions for submarine power cables market during the forecast period. Being one of the industrialized regions, the energy & power sector is key to the operations of various industries in this region. This is one of the important factors governing the growth of submarine power cables market in these regions. 

Some of the major countries covered in this region include US, Germany, UK, France, Italy, Canada, and so on. Asia Pacific is estimated one of the fastest growing regions for submarine power cables market during the forecast period. Some of the fastest growing economies and increasing demand for energy & power to cater high population & industries is expected to drive the demand in this region. China and India are projected to register major demand during the forecast period. Middle East that includes UAE, Saudi Arabia, Iran, Qatar, and others promises high market potential during the forecast period. Rest of the World including South America and Africa are emerging regions in terms of market demand during the forecast period.

Companies Covered: Prysmian, Nexans, NKT, General Cable, Furukawa Electric, Sumitomo Electric, KEI Industries, LS Cable & System, ZTT, TFKable Group, Hydro Group, and Hengtong Marine Cable system...

Market Segmentation:
By Type:
    • Single Core
    • Multi Core

By Voltage:
    • Medium
    • High

By Conductor Material:
    • Copper
    • Aluminum

By End User:
    • Inter-Country & Island Connection
    • Offshore Wind Power Generation
    • Offshore Oil & Gas

By Region:
    • North America
        ◦ By Country (US, Canada, Mexico)
        ◦ By Type
        ◦ By Voltage
        ◦ By Conductor Material
        ◦ By End User
    • Western Europe:
        ◦ By Country (Germany, UK, France, Spain, Rest of Western Europe)
        ◦ By Type
        ◦ By Voltage
        ◦ By Conductor Material
        ◦ By End User
    • Eastern Europe:
        ◦ By Country (Russia, Turkey, Rest of Eastern Europe)
        ◦ By Type
        ◦ By Voltage
        ◦ By Conductor Material
        ◦ By End User
    • Asia Pacific
        ◦ By Country (China, Japan, India, Rest of Asia Pacific)
        ◦ By Type
        ◦ By Voltage
        ◦ By Conductor Material
        ◦ By End User
    • Middle East:
        ◦ By Country (UAE, Qatar, Iran, Saudi Arabia, Rest of Middle East)
        ◦ By Type
        ◦ By Voltage
        ◦ By Conductor Material
        ◦ By End User
    • Rest of the World
        ◦ By Region (South America, Africa)
        ◦ By Type
        ◦ By Voltage
        ◦ By Conductor Material
        ◦ By End User

Reasons To Buy This Report:
    • Market size estimation of the global submarine power cables market on a regional and global basis 
    • Unique research design for market size estimation and forecast 
    • Profiling of major companies operating in the market with key developments
    • Broad scope to cover all the possible segments helping every stakeholder in the market

We provide customization of the study to meet specific requirements:
    • By Segment 
    • By Sub-segment 
    • By Region/Country
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