Acumen research and consulting, estimates that the global submarine power cable market is anticipated to reach market size of around US$ 21,800 Mn by 2028 and is anticipated to grow at a CAGR of around 15.4% in terms of revenue during the forecast period 2021 - 2028.
Submarine power cables are carrying power, mainly seawater, which is submerged under water. The demand for underwater power cables in recent decades has exponentially increased, largely owing to the technical advancement that has allowed the use of deep water energies. U-boat power cables are used primarily to relay high voltage electricity. The power cables of submarines have a consolidated layer arrangement comprising optical fibers, conductors, shielding layers and isolations.
Market Insights
The growth in the submarine power cable market has been led primarily by the introduction of green offshore energies, increasing environmental issues and increased demand from offshore gas and oil sector. In recent years there has been a substantial growth in the number of Sustainable Projects that involves wind and tidal energy schemes in different parts of the world, resulting in growing demand for such cabling in the industry. Their sustainability considerations cause multiple countries to concentrate on sustainable power production. High construction cost, technological issues in the facility and harm caused by human interference are the challenges that are found in the market which may impede business development. The main damage comes from the accidental problems caused by fishing boats or ships and the ships' anchors are also sometimes attached to these cables which cause them grave injury, which is one of the major challenges facing the submarine power cable business.
Offshore Wind Power Generation Segment to Remain Highly Lucrative
The global submarine electricity cabling industry has been broadly divided into the production, cross-country and island links, offshores and others of offshore oil plants on the basis of demand. Offshore wind power output became the world's leading market, led in 2018 by the offshore oil plants group. The global cable electricity submarine industry is powered by growing investment in the clean energy sector, technological advances and beneficial policy initiatives. Across some developed countries , new extensions to offshore wind resources are under way. In contrast to traditional wind turbines, the use of offshore wind turbines provides more electricity. Many countries are pushing towards the use of wind and ocean wave resources as renewable energy demands are increasing. In line with the increasing demand from offshore oil & natural gas industries, increased demand for cross-country connections and development of the petroleum & gas industry, this segment is projected to rise at a significant CAGR of 9.9 percent during the forecast period. The growing need for energy to be produced from offshore petroleum and gas projects also stimulates the section. Growing demand for submarine power cables with direct high-voltage current (HVDC) and technical advances are key developments on the global submarine cable industry.
Europe, due to the big shift in the area toward green energies, is the main field on the submarine power cable market. The European Union (EU), for instance, approved the plan to invest in energy security by consolidating cross-border energy networks, which could generate significant opportunities on the market in the region. Countries like France, Germany and Great Britain are also active. In recent times these countries have invested heavily on schemes to produce wind energy, as they concentrate on the production of surplus electricity which can be distributed in other countries via inter-country and islands, thus raising the domestic demand for the cables. The increased demand for electricity is a factor which drives the use of submarine power cables for electric energy supply for offshore oil and gas operations, and focuses on offshore exploration and production (E&P) for oil or gas. Most oil and gas extraction firms concentrate on the development of petroleum and gas. The Development Project for Offshore Mako Gas at Duyung PSC, Indonesia in 2020 was approved by the Indonesian Ministry of Energy and Minerals. CNOOC ltd (China), in December 2017, announced the discovery in Bozhong, Bohai of a medium-sized natural gas field. In June 2020, the US W&T Offshore (US) confirmed a Gladden Deep Outlook oil discovery on the Gulf of Mexico's Mississippi Canyon floor. In fact, the Chevron Group (US), which has worked on the north-west coast of West Australia for US$ 18-20 trillion in Australia, announced its offshore production of the Gorgon Natural Gas field. Thus, the deployment of submarine power cables to provide electricity for various E&P operations in the petroleum and gas industry is expected to increase. Those projected to drive growth in the global submarine power cable industry over the forecasting period are therefore rising demand for the offshore oil and gas cables.
Key Players
Major players included in this report are ZTT, Prysmian, Nexans, Furukawa Electric, KEI Industries, TF Kable, NKT, LS Cable & Systems, ABB, Hengtong Marine Cable Systems, Kelani cables, Intertek Group, Sumitomo Electric, Ningbo Orient wires & cables, and others.
The global submarine power cable market is segmented as below:
Market Segmentation
Submarine Power Cable Market By Type
Single Core
Multi core
Submarine Power Cable Market By Insulation Type
Cross-linked Polyethylene (XLPE)
Ethylene Propylene Rubber (EPR)
Submarine Power Cable Market By Voltage
Up to 66 KV
66 KV –220 KV
Above 220 KB
Submarine Power Cable Market By Conductor Material
Copper
Aluminum
Submarine Power Cable Market By End User
Offshore wind power generation
Offshore oil & gas
Island connection
Wave and tidal power generation
Submarine Power Cable Market By Geography
North America
• U.S.
• Canada
Europe
• U.K.
• Germany
• France
• Spain
• Rest of Europe
Asia-Pacific
• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific
Latin America
• Brazil
• Mexico
• Rest of Latin America
Middle East & Africa
• GCC
• South Africa
• Rest of Middle East & Africa
CHAPTER 1.Industry Overview of Submarine Power Cable
1.1.Definition and Scope
1.1.1.Definition of Submarine Power Cable
1.1.2.Market Segmentation
1.1.3.Years Considered for the Study
1.1.4.Assumptions and Acronyms Used
1.1.4.1.Market Assumptions and Market Forecast
1.1.4.2.Acronyms Used in Global Submarine Power Cable Market
1.2.Summary
1.2.1.Executive Summary
1.2.2.Submarine Power Cable Market By Type
1.2.3.Submarine Power Cable Market By Insulation Type
1.2.4.Submarine Power Cable Market By Voltage
1.2.5.Submarine Power Cable Market By Conductor Material
1.2.6.Submarine Power Cable Market By End-User
1.2.7.Submarine Power Cable Market by Regions
CHAPTER 2.Research Approach
2.1.Methodology
2.1.1.Research Programs
2.1.2.Market Size Estimation
2.1.3.Market Breakdown and Data Triangulation
2.2.Data Source
2.2.1.Secondary Sources
2.2.2.Primary Sources
CHAPTER 3.Market Dynamics And Competition Analysis
3.1.Market Drivers
3.1.1.Driver 1
3.1.2.Driver 2
3.2.Restraints and Challenges
3.2.1.Restrain 1
3.2.2.Restrain 2
3.3.Growth Opportunities
3.3.1.Opportunity 1
3.3.2.Opportunity 2
3.4.Porter’s Five Forces Analysis
3.4.1.Bargaining Power of Suppliers
3.4.2.Bargaining Power of Buyers
3.4.3.Threat of Substitute
3.4.4.Threat of New Entrants
3.4.5.Degree of Competition
3.5.Regulatory Compliance
3.6.Competitive Landscape, 2020
3.6.1.Player Positioning Analysis
3.6.2.Key Strategies Adopted By Leading Players
CHAPTER 4.Submarine Power Cable Market By Type
4.1.Introduction
4.2.Submarine Power Cable Revenue By Type
4.2.1.Submarine Power Cable Revenue (US$ Mn) and Forecast, By Type, 2017-2028
4.2.2.Single Core
4.2.2.1.Single Core Market Revenue (US$ Mn) and Growth Rate (%), 2017-2028
4.2.3.Multi core
4.2.3.1.Multi core Market Revenue (US$ Mn) and Growth Rate (%), 2017-2028
CHAPTER 5.Submarine Power Cable Market Revenue By Insulation Type
5.1.Introduction
5.2.Submarine Power Cable Revenue (US$ Mn) By Insulation Type
5.2.1.Submarine Power Cable Revenue (US$ Mn) and Forecast By Insulation Type, 2017-2028
5.2.2.Cross-linked Polyethylene (XLPE)
5.2.2.1.Cross-linked Polyethylene (XLPE) Market Revenue (US$ Mn) and Growth Rate (%), 2017-2028
5.2.3.Ethylene Propylene Rubber (EPR)
5.2.3.1.Ethylene Propylene Rubber (EPR) Market Revenue (US$ Mn) and Growth Rate (%), 2017-2028
CHAPTER 6.Submarine Power Cable Market By Voltage
6.1.Introduction
6.2.Submarine Power Cable Revenue (US$ Mn) By Voltage
6.2.1.Submarine Power Cable Revenue (US$ Mn) and Forecast By Voltage, 2017-2028
6.2.2.Up to 66 KV
6.2.2.1.Up to 66 KV Market Revenue (US$ Mn) and Growth Rate (%), 2017-2028
6.2.3.66 KV –220 KV
6.2.3.1.66 KV –220 KV Market Revenue (US$ Mn) and Growth Rate (%), 2017-2028
6.2.4.Above 220 KB
6.2.4.1.Above 220 KB Market Revenue (US$ Mn) and Growth Rate (%), 2017-2028
CHAPTER 7.Submarine Power Cable Market By Conductor Material
7.1.Introduction
7.2.Submarine Power Cable Revenue (US$) By Conductor Material
7.2.1.Submarine Power Cable Revenue (US$ Mn) and Forecast By Conductor Material, 2017-2028
7.3.Copper
7.3.1.Copper Market Revenue (US$ Mn) and Growth Rate (%), 2017-2028
7.4.Aluminum
7.4.1.Aluminum Market Revenue (US$ Mn) and Growth Rate (%), 2017-2028
CHAPTER 8.Submarine Power Cable Market By End-User
8.1.Introduction
8.2.Submarine Power Cable Revenue (US$) By End-User
8.2.1.Submarine Power Cable Revenue (US$ Mn) and Forecast By End-User, 2017-2028
8.3.Offshore wind power generation
8.3.1.Offshore wind power generation Market Revenue (US$ Mn) and Growth Rate (%), 2017-2028
8.4.Island connection
8.4.1.Island connection Market Revenue (US$ Mn) and Growth Rate (%), 2017-2028
8.5.Wave and tidal power generation
8.5.1.Wave and tidal power generation Market Revenue (US$ Mn) and Growth Rate (%), 2017-2028
CHAPTER 9.North America Submarine Power Cable Market By Country
9.1.North America Submarine Power Cable Overview
9.2.U.S.
9.2.1.U.S. Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Type, 2017-2028
9.2.2.U.S. Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Insulation Type, 2017-2028
9.2.3.U.S. Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Voltage, 2017-2028
9.2.4.U.S. Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Conductor Material, 2017-2028
9.2.5.U.S. Submarine Power Cable Market Revenue (US$ Mn) and Forecast By End-User, 2017-2028
9.3.Canada
9.3.1.Canada Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Type, 2017-2028
9.3.2.Canada Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Insulation Type, 2017-2028
9.3.3.Canada Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Voltage, 2017-2028
9.3.4.Canada Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Conductor Material, 2017-2028
9.3.5.Canada Submarine Power Cable Market Revenue (US$ Mn) and Forecast By End-User, 2017-2028
9.4.North America PEST Analysis
CHAPTER 10.Europe Submarine Power Cable Market By Country
10.1.Europe Submarine Power Cable Market Overview
10.2.U.K.
10.2.1.U.K. Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Type, 2017-2028
10.2.2.U.K. Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Insulation Type, 2017-2028
10.2.3.U.K. Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Voltage, 2017-2028
10.2.4.U.K. Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Conductor Material, 2017-2028
10.2.5.U.K. Submarine Power Cable Market Revenue (US$ Mn) and Forecast By End-User, 2017-2028
10.3.Germany
10.3.1.Germany Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Type, 2017-2028
10.3.2.Germany Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Insulation Type, 2017-2028
10.3.3.Germany Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Voltage, 2017-2028
10.3.4.Germany Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Conductor Material, 2017-2028
10.3.5.Germany Submarine Power Cable Market Revenue (US$ Mn) and Forecast By End-User, 2017-2028
10.4.France
10.4.1.France Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Type, 2017-2028
10.4.2.France Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Insulation Type, 2017-2028
10.4.3.France Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Voltage, 2017-2028
10.4.4.France Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Conductor Material, 2017-2028
10.4.5.France Submarine Power Cable Market Revenue (US$ Mn) and Forecast By End-User, 2017-2028
10.5.Spain
10.5.1.Spain Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Type, 2017-2028
10.5.2.Spain Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Insulation Type, 2017-2028
10.5.3.Spain Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Voltage, 2017-2028
10.5.4.Spain Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Conductor Material, 2017-2028
10.5.5.Spain Submarine Power Cable Market Revenue (US$ Mn) and Forecast By End-User, 2017-2028
10.6.Rest of Europe
10.6.1.Rest of Europe Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Type, 2017-2028
10.6.2.Rest of Europe Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Insulation Type, 2017-2028
10.6.3.Rest of Europe Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Voltage, 2017-2028
10.6.4.Rest of Europe Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Conductor Material, 2017-2028
10.6.5.Rest of Europe Submarine Power Cable Market Revenue (US$ Mn) and Forecast By End-User, 2017-2028
10.7.Europe PEST Analysis
CHAPTER 11.Asia Pacific Submarine Power Cable Market By Country
11.1.Asia Pacific Submarine Power Cable Market Overview
11.2.China
11.2.1.China Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Type, 2017-2028
11.2.2.China Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Insulation Type, 2017-2028
11.2.3.China Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Voltage, 2017-2028
11.2.4.China Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Conductor Material, 2017-2028
11.2.5.China Submarine Power Cable Market Revenue (US$ Mn) and Forecast By End-User, 2017-2028
11.3.Japan
11.3.1.Japan Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Type, 2017-2028
11.3.2.Japan Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Insulation Type, 2017-2028
11.3.3.Japan Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Voltage, 2017-2028
11.3.4.Japan Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Conductor Material, 2017-2028
11.3.5.Japan Submarine Power Cable Market Revenue (US$ Mn) and Forecast By End-User, 2017-2028
11.4.India
11.4.1.India Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Type, 2017-2028
11.4.2.India Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Insulation Type, 2017-2028
11.4.3.India Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Voltage, 2017-2028
11.4.4.India Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Conductor Material, 2017-2028
11.4.5.India Submarine Power Cable Market Revenue (US$ Mn) and Forecast By End-User, 2017-2028
11.5.Australia
11.5.1.Australia Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Type, 2017-2028
11.5.2.Australia Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Insulation Type, 2017-2028
11.5.3.Australia Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Voltage, 2017-2028
11.5.4.Australia Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Conductor Material, 2017-2028
11.5.5.Australia Submarine Power Cable Market Revenue (US$ Mn) and Forecast By End-User, 2017-2028
11.6.South Korea
11.6.1.South Korea Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Type, 2017-2028
11.6.2.South Korea Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Insulation Type, 2017-2028
11.6.3.South Korea Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Voltage, 2017-2028
11.6.4.South Korea Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Conductor Material, 2017-2028
11.6.5.South Korea Submarine Power Cable Market Revenue (US$ Mn) and Forecast By End-User, 2017-2028
11.7.Rest of Asia-Pacific
11.7.1.Rest of Asia-Pacific Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Type, 2017-2028
11.7.2.Rest of Asia-Pacific Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Insulation Type, 2017-2028
11.7.3.Rest of Asia-Pacific Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Voltage, 2017-2028
11.7.4.Rest of Asia-Pacific Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Conductor Material, 2017-2028
11.7.5.Rest of Asia-Pacific Submarine Power Cable Market Revenue (US$ Mn) and Forecast By End-User, 2017-2028
11.8.Asia Pacific PEST Analysis
CHAPTER 12.Latin America Submarine Power Cable Market By Country
12.1.Latin America Submarine Power Cable Market Overview
12.2.Brazil
12.2.1.Brazil Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Type, 2017-2028
12.2.2.Brazil Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Insulation Type, 2017-2028
12.2.3.Brazil Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Voltage, 2017-2028
12.2.4.Brazil Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Conductor Material, 2017-2028
12.2.5.Brazil Submarine Power Cable Market Revenue (US$ Mn) and Forecast By End-User, 2017-2028
12.3.Mexico
12.3.1.Mexico Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Type, 2017-2028
12.3.2.Mexico Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Insulation Type, 2017-2028
12.3.3.Mexico Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Voltage, 2017-2028
12.3.4.Mexico Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Conductor Material, 2017-2028
12.3.5.Mexico Submarine Power Cable Market Revenue (US$ Mn) and Forecast By End-User, 2017-2028
12.4.Rest of Latin America
12.4.1.Rest of Latin America Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Type, 2017-2028
12.4.2.Rest of Latin America Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Insulation Type, 2017-2028
12.4.3.Rest of Latin America Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Voltage, 2017-2028
12.4.4.Rest of Latin America Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Conductor Material, 2017-2028
12.4.5.Rest of Latin America Submarine Power Cable Market Revenue (US$ Mn) and Forecast By End-User, 2017-2028
CHAPTER 13.Middle East & Africa Submarine Power Cable Market By Country
13.1.Middle East & Africa Submarine Power Cable Market Overview
13.2.Saudi Arabia
13.2.1.Saudi Arabia Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Type, 2017-2028
13.2.2.Saudi Arabia Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Insulation Type, 2017-2028
13.2.3.Saudi Arabia Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Voltage, 2017-2028
13.2.4.Saudi Arabia Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Conductor Material, 2017-2028
13.2.5.Saudi Arabia Submarine Power Cable Market Revenue (US$ Mn) and Forecast By End-User, 2017-2028
13.3.UAE
13.3.1.UAE Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Type, 2017-2028
13.3.2.UAE Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Insulation Type, 2017-2028
13.3.3.UAE Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Voltage, 2017-2028
13.3.4.UAE Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Conductor Material, 2017-2028
13.3.5.UAE Submarine Power Cable Market Revenue (US$ Mn) and Forecast By End-User, 2017-2028
13.4.Rest of Middle East & Africa
13.4.1.Rest of Middle East & Africa Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Type, 2017-2028
13.4.2.Rest of Middle East & Africa Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Insulation Type, 2017-2028
13.4.3.Rest of Middle East & Africa Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Voltage, 2017-2028
13.4.4.Rest of Middle East & Africa Submarine Power Cable Market Revenue (US$ Mn) and Forecast By Conductor Material, 2017-2028
13.4.5.Rest of Middle East & Africa Submarine Power Cable Market Revenue (US$ Mn) and Forecast By End-User, 2017-2028
CHAPTER 14.Player Analysis Of Submarine Power Cable
14.1.Submarine Power Cable Market Company Share Analysis
14.2.Competition Matrix
14.2.1.Competitive Benchmarking of key players by price, presence, market share, and R&D investment
14.2.2.New Product Launches and Product Enhancements
14.2.3.Mergers And Acquisition In Global Submarine Power Cable Market
14.2.4.Partnership, Joint Ventures and Strategic Alliances/ Sales Agreements
CHAPTER 15.Company Profile
15.1.ZTT
15.1.1.Company Snapshot
15.1.2.Business Overview
15.1.3.Financial Overview
15.1.3.1.Revenue (US$ Mn), 2020
15.1.3.2.ZTT 2020 Submarine Power Cable Business Regional Distribution
15.1.4.Product/ Service and Specification
15.1.5.Recent Developments & Business Strategy
15.1.6.Manufacturing Plant Footprint Analysis
15.2.Prysmian
15.3.Nexans
15.4.Furukawa Electric
15.5.KEI Industries
15.6.TF Kable
15.7.NKT
15.8.LS Cable & Systems
15.9.ABB
15.10.Hengtong Marine Cable Systems
15.11.Kelani cables
15.12.Intertek Group
15.13.Sumitomo Electric
15.14.Ningbo Orient wires & cables
15.15.Others
