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Pulished Date April, 2021
ID: 10301
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Submarine Power Cable Market Segmentation by By Core (Single-Core and Multicore), Voltage (Medium, High, and Extra High), Conductor (Copper, Aluminum and Others), End-User (Offshore Wind Power Generation, Inter-Country & Island Connection, and Offshore Oil & Gas) and Region - Industry Forecast to 2026

Pulished: April, 2021
ID: 10301
Pages: 175

Submarine Power Cable market size, share, growth Analysis:

The global submarine power cable market is expected to grow from USD 15.5 billion in 2021 to USD 27 billion in 2026, with a CAGR of 15.32%. The subsea power cable market is influenced by factors such as new capacity additions in the offshore wind industry and the increasing demand for connections between countries and islands. Increasing demand from the offshore oil and gas sector is expected to drive demand for submarine power cables. The growing demand for HVDC connections presents a great opportunity for the submarine power cable market due to the large investments made in it.A submarine power cable is an electricity transmission line that is used to transport energy below the surface of the water. They are usually placed under salt water, but sometimes under fresh water.

They serve as interconnections of islands and transfer the electricity produced by offshore wind farms.Rapid investments by governments and private players driven by rigorous regulatory initiatives to incorporate an energy efficient operating environment will increase the growth of the industry. In addition, the increase in the international transport network for underwater food has incorporated a favourable business scenario. Increasing demand for peak load poses challenges for network stability and security of supply around the world. Increasing the flow of funds to develop a sustainable energy infrastructure in line with the positive regulatory reforms for the integration of renewable systems networks will complement the subsea power cable market. In 2018, the European Commission proposed investing more than $ 1 billion in the clean energy grid, including financing three subsea power lines for cross-border interconnection.The advent of offshore renewable energy, rising environmental concerns and the growing demand for offshore oil and gas operations are the main growth drivers of the submarine power cable market. Growing environmental concerns are encouraging several countries to focus on producing electricity from renewable sources, hence the number of renewable projects, including wind and tidal power projects, has increased significantly in recent years in various regions of the world, which translates into a growing demand for these cables in the market.

Submarine Power Cable recent Developments and Trends:

The Finnish company Cinia, which is implementing the development phase of the Arctic Connect submarine cable project with MegaFon, has publicised the addition of new international partners for the project, from Japan, Norway and Finland.

Submarine Power cable Market Drivers:

The advent of offshore renewables, growing environmental concerns, and increasing demand for offshore oil and gas operations are the main drivers of submarine power cable market growth. The swift rise in island interconnections and the deployment of offshore wind farms will positively influence the global market. The submarine power cable market is positively influenced by various regulatory reforms, including leverage, incentive and subsidy programs, along with increased government investments to integrate an energy efficient environment. According to the IEA, increased offshore oil and gas production will increase investment in offshore wind farms, boosting the business scenario. Furthermore, the growing trend towards renewable energy production, coupled with the increasing deployment of offshore wind farms around the world, will enhance business potential.


The high cost of installation and the complexity of repairing deep-sea cable links have hampered the demand for submarine power cables. Any flaw or repair in undersea power cables imposes a substantial cost on the repair and redeployment process. Therefore, repairing any defects in such critical infrastructure poses both physical and monetary challenges.    




Market Size Available

2020 – 2025

Base Year


Forecast Period

2021 - 2026



Segments Covered

By Product, Type, Consumption, Distribution Channel and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa



Market Leaders Profiled

Prysmian (Italy), Nexans (France), NKT (Denmark), General Cable (US), and Furukawa Electric (Japan). Manufacturers such as Sumitomo Electric (Japan), KEI Industries (India), LS Cable & System (South Korea), ZTT (China), TFKable Group (JDR Cables) (Poland), Hydro Group (UK), and Hengtong Marine Cable system (China)

Submarine Power Cable Market


Submarine Power cable Market Segmentation:

By Core, Long-distance power transfer, minimal transmission losses, as well as high-voltage (HV) power supply are the key factors driving the single-core submarine power cable market deployment. The continued deployment of offshore wind farms has increased the demand for multi-core power lines.

By Voltage, The low cost of installation, as well as its large-scale deployment in offshore wind farms, have had a positive influence on the demand for medium voltage cables. In recent years, extra high voltage lines have seen a significant increase due to the rapid expansion of extra high voltage (UHT) transmission lines to suffer losses resulting from long distance power supply.

By Conductor, High electrical conductivity and ductility, as well as non-magnetic properties, are some of the key factors that positively influence product penetration. Copper wires will experience an increase due to their properties, including the ability to withstand large surges, corrosion resistance, strength, and weight.

Submarine Power cable Regional Analysis:

The submarine power cable market has been analysed on regions into Asia-Pacific, North America, Europe, Middle East, and Africa and South America. The European market is expected to dominate the global submarine power cable market by 2025. The size of the market in this region can be attributed to the rise of the offshore wind industry, of which subsea power cables are major components. The UK and Germany are the main submarine power cable markets in Europe. The increasing demand for cross-country connections, coupled with demand from the offshore oil and gas sector, is expected to drive the market in Europe.

Submarine Power cable Market Key Players:

Major manufacturers in the submarine power cable market include Prysmian (Italy), Nexans (France), NKT (Denmark), General Cable (US), and Furukawa Electric (Japan). Manufacturers such as Sumitomo Electric (Japan), KEI Industries (India), LS Cable & System (South Korea), ZTT (China), TFKable Group (JDR Cables) (Poland), Hydro Group (UK), and Hengtong Marine Cable system (China) either participate in the supply of raw materials/auxiliary components or directly sell submarine power cables through authorized distribution channels

Impact of Covid-19 on Submarine Power cable market:

The submarine power cable industry is affected by the COVID-19 crisis, which has largely stopped international movement and temporarily closed factories and businesses around the world. At a time when the risk to human health is unprecedented, undersea fibre optic cables allow the world to continue to function and stay connected by providing lightning-fast communications around the world to homes and companies. The International Cable Protection Committee (ICPC) points out that around 99% of the world's communications are carried out by submarine cables, without this connectivity, life during this global pandemic would be unthinkable. This response for undersea cable capacity has amplified further, as people around the world have shown that social separation and isolation can be successfully undertaken together. However, the potential growth in submarine power cable market is expected in the years to come.


1. Introduction               

              1.1 Market Definition   

              1.2 Scope of the report

              1.3 Study Assumptions 

              1.4 Base Currency, Base Year and Forecast Periods        

2. Research Methodology                         

              2.1 Analysis Design        

              2.2 Research Phases     

                             2.2.1 Secondary Research

                             2.2.2 Primary Research 

                             2.2.3 Data Modelling

                             2.2.4 Expert Validation

              2.3 Study Timeline         

3. Report Overview                      

              3.1 Executive Summary

              3.2 Key Inferencees       

4. Market Dynamics                    

              4.1 Impact Analysis       

                             4.1.1 Drivers

                             4.1.2 Restaints

                             4.1.3 Opportunities

              4.2 Regulatory Environment      

              4.3 Technology Timeline & Recent Trends          

5. Competitor Benchmarking Analysis                 

              5.1 Key Player Benchmarking    

                             5.1.1 Market share analysis

                             5.1.2 Products/Service

                             5.1.3 Regional Presence

              5.2 Mergers & Acquistion Landscape     

              5.3 Joint Ventures & Collaborations       

6. Market Segmentation                           

              6.1 Submarine Power Cable Market, By Core     

                             6.1.1 Single-Core

                             6.1.2 Multicore

                             6.1.3 Market Size Estimations & Forecasts (2019-2024)

                             6.1.4 Y-o-Y Growth Rate Analysis

                             6.1.5 Market Attractiveness Index

              6.2 Submarine Power Cable Market, By Voltage

                             6.2.1 Medium

                             6.2.2 High

                             6.2.3 Extra High

                             6.2.4 Market Size Estimations & Forecasts (2019-2024)

                             6.2.5 Y-o-Y Growth Rate Analysis

                             6.2.6 Market Attractiveness Index

              6.3 Submarine Power Cable Market, By Conductor         

                             6.3.1 Copper

                             6.3.2 Aluminum

                             6.3.3 Market Size Estimations & Forecasts (2019-2024)

                             6.3.4 Y-o-Y Growth Rate Analysis

                             6.3.5 Market Attractiveness Index

              6.4 Submarine Power Cable Market, By End-User           

                             6.4.1 Offshore Wind Power Generation

                             6.4.2 Inter-Country & Island Connection

                             6.4.3 Offshore Oil & Gas

                             6.4.4 Market Size Estimations & Forecasts (2019-2024)

                             6.4.5 Y-o-Y Growth Rate Analysis

                             6.4.6 Market Attractiveness Index

7. Geographical Landscape                      

              7.1 Global Identity Governance and Administration Market, by Region             

              7.2 North America - Market Analysis (2018 - 2024)         

                             7.2.1 By Country     

                             7.2.2 By Core

                             7.2.3 By Voltage

                             7.2.4 By Conductor

                             7.2.5 By End-User

              7.3 Europe        

                             7.3.1 By Country

                             7.3.2 By Core

                             7.3.3 By Voltage

                             7.3.4 By Conductor

                             7.3.5 By End-User

              7.4 Asia Pacific 

                             7.4.1 By Country

                             7.4.2 By Core

                             7.4.3 By Voltage

                             7.4.4 By Conductor

                             7.4.5 By End-User

              7.5 Latin America           

                             7.5.1 By Country 

                             7.5.2 By Core

                             7.5.3 By Voltage

                             7.5.4 By Conductor

                             7.5.5 By End-User

              7.6 Middle East and Africa         

                             7.6.1 By Country

                             7.6.2 By Core

                             7.6.3 By Voltage

                             7.6.4 By Conductor

                             7.6.5 By End-User

8. Key Player Analysis                  

              8.1 Prysmian    

                             8.1.1 Business Description

                             8.1.2 Products/Service

                             8.1.3 Financials

                             8.1.4 SWOT Analysis

                             8.1.5 Recent Developments

                             8.1.6 Analyst Overview

              8.2 Nexans        

              8.3 NKT

              8.4 General Cable          

              8.5 Furukawa Electric    

              8.6 Sumitomo Electric   

              8.7 KEI Industries           

              8.8 LS Cable & System   

              8.9 ZTT

              8.10 TFKable Group       

9. Market Outlook & Investment Opportunities               


              List of Tables    

              List of Figures   

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped

  • Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail

  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics

  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis

  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development

  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment

  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies

  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions

  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market

  1. Global Submarine Power Cable Market By Region, From 2021-2026 ( USD Billion )

  2. Global Submarine Power Cable Market By Core, From 2021-2026 ( USD Billion )

  3. Global Single-Core Market By Region, From 2021-2026 ( USD Billion )

  4. Global Multicore Market By Region, From 2021-2026 ( USD Billion )

  5. Global Submarine Power Cable Market By Voltage, From 2021-2026 ( USD Billion )

  6. Global Medium Market By Region, From 2021-2026 ( USD Billion )

  7. Global High Market By Region, From 2021-2026 ( USD Billion )

  8. Global Extra High Market By Region, From 2021-2026 ( USD Billion )

  9. Global Submarine Power Cable Market By Conductor, From 2021-2026 ( USD Billion )

  10. Global Copper Market By Region, From 2021-2026 ( USD Billion )

  11. Global Aluminum Market By Region, From 2021-2026 ( USD Billion )

  12. Global Submarine Power Cable Market By End-User, From 2021-2026 ( USD Billion )

  13. Global Offshore Wind Power Generation Market By Region, From 2021-2026 ( USD Billion )

  14. Global Inter-Country & Island Connection Market By Region, From 2021-2026 ( USD Billion )

  15. Global Offshore Oil & Gas Market By Region, From 2021-2026 ( USD Billion )

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