Submarine power cable market to grow by USD 1.05 billion from 2021 to 2026

NEW YORK, July 18, 2023 /PRNewswire/ -- The submarine power cable market is expected to grow by USD 1.05 billion from 2021 to 2026, according to Technavio. As per the latest report, the market will progress at a CAGR of 4.5% during the forecast period. An increase in sales of HVDC power cables is an emerging market trend. Generally, underground HVDC power cables are considered viable alternatives for the transmission of submarine power over long distances. These projects aim at ending energy isolation and removing the factors that hinder the growth of the European internal energy market. Furthermore, renewable power projects are typically set up in places far away from the energy load centers, and in such cases, the losses incurred while transmitting power over AC lines are significantly high. Hence, such trends boost the market growth during the forecast period. View a Sample Report within minutes!

Submarine Power Cable Market 2022-2026: Scope

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. Our submarine power cable market report covers the following areas:

Submarine Power Cable Market size

Submarine Power Cable Market trends

Submarine Power Cable Market industry analysis

Submarine Power Cable Market five forces analysis

Submarine Power Cable Market competitive landscape

Submarine Power Cable Market 2022-2026: SegmentationSubmarine Power Cable Market is segmented as below:

End-user

Geography

The offshore wind segment will be significant for market growth during the forecast period. Offshore wind turbines can produce more energy using fewer turbines in comparison to conventional turbines. Furthermore, over 80% of the world's offshore wind power generation capacity is installed in Europe. Moreover, European countries have set a target that by 2030, more than 20% of their energy demand will be catered to by renewables. Hence, such factors drive the segment during the forecast period.

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Submarine Power Cable Market 2022-2026: Market Dynamics

Key Drivers

One of the key drivers supporting the growth of the submarine power cable market is the increasing offshore renewable energy installations.

Offshore wind power installations are rapidly expanding due to their higher capacity output, which can be up to 40% greater than onshore wind power generation.

The offshore wind submarine power cable market is critical for transmitting newly generated energy from offshore wind turbines to the shore.

Hence, such factors boost the growth of the submarine power cable market during the forecast period.

Major Challenges

Challenges faced in laying and maintaining cables hinder the market growth during the forecast period.

The first step in the cable installation process is the selection of the path and any cable laying project is expected to sustain for a period of 25 years. This makes the selection of the path a significant challenge.

The selected path must carry minimum risks and should not cause any damage to the cables. But the path should also be in an area that offers easy access to carry out repair activities.

Hence, such factors impede market growth during the forecast period.

What's New? -

Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession

Global competitiveness and key competitor positions

Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!

Submarine Power Cable Market 2022-2026: Vendor Analysis

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. We provide a detailed analysis of around 25 vendors operating in the Submarine Power Cable Market, including some of the vendors such as ABB Ltd., Eland Cables Ltd., Europacable, Fujikura Ltd., Furukawa Electric Co Ltd, HELUKABEL Romania Srl, Hengtong Group Co Ltd, Hydro Group, Jiangsu Zhongtian Technology Co Ltd, KEI Industries Ltd, Leoni AG, LS Cable and System Ltd., Nexans SA, NKT AS, Parker Hannifin Corp., Prysmian Spa, Southwire Co. LLC, Subsea 7 SA, Sumitomo Electric Industries Ltd., and The Okonite Co. Backed with competitive intelligence and benchmarking, our research reports on the Submarine Power Cable Market are designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support.

Vendor Offerings

Eland Cables Ltd.: The company offers a variety of cables and cable accessories for various industries, including railway, mining, marine, construction, and various others.

Fujikura Ltd.: The company offers Power cables, Telecommunication cables, Aluminum wires, Enameled wires, Optical fibers, Optical fiber cables, Telecommunication components, Optical components, Fiber optic equipment, Network equipment, and Installation.

Submarine Power Cable Market 2022-2026: Key Highlights

CAGR of the market during the forecast period 2022-2026

Detailed information on factors that will assist submarine power cable market growth during the next five years

Estimation of the submarine power cable market size and its contribution to the parent market

Predictions on upcoming trends and changes in consumer behavior

The growth of the submarine power cable market

Analysis of the market's competitive landscape and detailed information on vendors

Comprehensive details of factors that will challenge the growth of submarine power cable market vendors

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Related Reports:

The submarine market size is estimated to grow at a CAGR of 5.45% between 2022 and 2027 and the size of the market is forecast to increase by USD 8,990.05 million. This report extensively covers market segmentation by type (SSN, SSBN, and SSK), application (military and commercial), and geography (North America, APAC, Europe, Middle East and Africa, and South America). Fleet replacement programs are a major driver for the growth of the submarine market during the forecast period.

The submarine fiber cable market is estimated to grow at a CAGR of 12.2% between 2022 and 2027. The size of the market is forecast to increase by USD 4,852.77 million. This report extensively covers market segmentation by source (consortia, private enterprises, and governments and development banks), service type (installation, maintenance, and upgrade), and geography (APAC, North America, Europe, Middle East and Africa, and South America). The rapid developments in telecommunication networks are notably driving market growth.

Submarine Power Cable Market Scope

Report Coverage

Details

Base year

2021

Historic period

2017-2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 4.5%

Market growth 2022-2026

USD 1.05 billion

Market structure

Fragmented

YoY growth 2022- 2023 (%)

3.5

Regional analysis

Europe, APAC, North America, Middle East and Africa, and South America

Performing market contribution

Europe at 47%

Key countries

US, China, Japan, Germany, and UK

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

ABB Ltd., Eland Cables Ltd., Europacable, Fujikura Ltd., Furukawa Electric Co Ltd, HELUKABEL Romania Srl, Hengtong Group Co Ltd, Hydro Group, Jiangsu Zhongtian Technology Co Ltd, KEI Industries Ltd, Leoni AG, LS Cable and System Ltd., Nexans SA, NKT AS, Parker Hannifin Corp., Prysmian Spa, Southwire Co. LLC, Subsea 7 SA, Sumitomo Electric Industries Ltd., and The Okonite Co.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table Of Contents :

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2021

3.4 Market outlook: Forecast for 2021-2026

4 Five Forces Analysis

4.1 Five forces summary

4.2 Bargaining power of buyers

4.3 Bargaining power of suppliers

4.4 Threat of new entrants

4.5 Threat of substitutes

4.6 Threat of rivalry

4.7 Market condition

5 Market Segmentation by End-user

5.1 Market segments

5.2 Comparison by End-user

5.3 Offshore wind - Market size and forecast 2021-2026

5.4 Island connection and inter-country - Market size and forecast 2021-2026

5.5 Offshore oil - Market size and forecast 2021-2026

5.6 Others - Market size and forecast 2021-2026

5.7 Market opportunity by End-user

6 Customer Landscape

6.1 Customer landscape overview

7 Geographic Landscape

7.1 Geographic segmentation

7.2 Geographic comparison

7.3 Europe - Market size and forecast 2021-2026

7.4 APAC - Market size and forecast 2021-2026

7.5 North America - Market size and forecast 2021-2026

7.6 Middle East and Africa - Market size and forecast 2021-2026

7.7 South America - Market size and forecast 2021-2026

7.8 US - Market size and forecast 2021-2026

7.9 Germany - Market size and forecast 2021-2026

7.10 China - Market size and forecast 2021-2026

7.11 UK - Market size and forecast 2021-2026

7.12 Japan - Market size and forecast 2021-2026

7.13 Market opportunity by geography

8 Drivers, Challenges, and Trends

8.1 Market drivers

8.2 Market challenges

8.3 Impact of drivers and challenges

8.4 Market trends

9 Vendor Landscape

9.1 Overview

9.2 Vendor landscape

9.3 Landscape disruption

9.4 Industry risks

10 Vendor Analysis

10.1 Vendors covered

10.2 Market positioning of vendors

10.3 ABB Ltd.

10.4 Eland Cables Ltd.

10.5 Fujikura Ltd.

10.6 Furukawa Electric Co Ltd

10.7 Hengtong Group Co Ltd

10.8 Leoni AG

10.9 Nexans SA

10.10 NKT AS

10.11 Prysmian Spa

10.12 Sumitomo Electric Industries Ltd.

11 Appendix

11.1 Scope of the report

11.2 Inclusions and exclusions checklist

11.3 Currency conversion rates for US$

11.4 Research methodology

11.5 List of abbreviations

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Contact

Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]: www.technavio.com/

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