Market overview
A submarine power cable is a type of transmission cable used for carrying electric power under the water’s surface. It is also called submarine cable because it usually carries electric power under saltwater such as arms of the sea, straits and oceans. The expenses for the establishment and complex administration are hindering the market recently the number of submarines is increasing as it requires exports from tide, wind and wave. Submarine wide cables are used to transfer power with high voltage. Due to the focus on the environmental issue, the submarine power cable market is gaining exposure. The oil and gas industries are replacing the local system on platforms with power feeding systems.
It is expected that the Submarine Power Cable Market will register USD 6.11 billion, and by 2023, the market will gain 16.56 billion with a CAGR of 15.32%. Due top pandemic, many ventures have declined, but with the situation getting controlled, the market will show promising development. The effect of the pandemic was negative for the market. The expanding interest between the country and island are driving the market. The increasing interest among the county associated with the request from the seaward oil and gas area is propelling the market growth. The market players have been going with the ongoing market trends and finding ways to develop the market.
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Market segmentation
The Submarine Power Cable Market is segmented by insulation type, voltage, conductor material, and end-user.
Based on the type, the market is classified into single-core and multicore. The single-core segment is dominating the market and is expected to grow quickly in the upcoming years due to the affordable and straightforward sending combined with multicore links.
The subsegments of the end-user are Offshore Wind Power Generation, Offshore Oil & Gas, Island Connection, and Wave & Tidal Power Generation. the offshore market segment will increase the growth rate of the market, and the submarine power cable carries out an important role in the connection of the offshore substation and adjacent offshore turbines. Up to 66 kV, 66 kV-220 VK and Above 220 VK are the variables of the Submarine Power Cable Market voltage segments. Above 220 VK will dominate the market due to the rapid expansion of ultra-high-tension transmission lines for long-lasting electric supply.
Regional analysis
Based on the region, the Submarine Power Cable Market is analysed in North America, Europe, Asia Pacific and other parts of the world. Europe is expected to dominate the market due to the increasing wind industry in the region, propelling the market’s demand. The growing demand for the offshore oil and gas industry boosts the market. Asia Pacific region is also increasing as the government is imposing several orders and promoting ways to develop renewable infrastructure to reduce pollution and power generation. all other regions that are a part of the development of the market are growing significantly and will rise the market in the forecast period
Top Key Players
Prysmian Group, NKT A/S, Nexans SA, Sumitomo Electric Industries Limited, ABB Ltd.
Industry news
An Italian cable manufacturer, the Prysmian group, secured 47 acres of land to develop a submarine power cable plant in somerset.
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