Submarine Power Cable Market Scenario
The submarine power cable market is expected to grow from an estimated market size of USD 8.12 Billion in 2018 to USD 16.56 Billion by 2023, at a CAGR of 15.32%, from 2018 to 2023.
The overall submarine power cable market is set to witness significant growth because of the increasing offshore wind installations, growing demand for inter-country and island connection, and demand from offshore oil & gas sector. Increasing demand for HVDC connections is one of the major opportunities for the submarine power cable market.
The high cost of installation and complexity in the repair of deepwater cable links have adversely affected the demand for submarine power cables. Any fault or repair in submarine power cables imposes a significant amount of cost to be spent toward the repair and re-deployment process. Thus, repairing any fault to such critical infrastructure poses physical and monetary challenges.
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Segmentation:
The global submarine power cable market is segmented into Type, Voltage, Conductor Material, End-User and Region.
By type, the global submarine power cable market is segmented into single core and multicore cables. The single core segment is also projected to grow at the fastest rate during the forecast period as it results in easier and more economical deployment.
By end-user, the global submarine power cable market is segmented into Offshore Wind Power Generation, Inter-Country & Island Connection, & Offshore Oil & Gas. The offshore wind power generation segment is likely to accrue the highest revenue for the global submarine power cable market over the forecast period .
By region, the global submarine power cable market is segmented into 5 regions; The submarine power cable market in Europe is driven by countries such as UK, Germany, Denmark, and Netherlands. The demand for submarine power cables in this sector is driven by rising offshore wind installations accelerated by significant technology advances. Asia Pacific, North America, Europe, the Middle East & Africa, and South America.
Key Market Players:
Prysmian (Italy), Nexans (France), NKT (Denmark), General Cable (US), and Furukawa Electric (Japan).
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Objectives of the Study
- To define, describe, and forecast the global submarine power cables market on the basis of type, voltage, end-user, conductor material type, and region
- To provide detailed information on major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze the submarine power cables market with respect to individual growth trends, future expansions, and contributions to the market
- To analyze market opportunities for stakeholders and details of a competitive landscape for market leaders
- To forecast the growth of the submarine power cables market with respect to major regions (North America, Europe, Asia Pacific, South America, and Middle East & Africa)
- To profile key players and comprehensively analyze their market ranking and core competencies
- To analyze competitive developments, such as mergers & acquisitions, expansion, new product developments, and contracts & agreements in the field of submarine power cables market
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