Submarine Power Cable Market size was valued at US$ 7.64 Bn. in 2021 and the total revenue is expected to grow at 6.4 % through 2022 to 2027, reaching nearly US$ 11.09 Bn. by 2027.
Several cable systems buried in the ocean transmit electricity generated by marine wind turbines to the rest of the world. As a result, the increasing investment of developed and developing countries in offshore wind turbines to generate wind power increases demand for underwater power lines, thereby expanding the submarine power cable market.
Submarine Power Cable Market Report Scope and Research Methodology:
The study examines the most important Submarine Power Cable market trends and how they will affect new business investments and industry development. Market trends influence new technology, new rules, government investment, new uses, foreign entry, and other industry dynamics. This research includes a detailed trend analysis to help clients make decisions about expanding their presence in the Submarine Power Cable market.
The Submarine Power Cable Market Research offers unique key statistics, facts, information, trends, and competitive landscape insights in the specific field. The current state of the Submarine Power Cable market is examined, and the market is projected through 2029. The study is likely to include company profiles, capacity, production, price, cost, revenue, and contact information for the leading manufacturers of Submarine Power Cable market share.
Submarine Power Cable Market overview:
According to market research, the total Submarine Power Cable Market is expected to grow rapidly. The report covers the Submarine Power Cable market's growth drivers, major restraints, upcoming challenges, and current opportunities. The report includes a region- and segment-specific analysis of the dynamics and Submarine Power Cable market size.
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Submarine Power Cable Market Key Players include:
Crunchbase Company (Netherlands)
Prysmian (Italy)
Nexans (France)
NKT (Denmark)
General Cable (US)
Furukawa Electric (Japan)
Sumitomo Electric (Japan)
KEI Industries (India)
LS Cable & System (South Korea)
ZTT (China)
TFKable Group (JDR Cables) (Poland)
Hydro Group (UK)
Hengtong Marine Cable system (China)
Americor Electronics (US)
Supreme Cables (US)
Submarine Power Cable Market Dynamics:
Rising investment in offshore farms, increased data traffic, and investment by OTT providers to meet demand are the major factors driving the Submarine Power Cable market. Underwater cables are widely used for power transmission, communication, and internet access. They are widely used in the transportation of energy from oil ore to power plants, as well as in communications between countries and islands. One of the major factors influencing demand for low power cables is the growing demand for international grid connectivity. Underwater communication cables are used to connect countries. Submarine cables carry 97% of global internet traffic, and product demand is expected to rise sharply as internet usage grows.
Submarine Power Cable Market Segmentation:
By Voltage Type, the high voltage segment will account for approximately 66.5% of total revenue by 2021. High voltage power cables with a voltage rating of more than 33kV are widely used for power transmission and distribution. As a result, the ever-increasing demand for HVDC hydroelectric power cables, as well as the growing investment in offshore wind turbines, are significant factors driving the segment of high voltage submarine power cables. High voltage cables reduce transmission losses, allowing for more efficient transmission. The HVDC power system develops at high speeds and allows for the transfer of electricity from major power sources to a large country. Several companies and development centers, including the North Seas Countries Offshore Grid Initiative, CIGRE, and others, are supporting the expansion of HVDC energy programs.
The submarine power cable market is divided into dry plant and wet plant components based on component. This submarine power cable market segment is dominated by dry plant products. By 2021, dry plat products would have accounted for 73.6% of the submarine power cable market revenue. This is due to cost-cutting and the most recent technological advancements in dry plant cables, as SDM cables are durable and strong, have aluminum conductors, smart cables: emergency earthquake and tsunami warnings, repeated pumping, underwater virtual networks, artificial intelligence, and machine learning in underwater systems, and so on.
End-user revenue for offshore wind turbines was estimated to be 45% of the total submarine power cable market by 2021. Increased investment in offshore wind turbines and underground power lines to divert long-distance energy from these plants are significant factors influencing the size of the ever-expanding submarine power cable market. From 2022 to 2027, the market share of oil and gas on the coast is expected to grow at a significant annual rate of 4.9%. From 2022 to 2027, increased deep water mining and underwater operations are expected to drive the market. Some developing countries in South America, the Middle East, and Africa are expanding their oil and gas investments abroad, which is fueling the growth of the submarine power cable market.
Submarine Power Cable Market Regional Insights:
The report includes a detailed analysis of all the regions and their countries mentioned below:
Key Questions answered in the Submarine Power Cable Market Report are:
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Established in 2018, Stellar Market Research is India Based consulting and advisory firm focused on helping clients to reach their business transformation objectives with advisory services and strategic business.
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Mar 22, 2023
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