November 25, 2022 09:11 ET | Source: Fairfield Consultancy Services OPC Pvt Ltd Fairfield Consultancy Services OPC Pvt Ltd
London, Nov. 25, 2022 (GLOBE NEWSWIRE) -- Fairfield Market Research says in a newly published study that the global submarine power cables market gains from the sustained introduction of new power cables for service in the various marine industry applications. The rate of decommissioning of old cables has also been on the rise over the recent past, which also creates strong tailwinds for the market. The report estimates that with green power investments shooting up, the market will take a leap forward during the period of projection, 2022 – 2027. The estimated revenue of US$5.8 Bn (2022) of submarine power cables market is expected to reach over US$11.2 Bn by the end of 2027. Investors have been eyeing green power sector, which augurs well for submarine power cable sales. Moreover, the report also states that the dynamic developments in offshore wind farms will further facilitate the expansion of submarine power cables market growth in future.
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Single core cables currently account for over 79% of submarine power cables market share. The report attributes this dominance to the economical deployment of these cables, the perceived benefit of technical ease, and stable growth in demand across offshore wind projects. Voltage-wise analysis of the market reveals that high-voltage (HVDC) submarine power cables will continue to see preference for application in bulk power distribution. Copper remains the sought-after conductor over other alternatives like aluminum. On the other hand, offshore wind power, and offshore oil and gas sectors are likely to promise the maximum growth opportunity to submarine power cables companies on account of the rocketing investments. Among these, offshore wind power currently accounts for more than 65% market share, says the report.
Europe leads the pack in global submarine power cables market and will remain the largest demand generator for interconnector cables. The region has been a hub for some of the globally leading submarine power cables manufacturers Europe’s lead will remain intact in global submarine power cables market, majorly attributing to escalating demand for interconnector cables eyeing supply security across the region. The market here will benefit from mounting investments in HVDC submarine power cables especially for inter-country, and island connections. Led by the US, and Japan respectively, North America, and Asia Pacific represent the next key markets for submarine power cables. The latter will especially develop attractive potential as several new installations are underway. Green energy developments remain largely concentrated across Europe, and Asian markets. Investments continue to flow in, especially for the offshore wind power projects. The report marks that the market will gain momentum with notable growth in offshore windmills across both the regions. Besides, China, and India also emerge as the lucrative competitors in the undersea cables race.
Key Market Players in Global Submarine Power Cables Marketplace
Sumitomo Electric Industries, Ltd., Prysmian Group, ABB, Nexans S.A., NKT A/S, Furukawa Electric Co., LTD., Hengtong Marine Cable Systems, LS Cable & System Ltd, KEI Industries Limited, ZTT
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