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Projected to observe a promising growth trajectory between 2022 and 2027, global submarine power cables market is expected to surpass the valuation of US$11.2 Bn by the end of forecast period. In a recently published study, Fairfield Market Research forecasts strong growth prospects for global submarine power cables market, largely influenced by the consistent rise in the entry of new cables in service and increasing rate of decommissioning of old cables over the recent past. With the key nations across the globe accelerating their journey toward the net-zero carbon emission goals, investments in green power will continue to be on an uptrend. Developments in offshore wind farms over the recent past are especially expected to aid market growth in future.
HVDC Cables Remain Dominant, Preference for Single Core Cables Intact
The report highlights the fact that the high voltage (HVDC) cables remain highly preferred in submarine power cables market in terms of voltage. The strong market positioning of HVDC cables is attributable to their reliability for bulk power distribution application. On the other side, single core cables remain dominant with over 79% value share in the market on the back of their economical deployment, and technical ease. Sales of single core cables will remain buoyant with sustained demand coming from the offshore wind sector. In terms of conductor, copper continues to garner greater preference over aluminum.
Offshore Projects Hold Noteworthy Opportunities
Global submarine power cables market is projected to benefit from rising global energy demands, and the subsequently growing significance of power distribution through the development of greater subsea power cables. While developments in green energy sector have especially been remarkable across the key European, and Asian markets, investments in offshore wind power are likely to attain momentum. In addition, the growth of offshore oil and gas sector will also bode well for the market. Increasing offshore windmills will be instrumental to the market build-up, says the report.
Asia Pacific to Turn Lucrative as New Installations Underway, Europe’s Primacy Prevails
Europe remains the hub for a majority of power cable manufacturers as the region continues to generate remarkable demand for inter-connector cables laid to move energy freely through the continent and ensure the security of supply. The submarine power cables market in Europe is likely to maintain its lead on the global front according to the report. On the other hand, North America, and Asia Pacific will also represent the next important markets, majorly upheld by the top-performing markets like the US, and Japan. While these nations continue to surge ahead with strong presence of some of the globally leading companies, the report projects a sharp growth outlook for the market in the US as the country has been witnessing rapid advent of the offshore renewable energy sector that creates heavy demand for export cables from wind, wave, and tidal installations. The market in Asia Pacific continues to see the primacy of China, and Japan, and will benefit from a lucrative market positioning in the global undersea cable race.
Global Submarine Power Cables Market Competition
The competition analysis section of the global submarine power cables market report covers detailed financial and strategic profiles of some of the prominent players leading global competition. Some of the company names considered for competitive analysis include Nexans S.A., Prysmian Group, NKT A/S, Furukawa Electric Co., LTD., Sumitomo Electric Industries, Ltd., ABB, LS Cable & System Ltd, ZTT, KEI Industries Limited, and Hengtong Marine Cable Systems.
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