Submarine Power Cable Market by Type (Single, Multicore), Voltage (Medium, High), Conductor Material (Copper, Aluminum), End-User (Offshore Wind Power Generation, Inter-Country & Island Connection, & Offshore Oil & Gas), and Region - Global Forecast to 2023
[140 Pages Report] The global submarine power cable market was valued at USD 6.11 Billion in 2017 and is projected to reach USD 16.56 Billion by 2023, at a CAGR of 15.32% during the forecast period. New offshore wind capacity additions and increasing demand for grid interconnections & island connections, along with demand from offshore oil & gas sector, drive the submarine power cables market growth. Increasing demand for HVDC connection is one of the major opportunities for this market.
Years considered for the study are as follows:
- Base year: 2017
- Estimated year: 2018
- Projected year: 2023
- Forecast period: 20182023
The base year for company profiles is 2017. Whenever information was unavailable for the base year, the prior year has been considered.
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
Research Methodology
This research study involved the use of extensive secondary sources, directories, and databases such as Bloomberg Businessweek and Factiva to identify and collect information useful for a technical, market-oriented, and commercial study of the overall submarine power cable market. Primary sources include industry experts from core and related industries such as preferred suppliers, manufacturers, distributors, technology developers, standards and certification organizations of companies, and organizations related to all the segments of this industrys value chain. The points below explain the research methodology.
- Study of annual revenues and market developments of major players that provide submarine power cables
- Analyses of major end users of submarine power cable
- Assessment of future trends and growth of the submarine power cables market
- Assessment of the submarine power cables market on the basis of types of submarine power cables
- Study of the contracts & developments related to the market by key players across different regions
- Finalization of overall market sizes by triangulating the supply-side data, which include product developments, supply chains, and annual revenues of companies providing submarine power cable across the globe
After arriving at the overall market size, the overall market has been split into several segments and subsegments. The figure given below illustrates the breakdown of primaries conducted during the research study on the basis of company type, designation, and region.
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Major manufacturers in the submarine power cable market include Prysmian (Italy), Nexans (France), NKT (Denmark), General Cable (US), and Furukawa Electric (Japan). Manufacturers such as Sumitomo Electric (Japan), KEI Industries (India), LS Cable & System (South Korea), ZTT (China), TFKable Group (JDR Cables) (Poland), Hydro Group (UK), and Hengtong Marine Cable system (China) either participate in the supply of raw materials/auxiliary components or directly sell submarine power cables through authorized distribution channels.
Target Audience:
The reports target audience includes:
- Submarine power cable manufacturing company
- Industry and consulting firms
- State and national regulatory authorities
- Transmission and distribution utilities
- Government and industry associations
- Submarine cable associations
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Request SampleScope of the Report
:
- By Type
- Single core
- Multicore
- By Voltage
- Medium voltage
- High voltage
- By End-User
- Offshore wind power generation
- Inter-country and island connection
- Offshore oil & gas
- By Conductor Material
- Copper
- Aluminum
- By Region
- Asia Pacific
- North America
- Europe
- South America
- Middle East & Africa
Available Customizations:
With the given market data, MarketsandMarkets offers customizations as per the clients specific needs. The following customization options are available for this report:
Regional Analysis
Further breakdown of regional or country-specific analyses
Company Information
Detailed analyses and profiling of additional market players (up to 5)
The overall submarine power cable market is estimated to grow from USD 8.12 Billion in 2018 to USD 16.56 Billion by 2023, at a CAGR of 15.32%. The submarine power cables market is driven by factors such as new capacity additions in the offshore wind industry and increasing demand for inter-country & island connections. Growth in demand from the offshore oil & gas sector is expected to boost the demand for submarine power cables. The increasing demand for HVDC connections presents a great opportunity for the submarine power cables market because of significant investments being made in it.
The report segments the submarine power cable market, by type, into single core and multicore cables. The single core segment is estimated to lead the submarine power cables market in 2018. 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. In Europe, the demand for single core submarine power cables is from the offshore wind sector. This is likely to boost the overall single core market.
Based on end-user, the offshore wind power generation segment accounted for the largest market size in 2017. The submarine power export cables play a vital role in connecting the offshore wind farms to the mainland. Additionally, inter-array submarine power cables are used to connect offshore wind turbines to the offshore substation and to connect adjacent offshore turbines. Technology advancements and falling offshore wind cost are expected to drive the offshore wind power generation segment of the market by end user.
The submarine power cables market has been analyzed on the basis of 5 regions: Asia Pacific, North America, Europe, the Middle East & Africa, and South America. The market in Europe is expected to lead the global submarine power cables market by 2023. The market size in this region can be attributed to the booming offshore wind industry, of which submarine power cables are major components. UK and Germany are the key markets for submarine power cables in Europe. The growing demand for inter-country connections coupled with demand from offshore oil & gas sector is expected to drive the market in Europe.
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.
Key players in the submarine power cable market include Prysmian (Italy), Nexans (France), NKT (Denmark), General Cable (US), and Sumitomo (Japan). Contracts & Agreements was the most commonly adopted strategy by the top players in the market from 2015 to 2018 (April). It was followed by investments & expansions, collaborations & partnerships, and product launches.
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Table of Contents
1 Introduction (Page No. - 14)
1.1 Objectives of the Study
1.2 Definition
1.3 Market Scope
1.3.1 Market Segmentation
1.3.2 Regional Scope
1.4 Years Considered for the Study
1.5 Currency
1.6 Limitations
1.7 Stakeholders
2 Research Methodology (Page No. - 18)
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Key Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.1.2.2 Key Industry Insights
2.1.2.3 Breakdown of Primaries
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.2 Top-Down Approach
2.3 Market Breakdown & Data Triangulation
2.4 Assumptions
3 Executive Summary (Page No. - 26)
4 Premium Insights (Page No. - 31)
4.1 Market, By Country
4.2 Market, By Conductor Type
4.3 Market, By Type
4.4 Market, By Voltage
4.5 Market, By End-User
4.6 Europe Market
5 Market Overview (Page No. - 36)
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Number of Offshore Wind Farms
5.2.1.2 Increasing Demand for Inter-Country & Island Power Connections
5.2.1.3 Demand From Offshore Oil & Gas Operations
5.2.2 Restraints
5.2.2.1 High Cost of Installation and Complexity in the Repair of Deepwater Cables
5.2.2.2 Regulatory, Environmental, & Complex Authorization Procedures Leading to Delays
5.2.3 Opportunity
5.2.3.1 Increasing Demand for High Voltage Direct Current (HVDC) Submarine Power Cables
5.2.4 Challenges
5.2.4.1 Technical Challenges Regarding Implementation and Installation
5.2.4.2 Damages Caused to Cables By Human Interventions
6 Market, By Type (Page No. - 47)
6.1 Introduction
6.2 Single Core
6.3 Multicore
7 Market, By Voltage (Page No. - 51)
7.1 Introduction
7.2 Medium Voltage
7.3 High Voltage
8 Market, By Conductor Material (Page No. - 55)
8.1 Introduction
8.2 Copper
8.3 Aluminum
9 Market, By End-User (Page No. - 59)
9.1 Introduction
9.2 Offshore Wind Power Generation
9.3 Inter-Country & Island Connection
9.4 Offshore Oil & Gas
10 Market, By Region (Page No. - 66)
10.1 Introduction
10.2 Europe
10.2.1 By Type
10.2.2 By Voltage
10.2.3 By Conductor Material
10.2.4 By Country
10.2.4.1 UK
10.2.4.2 Germany
10.2.4.3 Denmark
10.2.4.4 Netherlands
10.2.4.5 Norway
10.2.4.6 Rest of Europe
10.3 Asia Pacific
10.3.1 By Type
10.3.2 By Voltage
10.3.3 By Conductor Material
10.3.4 By Country
10.3.4.1 China
10.3.4.2 Japan
10.3.4.3 South Korea
10.3.4.4 Malaysia
10.3.4.5 Indonesia
10.3.4.6 Rest of Asia Pacific
10.4 North America
10.4.1 By Type
10.4.2 By Voltage
10.4.3 By Conductor Material
10.4.4 By Country
10.4.4.1 US
10.4.4.2 Canada
10.4.4.3 Mexico
10.5 Middle East & Africa
10.5.1 By Type
10.5.2 By Voltage
10.5.3 By Conductor Material
10.5.4 By Country
10.5.4.1 Saudi Arabia
10.5.4.2 UAE
10.5.4.3 Angola
10.5.4.4 Rest of the Middle East & Africa
10.6 South America
10.6.1 By Type
10.6.2 By Voltage
10.6.3 By Conductor Material
10.6.4 By Country
10.6.4.1 Brazil
10.6.4.2 Argentina
10.6.4.3 Rest of South America
11 Competitive Landscape (Page No. - 97)
11.1 Introduction
11.2 Market Share Analysis
11.3 Competitive Scenario
11.3.1 Contracts & Agreements
11.3.2 Expansions & Investments
11.3.3 New Product Launches
11.3.4 Collaborations & Partnerships
11.3.5 Mergers & Acquisitions
12 Company Profiles (Page No. - 102)
(Overview, Product Offerings, Recent Developments & MnM View)*
12.1 Benchmarking
12.2 Prysmian
12.3 Nexans
12.4 General Cable Corporation
12.5 NKT
12.6 Sumitomo Electric
12.7 Furukawa Electric
12.8 ZTT
12.9 KEI Industries
12.10 LS Cable & System
12.11 Tele-Fonika Kable
12.12 Hydro Group
12.13 Hengtong Group
*Details on Overview, Product Offerings, Recent Developments & MnM View Might Not Be Captured in Case of Unlisted Companies.
13 Appendix (Page No. - 131)
13.1 Insights of Industry Experts
13.2 Discussion Guide
13.3 List of Additional Key Players
13.3.1 Cablel Hellenic Cables Group
13.3.2 Gaon Cable
13.3.3 TMC
13.4 Knowledge Store: Marketsandmarkets Subscription Portal
13.5 Introducing RT: Real-Time Market Intelligence
13.6 Available Customizations
13.7 Related Reports
13.8 Author Details
List of Tables (64 Tables)
Table 1 Global Submarine Power Cable Market Snapshot
Table 2 Submarine Cable Projects in Europe, 20182040
Table 3 Global Submarine Power Cable Market Size, By Type, 20162023 (USD Million)
Table 4 Single Core: Market Size, By Region, 20162023 (USD Million)
Table 5 Multicore: Market Size, By Region, 20162023 (USD Million)
Table 6 Global Submarine Power Cable Market Size, By Voltage, 20162023 (USD Million)
Table 7 Medium Voltage: Market Size, By Region, 20162023 (USD Million)
Table 8 High Voltage: Market Size, By Region, 20162023 (USD Million)
Table 9 Global Submarine Power Cable Market Size, By Conductor Material, 20162023 (USD Million)
Table 10 Properties of Copper and Aluminium
Table 11 Copper: Submarine Power Cable Market Size, By Region, 20162023 (USD Million)
Table 12 Aluminum: Market Size, By Region, 20162023 (USD Million)
Table 13 Global Market Size, By End-User, 20162023 (USD Million)
Table 14 Offshore Wind Projects, 20162017
Table 15 Offshore Wind Power Generation: Submarine Power Cable Market Size, By Region, 20162023 (USD Million)
Table 16 Global Submarine Interconnection Projects, 20182027
Table 17 Inter-Country & Island Connection: Market Size, By Region, 20162023 (USD Million)
Table 18 Offshore Oil & Gas: Market Size, By Region, 20162023 (USD Million)
Table 19 Global Submarine Power Cable Market Size, By Region, 20162023 (USD Million)
Table 20 Europe Offshore Wind Sites With Grid-Connected Turbines, 2017
Table 21 Europe: Submarine Power Cable Market Size, By Type, 20162023 (USD Million)
Table 22 Europe: Market Size, By Voltage, 20162023 (USD Million)
Table 23 Europe: Market Size, By Conductor Material, 20162023 (USD Million)
Table 24 Europe: Submarine Power Cable Market Size, By Country, 20162023 (USD Million)
Table 25 Investments in European Offshore Wind Farms in 2017
Table 26 UK: Market Size, By End-User, 20162023 (USD Million)
Table 27 Germany: Submarine Power Cable Market Size, By End-User, 20162023 (USD Million)
Table 28 Denmark: Submarine Power Cable Market Size, By End-User, 20162023 (USD Million)
Table 29 Netherlands: Market Size, By End-User, 20162023 (USD Million)
Table 30 Norway: Market Size, By End-User, 20162023 (USD Million)
Table 31 Rest of Europe: Market Size, By End-User, 20162023 (USD Million)
Table 32 Asia Pacific: Submarine Power Cable Market Size, By Type, 20162023 (USD Million)
Table 33 Asia Pacific: Market Size, By Voltage, 20162023 (USD Million)
Table 34 Asia Pacific: Market Size, By Conductor Material, 20162023 (USD Million)
Table 35 Asia Pacific: Market Size, By Country, 20162023 (USD Million
Table 36 China: Submarine Power Cable Market Size, By End-User, 20162023 (USD Million)
Table 37 Japan: Market Size, By End-User, 20162023 (USD Million)
Table 38 South Korea: Market Size, By End-User, 20162023 (USD Million)
Table 39 Malaysia: Market Size, By Application, 20162023 (USD Million)
Table 40 Indonesia: Market Size, By End-User, 20162023 (USD Million)
Table 41 Rest of Asia Pacific: Submarine Power Cable Market Size, By End-User, 20162023 (USD Million)
Table 42 North America: Submarine Power Cable Market Size, By Type, 20162023 (USD Million)
Table 43 North America: Market Size, By Voltage, 20162023 (USD Million)
Table 44 North America: Market Size, By Conductor Material, 20162023 (USD Million)
Table 45 North America: Market Size, By Country, 20162023 (USD Million)
Table 46 US: Submarine Power Cable Market Size, By End-User, 20162023 (USD Million)
Table 47 Canada: Market Size, By End-User, 20162023 (USD Million)
Table 48 Mexico: Market Size, By End-User, 20162023 (USD Million)
Table 49 Middle East & Africa: Submarine Power Cable Market Size, By Type, 20162023 (USD Million)
Table 50 Middle East & Africa: Market Size, By Voltage, 20162023 (USD Million)
Table 51 Middle East & Africa: Market Size, By Conductor Material, 20162023 (USD Million)
Table 52 Middle East & Africa: Market Size, By Country, 20162023 (USD Billion)
Table 53 Saudi Arabia: Market Size, By Application, 20162023 (USD Million)
Table 54 UAE: Submarine Power Cable Market Size, By End-User, 20162023 (USD Million)
Table 55 Angola: Market Size, By End-User, 20162023 (USD Million)
Table 56 Rest of the Middle East: Market Size, By End-User, 20162023 (USD Million)
Table 57 South America: Submarine Power Cable Market Size, By Type, 20162023 (USD Million)
Table 58 South America: Market Size, By Power Rating, 20162023 (USD Million)
Table 59 South America: Market Size, By Conductor Material, 20162023 (USD Million)
Table 60 South America: Market Size, By Country, 20162023 (USD Million)
Table 61 Brazil: Submarine Power Cable Market Size, By End-User, 20162023 (USD Million)
Table 62 Argentina: Market Size, By End-User, 20162023 (USD Million)
Table 63 Rest of South America: Market Size, By End-User, 20162023 (USD Million)
Table 64 Developments By Key Players in the Market, 20152018
List of Figures (42 Figures)
Figure 1 Submarine Power Cable Market Segmentation
Figure 2 Submarine Power Cable Market Research Design
Figure 3 Bottom-Up Approach
Figure 4 Top-Down Approach
Figure 5 Data Triangulation Methodology
Figure 6 Assumptions of Research Study
Figure 7 Europe Held the Largest Share in the Submarine Power Cables Market in 2017
Figure 8 High Voltage Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 9 Single Core Segment to Dominate the Submarine Power Cable Market in 2017
Figure 10 Copper Segment is Expected to Dominate the Submarine Power Cable Market From 2018 to 2023
Figure 11 Offshore Wind Power Generation Segment is Expected to Grow at the Fastest Rate in the Submarine Power Cable Market During the Forecast Period
Figure 12 Attractive Opportunities in the Submarine Power Cables Market, 20182023
Figure 13 UK is Estimated to Grow at the Fastest Rate in the Global Submarine Power Cable Market During the Forecast Period
Figure 14 Copper Segment is Expected to Grow at the Fastest Rate During the Forecast Period
Figure 15 Single Core Segment is Expected to Dominate the Submarine Power Cable Market During the Forecast Period
Figure 16 High Voltage Segment Dominated the Market in 2016, While Europe Dominated the High Voltage Segment
Figure 17 Offshore Wind Power Generation Segment is Estimated to Grow at the Fastest Rate During the Forecast Period
Figure 18 UK Accounted for the Largest Share of the European Submarine Power Cable Market in 2017
Figure 19 Market Dynamics: Submarine Power Cables Market
Figure 20 Global Annual Cumulative Offshore Wind Capacity, 20112017
Figure 21 Annual Cumulative Offshore Wind Capacity, By Country, 2016 & 2017
Figure 22 Global Offshore Investments, 20102022
Figure 23 Submarine Power Cable Faults By Cause
Figure 24 Submarine Power Cables Market, By Type, 2017
Figure 25 Market, By Voltage, 2017
Figure 26 Market, By Conductor Material, 2017
Figure 27 Submarine Power Cables Market, By End-User, 2017
Figure 28 Europe is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 29 Europe Led the Submarine Power Cables Market in 2017
Figure 30 Europe: Market Snapshot
Figure 31 Asia Pacific: Market Snapshot
Figure 32 Key Developments in the Submarine Power Cable Market During 20152018
Figure 33 Ranking of Players & Industry Concentration 2017
Figure 34 Prysmian: Company Snapshot
Figure 35 Nexans: Company Snapshot
Figure 36 General Cable Corporation: Company Snapshot
Figure 37 NKT: Company Snapshot
Figure 38 Sumitomo Electric: Company Snapshot
Figure 39 Furukawa Electric: Company Snapshot
Figure 40 ZTT: Company Snapshot
Figure 41 KEI Industries: Company Snapshot
Figure 42 LS Cable & System: Company Snapshot
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Growth opportunities and latent adjacency in Submarine Power Cable Market