The global submarine power cable market is projected to reach USD 22.3 billion by 2028 from an estimated USD 12.9 billion in 2023, at a CAGR of 11.5% during the forecast period. Factors such as the need of growth in the offshore wind energy capacities, and rise in the demand for HVDC submarine power cable projects in the countries to drive the demand.
The Submarine Power Cable market is served by a mix of large international players with global operational presence and local players with a strong domestic supply network.
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Prysmian S.p.A (Italy), Sumitomo electric industries (Japan), LS Cable & System Ltd. (South Korea), NKT A/S (Denmark), and Nexans (France) are the market leaders in the global Submarine Power Cable market. These companies use strategies such as acquisitions, sales contracts, product launches, partnerships to increase their market share.
Sumitomo Electric Industries, Ltd. (Japan) is a Japanese multinational company that manufactures electric cables and wire products. It offers products through its five business segments namely, Environment & Energy, info-communications, Automotive, electronics and industrial materials etc. The company offers High voltage cables and accessories with the help of the environment and energy segment. Sumitomo has a strong presence in North America, the Middle East & Africa, Europe, South America, and Asia Pacific and is operating in over 40 countries around the world with 414 subsidiaries and affiliates.
Prysmian S.p.A (Italy) is one of the leaders that manufactures cables and system solutions with an experience of over 140 years. The company offers solutions for utilities & power grids, telecom, construction & infrastructure, transportation, and mobility. The company offers high voltage cables through its energy and projects operating segment. The company has a strong presence in 50 countries with 108 plants, 25 research and development centers across the globe.
Nexans (France) is renowned for its vast expertise in manufacturing, installation, and integration of cables and systems. The company provides a comprehensive range of cable products and services including rigid and flexible wires, rods, conductors, switches, tools, connectors, and spare parts. Nexans caters to various sectors such as automotive, building, nuclear, mining, energy, and telecom, offering their services and solutions worldwide. The company has a strong presence in 51 countries across North America, South America, Asia Pacific, Middle East & Africa and Europe and has its headquarters in Paris, France.
Submarine Power Cable Market by Core Type (Single-core, Multi-core), Voltage (Medium, High), Conductor Material (Copper, Aluminium), End Use (Offshore Wind, Inter-Country & Island Connection, Offshore Oil & Gas), Type and Region - Global Forecast to 2028
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