The overall submarine power cable market is estimated to be valued at USD 8.12 Billion in 2018 and is projected to reach USD 16.56 Billion by 2023, at a CAGR of 15.32% during the forecast period. In 2018, Europe is estimated to be the largest market for submarine power cables, followed by Asia Pacific and North America. The growth of the submarine power cable market is driven by new offshore wind capacity additions in Europe and Asia Pacific, increasing demand for inter-country and island connections, and rising demand from the offshore oil & gas sector. The increasing need for HVDC connections presents a significant opportunity for the submarine power cable market.
The submarine power cable market comprises both global and regional players. Key players operating in the market include Prysmian (Italy), Nexans (France), NKT (Denmark), General Cable (US), and Furukawa Electric (Japan). Contracts & agreements, investments & expansions, and collaborations & partnerships are the major strategies adopted by the players in the submarine power cable market. Contracts & agreements was the most commonly adopted strategy from 2015 to 2018 (April). Industry players also adopted the strategy of investments & expansions, which was the second-most widely followed strategy from 2015 to 2018 (April).
Prysmian is one of the largest providers of cable and system solutions to energy and telecom sectors. The company has 4 business segments: energy products, energy projects, telecom, and oil & gas. The company manufactures submarine power cables under the energy projects segment. Through these business segments, Prysmian provides products and solutions for power transmission and distribution, of specialty cables for applications in many different industries and of medium- and low-voltage cables for construction and infrastructure sectors. In October 2017, Prysmian entered into a contract with Suomen Hyötytuuli (Finland) to supply approx. 14 km of 30-kV submarine cable for 10 additional turbines for the Tahkoluoto offshore wind farm located in the Baltic Sea.
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Nexans is one of the leading technology companies offering products, solutions, and services in the fields of industrial automation, utilities, transmission and distribution, and oil & gas, among others, across the globe. The company operates through 4 segments: transmission and distribution & operators, industry, distributors & installers, and other activities. Nexans provides submarine power cables under its transmission and distribution & operators segment. Through its transmission and distribution & operators segment, the company also provides high-, medium-, and low-voltage underground and overhead cables to cater to various end-use industries, such as oil & gas, energy resources, building, and communication. The company adopted investment & expansion as one of its key growth strategies to strengthen its presence in the market. In November 2017, Nexans opened a high-voltage test laboratory to enhance its cable testing capacity up to 1.5 million volts at its Calais Center of Excellence in France.
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
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