Submarine power cable market to grow by USD 1.05 billion from 2021 to 2026|Growing offshore renewable energy installations to influence market growth - Technavio

NEW YORK, July 18, 2023 /PRNewswire/ -- The submarine power cable market is expected to grow by USD 1.05 billion from 2021 to 2026, according to Technavio. As per the latest report, the market will progress at a CAGR of 4.5% during the forecast period. An increase in sales of HVDC power cables is an emerging market trend. Generally, underground HVDC power cables are considered viable alternatives for the transmission of submarine power over long distances. These projects aim at ending energy isolation and removing the factors that hinder the growth of the European internal energy market. Furthermore,  renewable power projects are typically set up in places far away from the energy load centers, and in such cases, the losses incurred while transmitting power over AC lines are significantly high. Hence, such trends boost the market growth during the forecast period. View a Sample Report within minutes!

Submarine Power Cable Market 2022-2026: Scope

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. Our submarine power cable market report covers the following areas:

• Submarine Power Cable Market size
• Submarine Power Cable Market trends
• Submarine Power Cable Market industry analysis
• Submarine Power Cable Market five forces analysis
• Submarine Power Cable Market competitive landscape

Submarine Power Cable Market 2022-2026: Segmentation
Submarine Power Cable Market is segmented as below:

• End-user 
• Offshore Wind
• Island Connection And Inter-country
• Offshore Oil
• Others
• Geography 
• Europe
• APAC
• North America
• Middle East And Africa
• South America

The offshore wind segment will be significant for market growth during the forecast period. Offshore wind turbines can produce more energy using fewer turbines in comparison to conventional turbines. Furthermore, over 80% of the world's offshore wind power generation capacity is installed in Europe. Moreover, European countries have set a target that by 2030, more than 20% of their energy demand will be catered to by renewables. Hence, such factors drive the segment during the forecast period.

To learn more about the global trends impacting the future of market research, download a sample report!

Submarine Power Cable Market 2022-2026: Market Dynamics

Key Drivers

• One of the key drivers supporting the growth of the submarine power cable market is the increasing offshore renewable energy installations.
• Offshore wind power installations are rapidly expanding due to their higher capacity output, which can be up to 40% greater than onshore wind power generation.
• The offshore wind submarine power cable market is critical for transmitting newly generated energy from offshore wind turbines to the shore.
• Hence, such factors boost the growth of the submarine power cable market during the forecast period.

Major Challenges

• Challenges faced in laying and maintaining cables hinder the market growth during the forecast period. 
• The first step in the cable installation process is the selection of the path and any cable laying project is expected to sustain for a period of 25 years. This makes the selection of the path a significant challenge.
• The selected path must carry minimum risks and should not cause any damage to the cables. But the path should also be in an area that offers easy access to carry out repair activities.
• Hence, such factors impede market growth during the forecast period.

What's New? -

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
• Global competitiveness and key competitor positions
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!

Submarine Power Cable Market 2022-2026: Vendor Analysis

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. We provide a detailed analysis of around 25 vendors operating in the Submarine Power Cable Market, including some of the vendors such as ABB Ltd., Eland Cables Ltd., Europacable, Fujikura Ltd., Furukawa Electric Co Ltd, HELUKABEL Romania Srl, Hengtong Group Co Ltd, Hydro Group, Jiangsu Zhongtian Technology Co Ltd, KEI Industries Ltd, Leoni AG, LS Cable and System Ltd., Nexans SA, NKT AS, Parker Hannifin Corp., Prysmian Spa, Southwire Co. LLC, Subsea 7 SA, Sumitomo Electric Industries Ltd., and The Okonite Co. Backed with competitive intelligence and benchmarking, our research reports on the Submarine Power Cable Market are designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support.

Vendor Offerings

• Eland Cables Ltd.: The company offers a variety of cables and cable accessories for various industries, including railway, mining, marine, construction, and various others.
• Fujikura Ltd.: The company offers Power cables, Telecommunication cables, Aluminum wires, Enameled wires, Optical fibers, Optical fiber cables, Telecommunication components, Optical components, Fiber optic equipment, Network equipment, and Installation.

Submarine Power Cable Market 2022-2026: Key Highlights

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will assist submarine power cable market growth during the next five years
• Estimation of the submarine power cable market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the submarine power cable market
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of submarine power cable market vendors

Gain instant access to 17,000+ market research reports.
Technavio's SUBSCRIPTION platform

Related Reports:

The submarine market size is estimated to grow at a CAGR of 5.45% between 2022 and 2027 and the size of the market is forecast to increase by USD 8,990.05 million. This report extensively covers market segmentation by type (SSN, SSBN, and SSK), application (military and commercial), and geography (North America, APAC, Europe, Middle East and Africa, and South America). Fleet replacement programs are a major driver for the growth of the submarine market during the forecast period.

The submarine fiber cable market is estimated to grow at a CAGR of 12.2% between 2022 and 2027. The size of the market is forecast to increase by USD 4,852.77 million. This report extensively covers market segmentation by source (consortia, private enterprises, and governments and development banks), service type (installation, maintenance, and upgrade), and geography (APAC, North America, Europe, Middle East and Africa, and South America). The rapid developments in telecommunication networks are notably driving market growth.

Table Of Contents :

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 06: Executive Summary – Chart on Incremental Growth
• Exhibit 07: Executive Summary – Data Table on Incremental Growth
• Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 09: Parent market
• Exhibit 10: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 11: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 12: Market segments

• 3.3 Market size 2021

• 3.4 Market outlook: Forecast for 2021-2026 
• Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
• Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
• Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
• Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

• 4.1 Five forces summary
• Exhibit 17: Five forces analysis - Comparison between 2021 and 2026

• 4.2 Bargaining power of buyers 
• Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026

• 4.3 Bargaining power of suppliers 
• Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

• 4.4 Threat of new entrants 
• Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026

• 4.5 Threat of substitutes 
• Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026

• 4.6 Threat of rivalry
• Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026

• 4.7 Market condition
• Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by End-user

• 5.1 Market segments
• Exhibit 24: Chart on End-user - Market share 2021-2026 (%)
• Exhibit 25: Data Table on End-user - Market share 2021-2026 (%)

• 5.2 Comparison by End-user 
• Exhibit 26: Chart on Comparison by End-user
• Exhibit 27: Data Table on Comparison by End-user

• 5.3 Offshore wind - Market size and forecast 2021-2026 
• Exhibit 28: Chart on Offshore wind - Market size and forecast 2021-2026 ($ million)
• Exhibit 29: Data Table on Offshore wind - Market size and forecast 2021-2026 ($ million)
• Exhibit 30: Chart on Offshore wind - Year-over-year growth 2021-2026 (%)
• Exhibit 31: Data Table on Offshore wind - Year-over-year growth 2021-2026 (%)

• 5.4 Island connection and inter-country - Market size and forecast 2021-2026 
• Exhibit 32: Chart on Island connection and inter-country - Market size and forecast 2021-2026 ($ million)
• Exhibit 33: Data Table on Island connection and inter-country - Market size and forecast 2021-2026 ($ million)
• Exhibit 34: Chart on Island connection and inter-country - Year-over-year growth 2021-2026 (%)
• Exhibit 35: Data Table on Island connection and inter-country - Year-over-year growth 2021-2026 (%)

• 5.5 Offshore oil - Market size and forecast 2021-2026 
• Exhibit 36: Chart on Offshore oil - Market size and forecast 2021-2026 ($ million)
• Exhibit 37: Data Table on Offshore oil - Market size and forecast 2021-2026 ($ million)
• Exhibit 38: Chart on Offshore oil - Year-over-year growth 2021-2026 (%)
• Exhibit 39: Data Table on Offshore oil - Year-over-year growth 2021-2026 (%)

• 5.6 Others - Market size and forecast 2021-2026 
• Exhibit 40: Chart on Others - Market size and forecast 2021-2026 ($ million)
• Exhibit 41: Data Table on Others - Market size and forecast 2021-2026 ($ million)
• Exhibit 42: Chart on Others - Year-over-year growth 2021-2026 (%)
• Exhibit 43: Data Table on Others - Year-over-year growth 2021-2026 (%)

• 5.7 Market opportunity by End-user 
• Exhibit 44: Market opportunity by End-user ($ million)

6 Customer Landscape

• 6.1 Customer landscape overview 
• Exhibit 45: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

• 7.1 Geographic segmentation 
• Exhibit 46: Chart on Market share by geography 2021-2026 (%)
• Exhibit 47: Data Table on Market share by geography 2021-2026 (%)

• 7.2 Geographic comparison 
• Exhibit 48: Chart on Geographic comparison
• Exhibit 49: Data Table on Geographic comparison

• 7.3 Europe - Market size and forecast 2021-2026 
• Exhibit 50: Chart on Europe - Market size and forecast 2021-2026 ($ million)
• Exhibit 51: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
• Exhibit 52: Chart on Europe - Year-over-year growth 2021-2026 (%)
• Exhibit 53: Data Table on Europe - Year-over-year growth 2021-2026 (%)

• 7.4 APAC - Market size and forecast 2021-2026 
• Exhibit 54: Chart on APAC - Market size and forecast 2021-2026 ($ million)
• Exhibit 55: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
• Exhibit 56: Chart on APAC - Year-over-year growth 2021-2026 (%)
• Exhibit 57: Data Table on APAC - Year-over-year growth 2021-2026 (%)

• 7.5 North America - Market size and forecast 2021-2026 
• Exhibit 58: Chart on North America - Market size and forecast 2021-2026 ($ million)
• Exhibit 59: Data Table on North America - Market size and forecast 2021-2026 ($ million)
• Exhibit 60: Chart on North America - Year-over-year growth 2021-2026 (%)
• Exhibit 61: Data Table on North America - Year-over-year growth 2021-2026 (%)

• 7.6 Middle East and Africa - Market size and forecast 2021-2026 
• Exhibit 62: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
• Exhibit 63: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
• Exhibit 64: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
• Exhibit 65: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)

• 7.7 South America - Market size and forecast 2021-2026 
• Exhibit 66: Chart on South America - Market size and forecast 2021-2026 ($ million)
• Exhibit 67: Data Table on South America - Market size and forecast 2021-2026 ($ million)
• Exhibit 68: Chart on South America - Year-over-year growth 2021-2026 (%)
• Exhibit 69: Data Table on South America - Year-over-year growth 2021-2026 (%)

• 7.8 US - Market size and forecast 2021-2026 
• Exhibit 70: Chart on US - Market size and forecast 2021-2026 ($ million)
• Exhibit 71: Data Table on US - Market size and forecast 2021-2026 ($ million)
• Exhibit 72: Chart on US - Year-over-year growth 2021-2026 (%)
• Exhibit 73: Data Table on US - Year-over-year growth 2021-2026 (%)

• 7.9 Germany - Market size and forecast 2021-2026 
• Exhibit 74: Chart on Germany - Market size and forecast 2021-2026 ($ million)
• Exhibit 75: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
• Exhibit 76: Chart on Germany - Year-over-year growth 2021-2026 (%)
• Exhibit 77: Data Table on Germany - Year-over-year growth 2021-2026 (%)

• 7.10 China - Market size and forecast 2021-2026 
• Exhibit 78: Chart on China - Market size and forecast 2021-2026 ($ million)
• Exhibit 79: Data Table on China - Market size and forecast 2021-2026 ($ million)
• Exhibit 80: Chart on China - Year-over-year growth 2021-2026 (%)
• Exhibit 81: Data Table on China - Year-over-year growth 2021-2026 (%)

• 7.11 UK - Market size and forecast 2021-2026 
• Exhibit 82: Chart on UK - Market size and forecast 2021-2026 ($ million)
• Exhibit 83: Data Table on UK - Market size and forecast 2021-2026 ($ million)
• Exhibit 84: Chart on UK - Year-over-year growth 2021-2026 (%)
• Exhibit 85: Data Table on UK - Year-over-year growth 2021-2026 (%)

• 7.12 Japan - Market size and forecast 2021-2026 
• Exhibit 86: Chart on Japan - Market size and forecast 2021-2026 ($ million)
• Exhibit 87: Data Table on Japan - Market size and forecast 2021-2026 ($ million)
• Exhibit 88: Chart on Japan - Year-over-year growth 2021-2026 (%)
• Exhibit 89: Data Table on Japan - Year-over-year growth 2021-2026 (%)

• 7.13 Market opportunity by geography 
• Exhibit 90: Market opportunity by geography ($ million)

8 Drivers, Challenges, and Trends

• 8.1 Market drivers

• 8.2 Market challenges

• 8.3 Impact of drivers and challenges 
• Exhibit 91: Impact of drivers and challenges in 2021 and 2026

• 8.4 Market trends

9 Vendor Landscape

• 9.1 Overview

• 9.2 Vendor landscape
• Exhibit 92: Overview on Criticality of inputs and Factors of differentiation

• 9.3 Landscape disruption
• Exhibit 93: Overview on factors of disruption

• 9.4 Industry risks
• Exhibit 94: Impact of key risks on business

10 Vendor Analysis

• 10.1 Vendors covered
• Exhibit 95: Vendors covered

• 10.2 Market positioning of vendors 
• Exhibit 96: Matrix on vendor position and classification

• 10.3 ABB Ltd.
• Exhibit 97: ABB Ltd. - Overview
• Exhibit 98: ABB Ltd. - Business segments
• Exhibit 99: ABB Ltd. - Key offerings
• Exhibit 100: ABB Ltd. - Segment focus

• 10.4 Eland Cables Ltd.
• Exhibit 101: Eland Cables Ltd. - Overview
• Exhibit 102: Eland Cables Ltd. - Product / Service
• Exhibit 103: Eland Cables Ltd. - Key offerings

• 10.5 Fujikura Ltd.
• Exhibit 104: Fujikura Ltd. - Overview
• Exhibit 105: Fujikura Ltd. - Business segments
• Exhibit 106: Fujikura Ltd. - Key offerings
• Exhibit 107: Fujikura Ltd. - Segment focus

• 10.6 Furukawa Electric Co Ltd 
• Exhibit 108: Furukawa Electric Co Ltd - Overview
• Exhibit 109: Furukawa Electric Co Ltd - Business segments
• Exhibit 110: Furukawa Electric Co Ltd - Key offerings
• Exhibit 111: Furukawa Electric Co Ltd - Segment focus

• 10.7 Hengtong Group Co Ltd 
• Exhibit 112: Hengtong Group Co Ltd - Overview
• Exhibit 113: Hengtong Group Co Ltd - Product / Service
• Exhibit 114: Hengtong Group Co Ltd - Key offerings

• 10.8 Leoni AG
• Exhibit 115: Leoni AG - Overview
• Exhibit 116: Leoni AG - Business segments
• Exhibit 117: Leoni AG - Key news
• Exhibit 118: Leoni AG - Key offerings
• Exhibit 119: Leoni AG - Segment focus

• 10.9 Nexans SA
• Exhibit 120: Nexans SA - Overview
• Exhibit 121: Nexans SA - Business segments
• Exhibit 122: Nexans SA - Key offerings
• Exhibit 123: Nexans SA - Segment focus

• 10.10 NKT AS
• Exhibit 124: NKT AS - Overview
• Exhibit 125: NKT AS - Business segments
• Exhibit 126: NKT AS - Key offerings
• Exhibit 127: NKT AS - Segment focus

• 10.11 Prysmian Spa
• Exhibit 128: Prysmian Spa - Overview
• Exhibit 129: Prysmian Spa - Business segments
• Exhibit 130: Prysmian Spa - Key offerings
• Exhibit 131: Prysmian Spa - Segment focus

• 10.12 Sumitomo Electric Industries Ltd. 
• Exhibit 132: Sumitomo Electric Industries Ltd. - Overview
• Exhibit 133: Sumitomo Electric Industries Ltd. - Business segments
• Exhibit 134: Sumitomo Electric Industries Ltd. - Key news
• Exhibit 135: Sumitomo Electric Industries Ltd. - Key offerings
• Exhibit 136: Sumitomo Electric Industries Ltd. - Segment focus

11 Appendix

• 11.1 Scope of the report

• 11.2 Inclusions and exclusions checklist 
• Exhibit 137: Inclusions checklist
• Exhibit 138: Exclusions checklist

• 11.3 Currency conversion rates for US$ 
• Exhibit 139: Currency conversion rates for US$

• 11.4 Research methodology
• Exhibit 140: Research methodology
• Exhibit 141: Validation techniques employed for market sizing
• Exhibit 142: Information sources

• 11.5 List of abbreviations 
• Exhibit 143: List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio