Submarine Power Cable Market Projected to be Resilient During 2024

Submarine Power Cable Market Overview:

The Global Submarine Power Cable Market is estimated to be worth USD 31.55 Billion by 2032, registering a 9.4% CAGR during the forecast period (2023- 2032).

Submarine Power Cable is a kind of transmission cable and it is applied for carrying electric power under the surface of the water. It is named submarine cable because it generally carries electric power under saltwater such as arms of the seas, oceans, and straits.

Submarine Power Cables are usually applied to transfer power with high voltage. These cables consist of a concentric assembly of layers, including optical fibers, conductors, protective layers, and insulation. Increasing offshore wind farms across the globe is majorly propelling the growth of the Submarine Power Cable Market.

Also, the rearing expansion of offshore oil and gas industries and augmenting investment from private and government coupled with strict regulations for energy-efficient operations in the industry are boosting the growth of the market. Additionally, the surging inter-country transmission network for underwater electric supply has augmented the growth of the Submarine Power Cable Market.

The Global Submarine Power Cable Market report provides an integrated evaluation of the market. The report provides a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that play a significant role in the market.

Regional Analysis

The Global Submarine Power Cable Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East Africa.

Europe is projected to hold the largest market share due to the rising offshore wind industry in the region is fuelling demand for Submarine Power Cables and rising demand from the offshore oil and gas sector is fueling the growth of the market.

Asia Pacific is anticipated to be the most lucrative region for the submarine power cables market. In Asia Pacific, Japan, and China together comprised more than 30% market share in 2021. India is rising as a critical strategic destination for global underwater cables, due to its geographic location and the cable systems connecting Europe, and Southeast Asia. In 2021, India joined the worldwide undersea cable race with Reliance Jio’s help.

In the US, the importance of Marine power cable solutions has augmented steadily in recent decades. The demand for submarine power cables is projected to undergo sharp growth, with the goal of 30GW of new wind capacity to be installed by 2030 under the Biden Plan.

Demand for submarine power cables in the Middle East and Africa and Latin America is estimated to grow at a fair pace.

Market Segmentation

The Global Submarine Power Cable Market is segmented into the following types;

By Type