Europe Submarine Power Cable Market Share, Size, Growth and...

Europe Submarine Power Cable Market Share, Size, Growth and Forecast Illuminated By New Report

Posted 2024-05-15 08:38:47

Europe Submarine Power Cable Market Insights

Europe's submarine power cable market is experiencing rapid expansion driven by the region's ambitious renewable energy goals and interconnection projects. The deployment of submarine cables for offshore wind farms, intercountry energy exchange, and grid modernization initiatives is fueling market growth. Technological advancements in cable design and installation techniques are enhancing efficiency and reliability, meeting the stringent regulatory standards. Moreover, strategic partnerships and investments in research and development are fostering innovation and driving market competitiveness in Europe.

The Europe Submarine Power Cable Market is estimated to be worth USD 31.55 Billion by 2030, registering a 9.4% CAGR during the forecast period (2024- 2030).

Europe 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.

Europe 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 Europe 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 Europe Submarine Power Cable Market.

The Europe 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.

Key Players

Prysmian Group
NKT A/S
Nexans SA
Sumitomo Electric Industries Limited
ABB Ltd., among others

Regional Analysis

The Europe 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 Europe 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 Europe 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 Europe Submarine Power Cables has augmented steadily in recent decades. The demand for Europe 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 Europe Submarine Power Cables in the Middle East and Africa and Latin America is estimated to grow at a fair pace.

Market Segmentation

The Global Subsea power cable systems Market is segmented into the following types;

By Type