Submarine Power cables are specific type of transmission cables, which are usually used to carry electric power under the surface of the water. These cables are also recognized as submarine cable because they generally carry the electric power under the salt water for instance arms of the seas, oceans and straits. Submarine power cables are commonly available in wide range of sizes from the 70mm to, exceeding, 210mm in the diameter and in two flavors including High Voltage DC (Direct Current) and AC or High Voltage AC (Alternating Current). They are frequently used to transfer the power with high voltage. These cables have a concentric set of layers that include conductors, protective layers, optical fibers, and insulation. Submarine power cables have gain traction owing to global focus on environmental issues, which has resulted in an increasing demand for support for renewable energy sources such as offshore wind power In addition, the oil and gas industry is replacing local generation on power platforms across the continent. Some of the key factors supporting the growth of market include growing use of submarine power cables to transmit the electricity from mainland, increased harness of energy from offshore wind farms by many countries and inter-country & island power connections using submarine power cables.
Referring to the study, “Global Submarine Power Cable Market, 2021-2027” the key companies operating in the global submarine power cable market include LS Cable & System Ltd., Furukawa Electric Co., Ltd., KEI Industries Limited, Prysmian Group, Hengtong Group Co., Ltd., Nexans S.A., General Cable Corporation, NKT Group, Sumitomo Electric Industries, Ltd. and among others. Effective strategic alliances, coupled with the expansion of facilities to achieve low financial costs, have been the main strategic impacts of major market players across the industry.
Based on product type, submarine power cable market is segmented as multicore and singlecore. The singlecore segment is expected to exhibit substantial growth rate as it results in easier & more economical deployment during the forecast period.
Rise in demand for inter-country & island power connections, followed by increase in number of offshore wind farms and rise in demand from offshore oil & gas operations are some major factors, which are responsible for growth of the submarine power cable market. Apart from this, high cost of installation & complexity in the repair of deep water cables may impact the market. Moreover, rise in demand for High Voltage Direct Current (HVDC) submarine power cables is a leading opportunity for market.
Based on regional analysis, the Europe is a leading region in “Global Submarine Power Cable Market, 2021-2027“ owing to increase in investment from private & government and strict regulations for energy efficient operations in the industry across the region. The Asia-Pacific and North-America regions are anticipated to witness higher growth rate due to growth in expansion of offshore oil & gas industries and increase in concern regarding grid stability & security over the forecast period. It is projected that future of the global submarine power cable market will be bright on account of increase in fund flow for developing a sustainable electrical infrastructure for the integration of renewable systems during the forecast period.
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Ankur Gupta, Head Marketing & Communications