The Europe Submarine Power Cable Market boasts significant growth prospects driven by increasing investments in renewable energy projects and the expansion of offshore wind farms. With a robust regulatory framework promoting clean energy initiatives, countries like Germany, the UK, and the Netherlands are leading the market. The demand for interconnectors to facilitate cross-border energy trading further fuels market expansion.
The Europe Submarine Power Cable market is garnering substantial traction. The market growth attributes to rising uses of power transmission cables for energy, voltage, and transmission applications. Besides, the rising demand for voltage cables in the power generation segment drives the growth of the market. Moreover, burgeoning end-use verticals such as offshore wind power generation, oil & gas, island connection, and wave & tidal power generation escalate the market demand.
According to a leading research firm Market Research Future (MRFR), the Europe Submarine Power Cable market is projected to register a modest CAGR during the anticipated period (2024 – 2030). The rising numbers of submarines used in warships, imperative in combat, surveillance, counter-surveillance, and other underwater missions accelerate the market growth. Substantial investments transpired by the government to strengthen the O&G and marine sectors boost the growth of the market.
Additionally, substantial funding in modernization and upgrades of submarines substantiates the market growth. The growing demand for advanced Europe Submarine Power Cables and the increased need for marine surveillance foster the growth of the market. Furthermore, the growing uptake of submarines due to the increased demand for maritime surveillance and rising terrorism bolster the market growth.
Market segmentation
The Europe Submarine Power Cable Market is segmented by insulation type, voltage, conductor material, and end-user. Based on the type, the market is classified into single-core and multicore. The single-core segment is dominating the market and is expected to grow quickly in the upcoming years due to the affordable and straightforward sending combined with multicore links.
The subsegments of the end-user are Offshore Wind Power Generation, Offshore Oil & Gas, Island Connection, and Wave & Tidal Power Generation. the offshore market segment will increase the growth rate of the market, and the Europe Submarine Power Cable carries out an important role in the connection of the offshore substation and adjacent offshore turbines. Up to 66 kV, 66 kV-220 VK and Above 220 VK are the variables of the Europe Submarine Power Cable Market voltage segments. Above 220 VK will dominate the market due to the rapid expansion of ultra-high-tension transmission lines for long-lasting electric supply.
Europe Submarine Power Cable Market - Regional Analysis
Europe dominates the Europe Submarine Power Cable market. The largest market share attributes to large budgets to improve the technology of dreadnoughts and the rising market demand. Besides, the burgeoning marine industries and the rising offshore wind power generation drive the regional market's growth. The UK, France, and Germany are significant markets for submarines in the region. The European Europe Submarine Power Cable market is anticipated to retain its dominance over the global market throughout the forecast period.
North America accounts for the second-largest share in the Europe Submarine Power Cable market. The market is driven by the huge demand for nuclear-powered submarines and advanced combat technologies. Additionally, the modernization of naval fleets undertaken by the Canadian government boosts the regional market's growth. The US, backed by the presence of ballistic missile submarines, accounts for the largest share in the regional market.
The Asia Pacific Europe Submarine Power Cable market is growing rapidly. Factors such as the growing demand for uninterrupted power supply and the rising number of offshore wind farms boost the regional market growth. Moreover, the increasing demand for Europe Submarine Power Cables in oil and gas operations in the region influences the regional market's growth.
Increasing naval investments by the governments and increasing military budgets in the region positively impact market growth. Besides, growing investments in various military and commercial Europe Submarine Power Cable applications foster regional market growth. The APAC Europe Submarine Power Cable market is expected to grow at an impressive CAGR over the forecast period.
Europe Submarine Power Cable Market - Competitive Landscape
Highly competitive, the Europe Submarine Power Cable market appears fragmented due to the presence of several well-established players. Industry players make substantial investments locally as well as in emerging countries to expand their production capacities, distribution network, and supply chain. Obtaining strong financial support has become the sole strategy of suppliers to maintain their market positions. Manufacturers strive to minimize production costs by adopting cost-effective manufacturing techniques.
Major Players
Players leading the Europe Submarine Power Cable market include Nexans (France), Prysmian Group (Italy), NKT A/S (Denmark), LS Cable & System Ltd. (South Korea), Furukawa electric co., ltd. (Japan), Sumitomo Electric Industries, Ltd. (Japan), Hengtong Group Co., Ltd. (China), ZTT (China), and Qingdao Hanhe Cable Co., Ltd. (China), among others.
Industry/ Innovation/ Related News
October 20, 2020 ---- LS Cable & System (South Korea), a leading global cable manufacturer, announced its plans to acquire KT Submarine Co., Ltd. (South Korea), a leading construction engineering company providing installation and repair services for submarine cable. KT Submarine constructs, maintains and repairs submarine optical cables in the domestic and international seas.
LS is expected to win a large chunk of the government led New Green Deal initiative funds to connect and improve an offshore wind power generator complex scheduled to be built in 2023. In line with industry expectations, LS has decided to acquire KT Submarine to provide added impetus to the LS affiliate to bolster its profile in the lucrative global underwater cable market.
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