Submarine Power Cable Market Growing Number of Offshore Wind Generation Capacity

According to a new market research report published by Transparency Market Research titled ‘Submarine Power Cable Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027,’ the global submarine power cable market is projected to expand at a CAGR of 11.3% during the forecast period. According to the report, the market would continue to be influenced by a range of macroeconomic and market-specific factors.

Growing number of offshore wind generation capacity additions, increasing demand for grid interconnections and island connections, and surging demand from the offshore oil & gas sector have driven the global submarine power cable market.

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https://www.transparencymarketresearch.com/submarine-power-cable-market.html

Based on application, the global submarine power cable market has been broadly segmented into offshore wind power generation, inter-country and island connection, offshore oil rigs, and others. In terms of revenue, offshore wind power generation was the leading segment of the global market, followed by the offshore oil rigs segment, in 2018. Rising investments in the renewable energy sector, technology advancements and favorable government initiatives are major factors driving the global submarine power cable market. New additions to offshore wind generation capacity are undergoing in various developing countries. Offshore wind turbines produce higher amount of energy by using fewer turbines compared to the conventional turbines. Most countries are shifting toward harnessing wind energy and wave energy of seas or oceans, due to increase in the demand for renewable energy. The offshore oil rigs segment is projected to expand at a substantial CAGR of 9.9% during the forecast period, owing to the increasing demand from offshore oil & gas operations, rising demand for inter-country connections, and growth of the oil & gas industry. Furthermore, the increasing need to generate electricity from offshore oil and gas facilities is another factor that propels the segment. Key trends prevalent in the global submarine power cable market include surging demand for high-voltage direct current (HVDC) submarine power cables and technological innovations.

Europe to Continue to Hold a Highest Share of the Global Market

In terms of revenue, Europe accounted for the maximum revenue share of the global market in 2018, due to concentration of leading manufacturers and increasing demand for submarine power cable systems in the oil & gas industry in the region. Market players in Europe are continuously taking efforts to introduce innovative submarine power cable products in the marketplace. The market in Europe is anticipated to expand at the maximum CAGR of 13.5% during the forecast period, owing to rise in the number of offshore wind farms in the region. The U.K. held the maximum share of the Europe submarine power cable market in 2018. North America is also anticipated to accumulate significant market share in 2018 owing to the rising number of offshore wind farm installations led by significant advancements in technology in the region. The U.S. held the maximum share of the North America market in 2018. The market in the country is estimated to expand at the maximum CAGR during the forecast period. The market for submarine power cables in Asia Pacific is likely to remain concentrated in China and Japan in the near future, due to growing technological innovations, increasing Internet traffic, and rising number of telecom subscriptions and Internet connections in the region. Market players in Middle East & Africa (MEA) are increasing their investments to expand their presence. The market in GCC is expected to expand at a significant CAGR during the forecast period, due to growth of the communication industry in the sub-region. In terms of revenue, Brazil is expected to hold a significant share of the market in South America throughout the forecast period.

The profiling of key players operating in the global submarine power cable market includes company overview, major business strategies adopted, SWOT analysis, and market revenues for years from 2016 to 2018. Major players operating in the global market and profiled in the report are Furukawa Electric, General Cable Corporation, Hengtong Group, Hydro Group, KEI Industries.