Submarine Power Cable Market

The demand for submarine power cable is growing rapidly in the global market owing to the rising number of offshore wind farms and the increasing demand for submarine power cables in offshore oil & gas operations.

The global submarine power cable market is projected to grow at 11.66% CAGR during the forecast period, 2019–2025. In 2018, the global submarine power cables market was dominated by Europe with a 33.25% share, followed by Asia-Pacific and North America with shares of 25.01% and 20.24%, respectively.

The global submarine power cable market has been segmented on the basis of type, insulation type, voltage, conductor material, end use, and region. On the basis of type, the global submarine power cable market has been segmented into single and multicore. The multicore segment is expected to grow at the faster rate during the forecast period. In 2018, the single segment held a 62.44% share of the global submarine power cable market.

On the basis of insulation type, the global submarine power cable market has been segmented as cross-linked polyethylene (XLPE) and ethylene propylene rubber (EPR). The cross-linked polyethylene (XLPE) and segment is expected to grow at a faster rate during the forecast period. In 2018, the cross-linked polyethylene (XLPE) and segment held a 67.50% share of the global submarine power cable market.

On the basis of voltage, the global submarine power cable market has been segmented as up to 66 kV, 66 kV to 220 kV, and above 220 kV. The above 220 kV segment is expected to grow at the fastest rate during the forecast period. In 2018, the above 220 kV segment held a 42.14% share of the global submarine power cable market.

On the basis of conductor material, the global submarine power cable market has been segmented as copper and aluminum. The copper segment is expected to grow at the fastest rate during the forecast period. In 2018, the copper segment held a 58.75% share of the global submarine power cable market.

On the basis of end use, the global submarine power cable market has been segmented as up to offshore wind power generation, offshore oil & gas, island connections, and wave & tidal power generation. The above offshore wind power generation segment is expected to grow at the fastest rate during the forecast period. In 2018, the offshore wind power generation segment held a 42.41% share of the global submarine power cable market.