Subsea Power Cables Market Size, Share and Global Trend By Cable Type (Single Core, Multi-Core), By Voltage Type (Medium Voltage, High Voltage), By Insulation (Paper Insulated or Fluid Filled, Extruded Plastic Insulation), By Conductor Type (Copper, Aluminium), By Application (Inter-Country & Island Connection, Offshore Wind Power Generation, Offshore Oil & Gas), and Regional Forecast, 2024-2032

The first subsea cable to carry electricity was laid across Isar River in Bavaria during 1811. Since then subsea power cables have been evolved significantly through development in technology, design and ever-increasing demand for electricity. In a recent period, an offshore wind farm has gain momentum for the production of renewable energy to combat rising serious threat to environmental pollution due to extensive use of fossil fuels. With the growing reliance on offshore-based renewable energy, many countries are focussing on the infrastructure of subsea power cables. It plays a critical role in interconnecting different regional electrical transmission networks to allow global trading of energy. Subsea power cables not only help in transmitting power from energy source to consumer but also supply the electricity in remote areas. The cables are laid down under the water to carry electricity or signals over a long distance. Nowadays, subsea cables are extensively utilized in transmitting power and communications for offshore installation.

The classification of subsea power cables can be done on the basis of cable type viz. Medium voltage and High voltage. HVAC is able to transmit power up-to 80km whereas HVDC has the is chosen for long distance and for system interconnection. In certain cases, cables are insulated from paper strips and also a central oil channel is provided in the conductor which facilitates to cool cables temperature. Cross-linked polyethylene insulated is best suited for up-to 420kV system voltage. EPR insulation is widely used due to high dielectric strength and also exhibit excellent ozone weathering resistance.

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Global electricity demand is ever grossing with the advent development in various sectors degrading environment quality which leads to the development of clean energy i.e. offshore wind farms which are expected to support the growth of the subsea power cables market. Transmission and distribution of energy from source to consumer over a long distance is only possible through subsea cables driving the potential market of subsea cables.

During installation, high installation and maintenance cost is one of the major factor restricting the growth of the market followed by the risk of damage by fishing trawlers and ship anchors hindering the growth of the subsea cables. Also, an EMF generates during operation AC or DC transmission impairing the orientation of fish or marine mammals which can slows down the growth of the subsea cables.

Key Players Covered

The leading companies in submarine power cables are Prysmian, Nexans, LS Cable & Systems, ZTT Cable, Europacable, Sumitomo Electric Industries, Furukawa Electric Co., Ltd., NKT A/S, Hengtong Group CO., Ltd., General Cable, KEI Industries Ltd., and ABB Ltd.

Segmentation

Regional Analysis

The global subsea power cable market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The United States and Canada share a major percentage in offshore E&P along with rising demand for offshore wind farms. Also, companies and government organization are aiming to increase energy security by equal distribution of energy in which subsea power cables play an important role which expected to increase the market growth of the subsea power cables. Stringent pollution norms and the implementation of energy policies in Europe has made it one of the most suitable regions for subsea power cable market growth. Subsea cables are installed at a large scale with assistance from the European Union under Uneconomic Rural Development Schemes. Such projects provide electricity to sparsely populated islands. Countries like the United Kingdom, Netherland, Ireland, France, and Norway are leading in offshore wind electricity generation which drives the subsea cable market in Europe. The Asia Pacific has been one of the fastest growing economies in the world and the highest potential of the market. Rising demand for electricity and initiative by the government agency for electrification has seen some development in the field of subsea power cables in the Asia Pacific. The Middle East seems to be lucrative as subsea cables take advantage of the fact that every country has ample seashore. Various projects are in pipeline to increase the terrestrial connectivity to ensure energy security which is expected to raise the demand for subsea power cables in the Middle East.  

Key Industry Developments

• In April 2019, Subsea cable logistic provider WIND has successfully completed cable transport project over 26km of 155kV in the port of Eemshaven. The cable for this is bought from ZTT company.


• In March 2019, Prysmian Group has been awarded a contract to develop the first turn-key project for a floating offshore wind farm in France. The company grabbed the 30 million deal for this project in which it will supply 3km of inter-array cables, 19km of export cables and 9km cable for an offshore route.


• In December 2018, Sumitomo Electric Industries has achieved a milestone by completing the connection of high voltage direct current (HVDC) interconnection cable between the United Kingdom and Belgium which is able to transmit world’s highest voltage of 400kV with cross-linked polyethylene.