Electricity is transported across bodies of water, typically beneath the seafloor, using a specialized electrical transmission line known as a submarine power cable. When it comes to connecting offshore renewable energy sources, such as offshore wind farms and tidal energy projects, to onshore power networks, these cables are essential. They are also used to transmit power internationally between adjacent nations and to link island power networks to mainland power systems.
Submarine power cables are made to withstand the harsh underwater environment, which includes water pressure, temperature changes, and the possibility of damage from anchors or marine life, in order to guarantee the efficient and reliable transfer of electrical energy across ocean bodies.
According to SPER market research, ‘Submarine Power Cable Market Size- By Type, By Voltage, By End User – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Submarine Power Cable Market is predicted to reach USD 42,618.09 million by 2033 with a CAGR of 13.67%.
Driver:
The market for submarine power cables is expanding significantly due to a number of noteworthy factors. One significant motivator is the expanding worldwide trend toward renewable energy sources, particularly offshore wind turbines. Submarine power cables play a crucial role in the transmission of clean energy generated offshore to onshore power networks. Furthermore, the growing importance of global connectivity initiatives is driving the need for these connections to facilitate cross-border energy trading.
Furthermore, the offshore wind power sector’s rise and the surge in demand for inter-country and island power connections are driving the market’s expansion. The market for submerged power transmission cables is anticipated to be constrained by the frequent maintenance and repair of undersea cables. One may view the continued growth of offshore oil and gas platforms as well as the quick investments made by both public and private entities as a market opportunity.
Challenges:
However, the high expense and complexity of establishing and maintaining deepwater cable systems has unintentionally had a substantial impact on the demand for underwater power lines. Repairs of submarine power cables usually require large sums of money for the reinstatement and re-deployment procedures.
In addition, cable corrosion is a significant problem. There are several things that can cause damage to underwater electrical wires, including fishing activities, underwater landslides, earthquakes, and anchor strikes. This type of damage not only prevents the transmission of electricity, but also necessitates costly maintenance and repairs.
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Impact of COVID-19 on Submarine Power Cable Market
The governments have imposed a total shutdown in an effort to halt the COVID-19 pandemic. The global submarine power transmission cable business has faced a reduction in production; among the contributing factors are labour shortages and delays in project completion. The outbreak has had a serious effect on the global subsea power transmission cable market. Present laws and regulations that forbid the transportation of even existing equipment held in various warehouses have caused disruptions to international supply chains, making it challenging for manufacturers to create and build new devices while keeping employees at home.
Submarine Power Cable Market Key Players:
Furthermore, Europe is the largest market due to the enormous number of projects for new offshore wind farm development. As European governments strive for carbon neutrality and renewable energy standards, offshore power generation has emerged as a diverse and effective way to maximize energy generation. Additionally, some of the market key players are Prysmian, Nexans, NKT 113, Furukawa Electric, Sumitomo Electric, Kei Industries, LS Cable & System.
Submarine Power Cable Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Type: Based on the Type, Global Submarine Power Cable Market is segmented as; Single Core, Multicore.
By Voltage: Based on the Voltage, Global Submarine Power Cable Market is segmented as; Medium Voltage, High Voltage.
By End User: Based on the End User, Global Submarine Power Cable Market is segmented as; Offshore Wind Power Generation, Inter-Country and Island Connection, Offshore Oil & Gas.
By Conductor Material: Based on the Conductor Material, Global Submarine Power Cable Market is segmented as; Copper, Aluminium.
By Region: This research also includes data for Middle East and Africa, Asia-Pacific, Latin America, Europe, North America
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Submarine Power Cable Market Future Outlook
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