According to the research report titled ‘Submarine Power Cable Market Size By Core (Single, Multi Core), By Voltage, By Conductor (Copper, Aluminum), By End User (Offshore Windfarm, Offshore Oil & Gas Production), Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report, global submarine power cable market was worth USD 1.5 billion in 2018 and is anticipated to witness an annual installation of 2,500 km by the year 2025.
 

Expansion of offshore oil & gas establishments, along with rising deployment of offshore wind farms are catalyzing the growth of submarine power cable market. Allocation of funds from government and private entities for energy-efficient operations backed by strict regulatory scenario is augmenting the market outlook.
 

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Government initiatives consisting of subsidies and incentives, in addition to adoption of developed cable laying technologies, proper directives for line burial, and surging intercountry transmission of subsea electricity are stimulating the submarine power cable industry scenario.  
 

Speaking of core type, the industry is segregated into single, and multicore. The demand for multi-core power cables is boosting due to soaring installation of offshore wind turbines, along with benefits like easy installation, efficient operation, and minimal losses.

In terms of voltage, medium voltage submarine power cable market segment share is slated to grow modestly over 2019-2025, owing to less installation charges and large-scale deployment across offshore wind farm platforms.   Based on conductor terrain, submarine power cable industry share from aluminum segment is poised to surge in the ensuing years. Lower material & maintenance cost, easy installation as well as versatile product configuration make the installation of aluminum wires more favorable than copper wires. Additionally, longer durability, along with minimal transmission losses will boost aluminum wires demand.  

From regional point of view, Europe submarine power cable market surpassed USD 1 billion in 2018. Factors such as soaring energy demand, and effective transmission infrastructure are favoring the regional market expansion.
 

The competitive landscape of worldwide submarine power cable market is defined by companies such as ABB Ltd., TELE-FONIKA Kable S.A., Hentong Marine Cable Systems Co. Ltd., KEI Industries, LS Cable & System, Intertek Group plc, Ningbo Orient Wires & Cables Co. Ltd. (Orient Cables), ZTT Submarine Cable & System, Kelani Cables plc, Furukawa Electric Co. Ltd, Nexans S.A., Prysmian S.p.A, Sumitomo Electric Industries Ltd., and NKT A/S.