Submarine Power Cable Market - Snapshot
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.
Offshore Wind Power Generation Segment to Remain Highly Lucrative
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, LS Cable & System, Nexans, NKT Holding, Prysmian Group, and Sumitomo Electric Industries.
Submarine Power Cable Market: Overview
This comprehensive report by Transparency Market Research analyzes the submarine power cable market at the global and regional levels. The report provides analysis for the period from 2017 to 2027, where 2018 is considered the base year and 2019–2027 is the forecast period. An in-depth and unbiased market assessment has been made to offer readers comprehensive and accurate analysis. The report analyzes all major trends likely to influence the global submarine power cable market from 2019 to 2027. It also analyzes driving factors, restraining factors, and opportunities for the market. The study provides a perspective on the global submarine power cable market, in terms of value (US$ Mn) and volume (kilometers), across five regions: Asia Pacific, South America, North America, Middle East & Africa, and Europe.
The report includes detailed value chain analysis, which is focused on providing a widespread view of the global submarine power cable market. The value chain analysis section includes a list of active market participants, marketing channel analysis, and market positioning. The report also includes submarine power cable production analysis and forecast, which includes the production volume information for every region. Porter’s Five Forces analysis has also been provided in the report to help understand the competition scenario of the market. The study incorporates market attractiveness analysis, wherein type and application segments have been benchmarked based on their market size, growth rate, and attractiveness. The report also includes attractiveness analysis of the market in every region in order to help understand the competition scenario in the submarine power cable market.
The overview section of the report analyzes market trends and dynamics that include drivers, restraints, and the current and future opportunities for the submarine power cable market. Market outlook analysis has also been provided in the report. Additionally, the report offers analysis of business strategies adopted by key players operating in the global submarine power cable market. The introduction chapter provides a snapshot of different trends in the global submarine power cable market.
Global Submarine Power Cable Market: Scope of Report
In terms of type, the global submarine power cable market has been segmented into single-core cable and multi-core cable. Based on application, the market has been divided into offshore wind power generation, inter-country and island connection, and offshore oil rigs. The report provides region-wise segmentation of the global submarine power cable market and categorizes it at various levels, thereby providing valuable insights at micro and macro levels.
The report also highlights the competition scenario in the global submarine power cable market, ranking all major market players according to their geographical presence and key developments. Insights for the global market is a result of extensive primary interviews, secondary research, and in-house expert panel reviews. These market estimates have been analyzed by considering the impact of different economic, political, social, legal, and technological factors.
In terms of country, the market in North America has been classified into the U.S., Canada, and Rest of North America. Europe has been categorized into Germany, France, the U.K., and Rest of Europe. Asia Pacific has been segmented into China, Japan, India, and Rest of Asia Pacific. Middle East & Africa covers GCC, South Africa, and Rest of Middle East & Africa. South America comprises Brazil and Rest of South America. This report provides all strategic information required to understand the global submarine power cable market along with type and application segments of the market. Additionally, the report provides insights into the market across all regions.
Global Submarine Power Cable Market: Research Methodology
The research methodology is a combination of primary research, secondary research, and expert panel reviews. Secondary sources include annual reports, company websites, SEC filings, investor presentations, national government documents, internal and external proprietary databases, statistical databases, relevant patent and regulatory databases, market reports, government publications, and statistical databases.
Primary research involves telephonic interviews, e-mail interactions, and face-to-face interviews for detailed and unbiased reviews of the submarine power cable market across different regions. Primary interviews are usually conducted on an ongoing basis with market experts and participants in order to obtain the latest market insights and validate the existing data and analysis. Primary interviews offer new information on important factors such as market trends, market size, competition landscape, and growth trends. These factors help validate and strengthen secondary research findings. Moreover, the data collected and analyzed from secondary and primary research is discussed and examined by TMR’s expert panel.
Global Submarine Power Cable Market: Competition Dynamics
The research study includes profiles of leading companies operating in the global submarine power cable market. Market players have been profiled in terms of attributes such as company overview, financial overview, SWOT analysis, business strategies, and recent developments. Key players operating in the global submarine power cable market are ABB Ltd, Nexans S.A., Prysmian S.p.A, General Cable Corporation, NKT AS, Sumitomo Corporation, Hydro Group, KEI Industries, Furukawa Electric Co. Ltd., LS Cable & System, and Hengtong Group. These companies focus on expanding their business through strategic acquisitions and partnerships with several end-use industries.
The global submarine power cable market has been segmented as follows:
Global Submarine Power Cable Market, by Type
- Single-core Cable
- Multi-core Cable
Global Submarine Power Cable Market, by Application
- Offshore Wind Power Generation
- Inter-country and Island Connection
- Offshore Oil Rigs
Global Submarine Power Cable Market, by Geography
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
- South America
- Rest of South America