High Voltage segment is Expected to Dominate the Global Offshore Wind Power Generation Submarine Power Cable Market.
Ongoing expansion of offshore oil & gas platforms is major factor
attributable to the growth of the market.
According to
TechSci Research report, “Global Offshore Wind Power
Generation Submarine Power Cable Market -
Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”. The Global Offshore Wind Power
Generation Submarine Power Cable is
anticipated to project robust growth in the forecast period with a CAGR of 12.79% through 2028. The combination of
private and government sectors, along with strict regulations for
energy-efficient operations in the industry, is driving the growth of the
market. Furthermore, the expansion of inter-country transmission networks for
underwater electric supply has significantly contributed to the growth of the
Submarine Power Cable Market. Moreover, the increasing concerns regarding grid
stability and security due to peak load demand for power worldwide, coupled
with the rise in funding for the development of sustainable electrical
infrastructure to integrate renewable systems, are expected to accelerate
market growth. Additionally, the growing demand for electricity, driven by
rising per capita income, improved access to electricity, and rapid urbanization
worldwide, has led many energy generation companies to focus on renewable
electricity generation, thereby fuelling the growth of the Submarine Power
Cable Market.
The rapid global expansion of offshore wind energy projects presents a
significant opportunity for the submarine power cable market. These projects
require submarine power cables to connect offshore wind turbines to onshore
grids. As countries strive to achieve ambitious renewable energy targets, the
demand for submarine power cables in the offshore wind sector is expected to
experience substantial growth.
The development of cross-border electricity interconnection projects is
on the rise, with submarine power cables playing a critical role in
facilitating the exchange of electricity between countries or regions. As
governments aim to enhance energy security and promote market integration, the
prospects for submarine power cable installations will continue to expand.
Browse over xx market data
Figures spread through 188 Pages and an in-depth TOC on " Global Offshore Wind Power Generation Submarine Power Cable Market"
Based on type,
the Single Core segment is projected to dominate the market throughout the
forecast period. The installation of single core submarine power cables can be relatively
less complex compared to multi-core cables due to the presence of a single
conductor. However, it is important to consider additional layers of insulation
and protection to ensure the safety and reliability of these cables. Factors
such as water depth, seabed conditions, and the presence of marine life can
influence the selection between single core and multi-core submarine power
cables. The choice of cable type depends on the specific requirements and
challenges of the project. The cost of single core submarine power cables may
vary based on factors such as cable length, voltage requirements, and project
complexity. It is crucial to assess the cost-effectiveness of single core
cables compared to multi-core alternatives for each specific application. In
summary, single core submarine power cables are designed with simplicity,
featuring a single central conductor. These cables are commonly utilized in
high voltage and HVDC applications, including interconnectors and offshore wind
farms, where efficient power transmission over long distances is of utmost
importance.
Based on voltage,
High Voltage segment is projected to dominate the market throughout the
forecast period. High voltage direct current (HVDC) submarine power cables fall
within the high voltage segment. HVDC technology is utilized for long-distance
power transmission, enabling efficient electricity transmission across
international borders. These robust cables are designed with insulation,
shielding, and armoring to ensure durability and reliability in harsh marine
environments. Interconnectors and HVDC cables play a vital role in enhancing
grid reliability by facilitating electricity exchange between regions, reducing
the risk of energy shortages and improving grid stability. Furthermore, high
voltage submarine power cables promote global energy trading, enabling
countries to import and export electricity, thereby fostering energy market
integration and economic benefits. The high voltage segment in the Global
Submarine Power Cable Market encompasses cables designed for transmitting
electricity at elevated voltage levels. These cables are crucial for various
applications such as interconnectors, offshore wind farms, and long-distance
HVDC transmission projects. Their contribution to efficient, long-distance
power transmission and integration of renewable energy sources makes them an
indispensable component of modern electrical grids.
Based on Region, Asia
Pacific emerged as the dominant player in the Global Offshore Wind Power
Generation Submarine Power Cable Market in 2022. China is leading the way,
followed by ASEAN countries. The Chinese government is actively promoting the
development of renewable infrastructure to combat pollution and reduce reliance
on thermal power generation. This initiative is expected to drive the growth of
wind power projects in China during the forecast period. China took the lead in
the offshore wind market by installing 1.8 GW in 2018, surpassing the United
Kingdom.
The Indian
offshore wind power market is still in its early stages, with a potential
capacity of around 60 GW. The coastal regions of Gujarat and Tamil Nadu are
identified as potential areas for offshore wind power in India. The Ministry of
New and Renewable Energy (MNRE) is prioritizing the development of offshore
wind power and has announced a draft offshore wind energy policy.
Key market
players in the Global Offshore Wind
Power Generation Submarine Power Cable Market
are following:-
- ABB Ltd.
- Furukawa Electric Co Ltd
- KEI Industries Limited
- LS Cable & System Ltd
- Nexans SA
- Ningbo Orient Wires & Cables Co., Ltd
- NKT A/S
- Prysmian Group
- Sumitomo Electric Industries Limited
- ZTT International Limited
Download Free Sample Report
Customers can also request for 10% free customization on this report.
“Asia Pacific is
expected to be the dominating region during the forecast period. Asia-Pacific
countries are increasingly exploring cross-border electricity interconnectors
to facilitate the exchange of electricity. These interconnectors often involve
the installation of submarine power cables, promoting energy security, market
integration, and efficient use of renewable energy resources. Many countries in
the Asia-Pacific region are actively seeking to diversify their energy sources
and enhance energy security. Submarine power cables play a crucial role in
providing access to offshore renewable energy resources, thereby reducing
dependence on fossil fuels and strengthening energy security” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
Offshore Wind Power Generation Submarine Power
Cable Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented
by Type (Single Core, Multicore), By Voltage (Medium Voltage, High Voltage), By
Region, Competition 2018-2028 has evaluated
the future growth potential of Global Offshore
Wind Power Generation Submarine Power Cable Market and provides statistics and information
on market structure, size, share, and future growth. The report is intended to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities
present in the Global Offshore Wind
Power Generation Submarine Power Cable Market.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Web: https://www.techsciresearch.com