Submarine DC Electric Cable Market to Grow with a CAGR of 9.19% through 2028
Increasing demand for renewable energy and Growing
inter-country & island power connections are likely to drive the market in
the forecast period.
According to TechSci Research report, “Submarine DC
Electric Cable Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Submarine DC Electric Cable
Market stood at USD 22.08 billion in 2022 and is anticipated to grow with a
CAGR of 9.19% in the forecast period. One of the primary drivers propelling the
global submarine DC electric cable market is the rapid expansion of offshore
wind energy projects worldwide. As governments and industries seek cleaner and
more sustainable sources of electricity, offshore wind farms have gained
significant momentum. These wind farms are typically situated far from the
coastlines, making submarine DC electric cables indispensable for transmitting
the electricity generated by offshore turbines to onshore grids. Offshore wind
energy's growth is particularly evident in regions like the North Sea and the
East Coast of the United States, where numerous wind farms are being developed.
Submarine DC cables are the preferred choice for these projects due to their
ability to efficiently transport electricity over long distances with minimal
power losses. The increasing investment in offshore wind power generation is,
therefore, a major driver stimulating the demand for submarine DC electric
cables, as they play a pivotal role in harnessing and distributing clean energy
from these remote offshore locations.
The global drive for cross-border grid interconnection
is another significant driver of the submarine DC electric cable market.
Governments and energy authorities recognize the benefits of interconnected
power grids, such as enhanced energy security, improved resource sharing, and
increased grid resilience. To achieve these goals, countries are increasingly
investing in submarine DC electric cables to connect their electrical networks
across national borders or between islands.
For example, the European Union's ambitious electricity interconnection
targets encourage the development of submarine cable links that interconnect
member states. These interconnections facilitate the exchange of electricity
between countries and regions, allowing surplus energy to be shared, reducing
reliance on fossil fuels, and enhancing the overall stability of the European
grid. Similar initiatives can be observed in regions like Southeast Asia, where
countries are working to establish submarine cable connections to share electricity
resources and improve energy access. The demand for submarine DC electric
cables in such projects is driven by the need to efficiently transport
electricity across underwater or transboundary routes, fostering regional
energy cooperation and grid integration. As cross-border grid interconnection
initiatives continue to grow, the submarine DC electric cable market is
expected to expand further to meet the demands of these complex, interconnected
electrical networks.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Submarine DC Electric Cable Market.”
The Global Submarine DC Electric Cable Market is
segmented into type, application and region.
Based on type, The High-Voltage Direct Current (HVDC)
segment held the largest market share in 2022 & expected to maintain it in
the forecast period. HVDC cables are known for their efficiency over long
transmission distances. Unlike Alternating Current (AC), DC transmission
experiences lower power losses, especially over extended undersea routes. This
makes HVDC cables particularly suitable for interconnecting power grids across
international borders or for transmitting electricity from remote offshore wind
farms to the mainland. HVDC systems provide better control over voltage levels,
which is crucial for maintaining stable power transmission over varying
distances and under different load conditions. This control is especially
important when dealing with the challenges of transmitting electricity through
submarine cables. AC transmission systems can suffer from reactive power
losses, which can result in higher energy consumption. HVDC transmission
minimizes these losses, leading to more efficient energy transmission. HVDC
systems are not affected by issues related to the synchronization of
frequencies between interconnected grids, making them ideal for interconnecting
grids with varying AC frequencies. HVDC cables generate lower levels of
electromagnetic interference compared to their AC counterparts. This reduced
interference is crucial for sensitive electronic equipment and systems. HVDC
systems have a higher load transfer capability, allowing them to transmit
larger amounts of power, which is vital for high-demand areas or when
connecting major power generation sources like offshore wind farms. In some
cases, HVDC cables are preferred for their reduced environmental impact. They
typically require narrower cable corridors and have a smaller footprint on the
seabed compared to AC cables.
Based on application, The Offshore Wind Power
Generation segment held the largest market share in 2022 and is projected to
experience rapid growth during the forecast period. Offshore wind power
generation has experienced exponential growth in recent years. Many countries
are increasingly investing in offshore wind projects as a key component of
their renewable energy strategies. These projects are often located far from
the coast, necessitating the use of submarine DC electric cables to transmit
the electricity generated by offshore wind turbines to the mainland. Global
efforts to reduce carbon emissions and combat climate change have led to a
significant shift toward renewable energy sources. Offshore wind is considered
a reliable and sustainable energy solution, and governments and energy
companies worldwide are expanding their offshore wind portfolios. Submarine DC
cables are essential for connecting these wind farms to onshore grids, making
them a critical component of the offshore wind energy supply chain. Offshore
wind farms are often situated in locations where the electricity generated
needs to be transmitted over long distances to reach population centers.
Submarine DC electric cables, particularly high-voltage DC (HVDC) cables, excel
in efficiently transmitting electricity over extended undersea routes with
minimal power losses. This capability is vital for transporting large
quantities of electricity from offshore wind farms to onshore substations.
Ongoing technological advancements in submarine DC cable technology, including
the development of materials, manufacturing techniques, and installation
methods, have made these cables more efficient and cost-effective. This has
further facilitated their use in offshore wind power transmission projects.
Major companies operating in the Global Submarine
DC Electric Cable Market are:
- NKT A/S
- Prysmian Group
- Nexans S.A.
- Sumitomo Electric Industries Ltd.
- LS Cable & System Ltd.
- Hitachi Power Grids
- ABB Ltd.
- General Cable Technologies Corporation
- Siemens Energy AG
- Draka Cable International B.V.
Download Free Sample Report
Customers can also request for 10%
free customization on this report.
“The Global Submarine DC Electric Cable market is
expected to rise in the upcoming years and register a significant CAGR during
the forecast period. The global submarine DC electric cable market is primarily
driven by the rapid expansion of offshore energy projects, particularly
offshore wind farms. With the increasing global focus on sustainable energy
sources, offshore wind farms are being developed at an unprecedented rate.
These projects, often located far from the coast, rely on submarine DC electric
cables to efficiently transport the electricity generated by offshore turbines
to onshore grids. As offshore wind energy gains momentum in regions like the
North Sea and the East Coast of the United States, the demand for submarine DC
electric cables continues to surge, making them a critical component in
enabling clean energy generation and transmission. Therefore, the market of
Submarine DC Electric Cable is expected to boost in the upcoming years.,” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Submarine DC Electric Cable Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By
Type (High-Voltage Direct Current, Extra-High-Voltage Direct Current), By
Application (Offshore Wind Power Generation, Inter-Country And Island Power
Connections, Others), By Region, By Competition”, has evaluated
the future growth potential of Global Submarine DC Electric Cable Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision-makers make sound investment decisions., The report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the Global Submarine DC Electric Cable Market.
Contact
Mr. Ken Mathews
Techsci Research LLC
420 Lexington Avenue, Suite 300,
New York, United States- 10170
Tel: +13322586602
Email: [email protected]
Website: www.techsciresearch.com