The Global Submarine Power Cable market is projected to reach USD 22.3 billion by 2028 from an estimated USD 12.9 billion in 2023, at a CAGR of 11.5% during the forecast period. These cables are essential for connecting offshore power generation facilities, such as offshore wind farms, tidal energy installations, or underwater power distribution networks, to onshore power grids. They are also used for interconnecting islands with mainland power systems, supplying power to offshore oil and gas platforms, and various other underwater electrical transmission applications.
Some key trends in such as growth of offshore wind farms, and increasing adoption of HVDC submarine power cables to drive the submarine power cable market.
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This report segments the submarine power cable market based on conductor material into two types: copper, and aluminium. The copper segment is expected to be the largest segment in submarine power cable market in the forecast period. Due to their exceptional conductivity, copper conductors are a prevalent choice for submarine cables. Beyond their excellent conductivity, copper exhibits robust tensile strength, thermal conductivity, and thermal expansion characteristics.
This report segments the submarine power cable market based on end use into two segments: offshore wind power generation, inter-country and Island connection, and offshore oil & gas. Inter-country and Island connection is expected to be the second largest segment in the market. To address the mounting power requirements of these islands, additional submarine cable networks are being established along diverse routes, enhancing power availability while mitigating risks. With ongoing and prospective investments aimed at expanding regional interconnection capacity, the demand for submarine power cables is expected to rise steadily over the projected timeframe.
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The growing integration of intermittent renewable sources of energy increases the need for transmitting electric energy over long distances, encompassing wide and deep-water bodies using submarine power cables. With increasing installation of submarine power cable projects, there has arisen a need for efficient power transmission enabling reduced dissipative losses. This is achieved with the application of HVDC submarine power cables, which offer several advantages over conventional High Voltage Direct Current (HVAC).
