France submarine power cable market, fueled by its substantial investments in offshore wind energy and interconnection projects. The French government’s renewable energy policies and targets, aiming for a significant increase in offshore wind capacity by 2030, drive the demand for submarine power cables. Major companies are focusing on innovation and expanding their production capacities to cater to this growing market. Additionally, France's strategic location in Europe and its extensive coastline provide ample opportunities for submarine power cable installations, enhancing its role in the continent's energy transition.
The Submarine Power Cable Market is garnering substantial traction. The market growth attributes to rising uses of power transmission cables for energy, voltage, and transmission applications. Besides, the rising demand for voltage cables in the power generation segment drives the growth of the market. Moreover, burgeoning end-use verticals such as offshore wind power generation, oil & gas, island connection, and wave & tidal power generation escalate the market demand.
According to a leading research firm Market Research Future (MRFR), the Submarine Power Cable Market is projected to register a 9.4% CAGR during the anticipated period (2024 – 2030). The rising numbers of submarines used in warships, imperative in combat, surveillance, counter-surveillance, and other underwater missions accelerate the market growth. Substantial investments transpired by the government to strengthen the O&G and marine sectors boost the growth of the market.
Additionally, substantial funding in modernization and upgrades of submarines substantiates the market growth. The growing demand for advanced submarine power cables and the increased need for marine surveillance foster the growth of the market. Furthermore, the growing uptake of submarines due to the increased demand for maritime surveillance and rising terrorism bolster the market growth.
Submarine Power Cable Market - Segmentation
The report is segmented into six dynamics;
By Type : Single Core and Multi-Core.
By Insulation Type: Cross-Linked Polyethylene (XLPE), Ethylene Propylene Rubber (EPR), and others.
By Voltage : Up to 66 KV, 66 KV–220 KV, and Above 220 KV.
By Conductor Material: Copper and Aluminum.
By End-Use: Offshore Wind Power Generation, Offshore Oil & Gas, Island Connection, Wave & Tidal Power Generation, and others.
By Regions : Americas, Europe, Asia Pacific, and Rest-of-the-World.
Submarine Power Cable Market - Regional Analysis
Europe dominates the Submarine Power Cable Market. The largest market share attributes to large budgets to improve the technology of dreadnoughts and the rising market demand. Besides, the burgeoning marine industries and the rising offshore wind power generation drive the regional market's growth. The UK, France, and Germany are significant markets for submarines in the region. The European submarine power cable market is anticipated to retain its dominance over the global market throughout the forecast period.
North America accounts for the second-largest share in the Submarine Power Cable Market. The market is driven by the huge demand for nuclear-powered submarines and advanced combat technologies. Additionally, the modernization of naval fleets undertaken by the Canadian government boosts the regional market's growth. The US, backed by the presence of ballistic missile submarines, accounts for the largest share in the regional market.
The Asia Pacific submarine power cable market is growing rapidly. Factors such as the growing demand for uninterrupted power supply and the rising number of offshore wind farms boost the regional market growth. Moreover, the increasing demand for submarine power cables in oil and gas operations in the region influences the regional market's growth.
Increasing naval investments by the governments and increasing military budgets in the region positively impact market growth. Besides, growing investments in various military and commercial submarine power cable applications foster regional market growth. The APAC submarine power cable market is expected to grow at an impressive CAGR over the forecast period.
Submarine Power Cable Market - Competitive Landscape
Highly competitive, the submarine power cable market appears fragmented due to the presence of several well-established players. Industry players make substantial investments locally as well as in emerging countries to expand their production capacities, distribution network, and supply chain. Obtaining strong financial support has become the sole strategy of suppliers to maintain their market positions. Manufacturers strive to minimize production costs by adopting cost-effective manufacturing techniques.
Major Players
Players leading the XLPE Submarine Cable Systemsinclude Nexans (France), Prysmian Group (Italy), NKT A/S (Denmark), LS Cable & System Ltd. (South Korea), Furukawa electric co., ltd. (Japan), Sumitomo Electric Industries, Ltd. (Japan), Hengtong Group Co., Ltd. (China), ZTT (China), and Qingdao Hanhe Cable Co., Ltd. (China), among others.
Industry/ Innovation/ Related News
October 20, 2020 ---- LS Cable & System (South Korea), a leading global cable manufacturer, announced its plans to acquire KT Submarine Co., Ltd. (South Korea), a leading construction engineering company providing installation and repair services for submarine cable. KT Submarine constructs, maintains and repairs submarine optical cables in the domestic and international seas.
LS is expected to win a large chunk of the government led New Green Deal initiative funds to connect and improve an offshore wind power generator complex scheduled to be built in 2023. In line with industry expectations, LS has decided to acquire KT Submarine to provide added impetus to the LS affiliate to bolster its profile in the lucrative global underwater cable market.
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