According to a comprehensive research report by Market Research Future (MRFR) on the analysis of the electrical submarine cables market, submarine cables are expected to reach a valuation of USD 19,071,3 million by 2027. The market is expected to grow at a CAGR of 12.5% during the forecast period to 2027.
Offshore wind power generation continues to increase as renewable energy generation advances. The increasing number of tidal and wind power projects will drive the subsea cable market significantly. In addition, market demand will be influenced by factors such as the increase in offshore oil rigs and island connectivity. Increasing demand for cross-border grid connections will also be a strong driver of market growth.
Submarine cable market regions
Europe is expected to dominate the subsea power cable market by 2023. Growing investment in offshore wind power is the main reason for the large market size in this region. Secondly, it is influenced by the offshore oil and gas industry. According to GWEC, the UK is the world's largest offshore wind market, with Germany in second place. Strict and effective transmission standards, as well as increased cross-border electricity trade, will contribute to market growth in the region. In addition, the market for submarine power cables in the Asia-Pacific region will experience considerable growth. Because countries such as China and Japan intend to invest heavily in expanding their offshore wind industries in their respective regions.
In fact, offshore wind power has a greater potential for electricity generation than onshore wind power. Offshore wind farms offer a number of technical advantages. These include reduced site and location planning hurdles, increased flexibility in the energy mix and increased power generation capacity. Power cables under the sea can also be equipped with fiber optics to provide Internet access. This will further boost the global submarine cable market.
Subsea communication cables
Submarine communication cables carry about 90% of the world's information traffic. They are the most selected cables for OTT and communications providers such as Google, Amazon, Facebook and Microsoft. Submarine communications cables (cables de comunicación bajo el mar) are usually equipped with both fiber optic and copper conductors.
Submarine power cables market segmentation
This report on the submarine power cables market is segmented on the basis of end-use, conductor material, voltage, and insulation type. By type, multiconductor submarine cables will lead the market during the forecast period. By insulation type, the subsea cable market is concentrated in EPR and XLPE cables. By voltage, submarine cables up to 66 kV will account for the largest share of the market. By conductor material, copper will be the most widely used conductor. By end use, offshore wind will dominate the market.