Submarine Power Cable Market opportunities, business, demand and growth, forecast 2027
Rising investment in offshore farms, increased data traffic, and investment by OTT providers to meet demand are the primary factors driving the Submarine Power Cable market. Underwater cables are frequently utilised for power transmission, communication, and internet access. They are frequently employed in the transportation of energy from oil resources to power plants, as well as in communications between countries and islands. One of the major factors influencing demand for low power cables is the growing demand for international grid connectivity. Underwater communication cables are used to connect countries. Submarine cables carry 97% of worldwide internet traffic, and product demand is expected to climb substantially as internet usage grows.
Submarine Power Cable Market Report Scope and Research Methodology:
The research provides an in-depth evaluation of the market as well as key stakeholders in the Submarine Power Cable industry. The Submarine Power Cable Market study includes information on market volume, income, production, and sales. It illustrates the market's history and current position, as well as predicted trends and market size, in vivid detail. The report used numerous research methodologies, such as interviews and surveys, to fully understand client habits.
The SMR report is the outcome of multiple research approaches, including PORTER, PESTLE, and SWOT analysis, as well as a bottom-up approach to estimating Submarine Power Cable market size. In the study, these methodologies were used to shed light on the essential financial components that major firms must consider when recognising competitors and formulating market strategies.
Submarine Power Cable Market Overview:
Stellar Market Research just released the research Submarine Power Cable Market Manufacturers, Regions, Types, Applications, Segments, and Forecast to 2029. The study investigates insights within the framework of the Submarine Power Cable market, such as its ever-changing trends, industrial environment, and other major market components.
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Submarine Power Cable Market size was valued at US$ 7.64 Bn. in 2021 and the total revenue is expected to grow at 6.4 % through 2022 to 2027, reaching nearly US$ 11.09 Bn. by 2027.
Submarine Power Cable Market Segmentation:
By Voltage Type, the high voltage segment will account for approximately 66.5% of revenue by 2021. High voltage power cables with a voltage rating of more than 33kV are commonly used for power transmission and distribution. As a result, the ever-increasing demand for HVDC hydroelectric power cables, as well as the expanding investment in offshore wind turbines, are important factors driving the high voltage submarine power cable segment. High voltage cables minimise transmission losses, allowing for more efficient transmission. The HVDC power system grows at great speeds and allows electricity to be transferred from major power sources to a big country. Several companies and development centres, like the North Seas Countries Offshore Grid Initiative, CIGRE, and others, are assisting in the expansion of HVDC energy programmes.
The submarine power cable market is divided into dry plant and wet plant components based on component. This submarine power cable market category is dominated by dry plant items. By 2021, dry plat products would have represented for 73.6% of the submarine power cable market revenue. This is due to cost-cutting and the most recent technological advancements in dry plant cables, as SDM cables are durable and strong, have aluminium conductors, smart cables: emergency earthquake and tsunami warnings, repeated pumping, underwater virtual networks, artificial intelligence, and machine learning in underwater systems, and so on.
End-user revenue for offshore wind turbines was predicted to be 45% of the overall submarine power cable market by 2021. Increased investment in offshore wind turbines and subterranean power lines to divert long-distance electricity from these facilities are key elements influencing the size of the ever-expanding submarine power cable market. From 2022 to 2027, the market share of oil and gas on the coast is predicted to expand at a considerable annual rate of 4.9%. From 2022 to 2027, increased deep water mining and underwater operations are expected to drive the market. Some emerging countries in South America, the Middle East, and Africa are expanding their oil and gas investments abroad, which is fueling the growth of the submarine power cable industry.
Submarine Power Cable Market Key Players:
Crunchbase Company (Netherlands)
Prysmian (Italy)
Nexans (France)
NKT (Denmark)
General Cable (US)
Furukawa Electric (Japan)
Sumitomo Electric (Japan)
KEI Industries (India)
LS Cable & System (South Korea)
ZTT (China)
TFKable Group (JDR Cables) (Poland)
Hydro Group (UK)
Hengtong Marine Cable system (China)
Americor Electronics (US)
Supreme Cables (US)
Submarine Power Cable Market Regional Insights:
The market study examines market size, dynamics, and market share in the following regions: North America, Europe, Asia Pacific, South America, the Middle East, and Africa.
Key Questions answered in the Submarine Power Cable Market Report are:
- What is the expected Submarine Power Cable market size by the end of the forecast period?
- What are the Submarine Power Cable market segments?
- Which segment in the Submarine Power Cable market is expected to grow rapidly during the forecast period?
- Which are the prominent players in the Submarine Power Cable market?
- What key trends are expected to emerge in the Submarine Power Cable market during the forecast period?
- Which region dominated the Submarine Power Cable Market?
- Which regional market is expected to grow at a high rate during the forecast period?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by segments with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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About Stellar Market Research
Established in 2018, Stellar Market Research is an India-based consulting and advisory firm focused on helping clients reach their business transformation objectives with advisory services and strategic business. The company’s vision is to be an integral part of the client’s business as a strategic knowledge partner. Stellar Market Research provides end-to-end solutions that go beyond key research technologies to help executives in any organization achieve their mission-critical goals. The company has clients from all across the globe, 23 % from India and others from Japan, Korea, Germany, United States, etc. The company uses its extensive industry knowledge, strong network, and know-how to provide complete insights that give clients a competitive advantage.
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