The "Submarine Power Cable Market, By Type (Single, Multicore), Voltage, Conductor Material (Copper, Aluminum), End-User (Offshore Wind Power Generation, Inter-Country & Island Connection, Offshore Oil & Gas) & Region-Global Forecast To 2023" report has been added to ResearchAndMarkets.com's offering.
The overall submarine power cable market is estimated to grow from USD 8.12 Billion in 2018 to USD 16.56 Billion by 2023, at a CAGR of 15.32%.
The increasing demand from the offshore wind industry, along with demand from intercountry & island connections, have boosted the demand for submarine power cables. Also, the increasing deployment of submarine power cables in the offshore oil & gas sector would further aid the growth of this market. The high cost of installation and complex regulatory authorization procedures would act as a restraint for the submarine power cable market.
The single core segment is expected to be the fastest-growing submarine power cable market, by type, from 2018 to 2023. It is considered to be the ideal cable type for submarine power cables. Single core submarine power cables are more suitable to cover longer distance as these cables experience lower reverse current when compared to multicore cables. Thus, application-based demand is high for this particular cable type, resulting in higher market share. The demand for single core submarine power cables is also driven by the increasing HVDC interconnections in Europe, Asia Pacific, and North America.
The high voltage segment is estimated to be the largest market for submarine power cables in 2018. The market for the high voltage segment is driven by increasing number of grid interconnections and offshore wind projects, which require high-capacity cables for transmitting power over a long distance.
Key Topics Covered
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Submarine Power Cable Market, By Type
7 Submarine Power Cable Market, By Voltage
8 Submarine Power Cable Market, By Conductor Material
9 Submarine Power Cable Market, By End-User
10 Submarine Power Cable Market, By Region
11 Competitive Landscape
12 Company Profiles
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