Report : Asia Pacific Submarine Power Cable Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Multicore and Single Core), Conductor Material (Copper and Aluminum), Voltage (High Voltage and Medium Voltage), and Application (Offshore Oil and Gas, Offshore Wind Power, and Inter-Country & Island Connection)
At 8.0% CAGR, the Asia Pacific Submarine Power Cable Market is speculated to be worth US$ 1,310.03 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific submarine power cable market was valued at US$ 765.35 million in 2021 and is expected to reach US$ 1,310.03 million by 2028, registering a CAGR of 8.0% from 2021 to 2028. Increasing investment on offshore wind energy plants and rise in cross country submarine connections for power transmission are the critical factors attributed to the Asia Pacific submarine power cable market expansion.
Electricity generated by offshore wind turbines is sent to land via several cable systems buried in the seabed. Thus, the rising investment by developed and developing nations in offshore wind energy plants to generate wind energy is propelling the demand for submarine power cables. Some of the major investments include
• NTPC and ONGC signed a memorandum of intent in May 2020 to establish a renewable energy joint venture company. The Oil and Natural Gas Corporation (ONGC) and NTPC have collaborated to create offshore wind power plants with a potential capacity of tens of thousands of megawatts (MW).
Thus, these high investments from developed and developing countries are factors driving the submarine power cables market growth.
On the contrary, longer life span of submarine power cable hurdles the growth of Asia Pacific submarine power cable market.
Based on type, the Asia Pacific submarine power cable market is bifurcated into multicore, single core. The sigle core held 82.4% market share in 2021, amassing US$ 630.46 million. It is projected to garner US$ 1,047.93 million by 2028 to expand at 7.5% CAGR during 2021–2028.
Based on conductor material, the Asia Pacific submarine power cable market is segmented into copper and Aluminum. The copper segment held 86.8% market share in 2021, amassing US$ 664.25 million. It is projected to garner US$ 1,146.37 million by 2028 to expand at 8.1% CAGR during 2021–2028.
Based on voltage, the Asia Pacific submarine power cable market is segmented into high voltage, and medium voltage. The high voltage accounted 74.9% Asia Pacific submarine power cable market share in 2021, amassing US$ 573.37 million. It is projected to garner US$ 999.11 million by 2028 to expand at 8.3% CAGR during 2021–2028.
Based on application, the Asia Pacific submarine power cable market is segmented into offshore oil and gas, offshore wind power, inter-country and island connection, and others. The offshore wind power segment held 61.2% Asia Pacific submarine power cable market share in 2021, amassing US$ 468.39 million. It is projected to garner US$ 841.47 million by 2028 to expand at 8.7% CAGR during 2021–2028.
Based on country, the Asia Pacific submarine power cable market is segmented into, Australia, China, India, Japan, South Korea and the Rest of Asia Pacific. Our regional analysis states that China captured 53.2% market share in 2021. It was assessed at US$ 408.87 million in 2021 and is likely to hit US$ 704.78 million by 2028, exhibiting a CAGR of 8.1% during the forecast period.
Key players dominating the Asia Pacific submarine power cable market are Sumitomo Electric Industries Ltd; FURUKAWA ELECTRIC CO. LTD; HENGTONG GROUP CO. LTD; KEI Industries Limited; LS Cable & System Ltd; Hydro Group Plc; and ZT International Ltd, and among others.
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