Report : Europe 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 6.0% CAGR, the Europe Submarine Power Cable Market is speculated to be worth US$ 7,268.67 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe submarine power cable market was valued at US$ 4,830.38 million in 2021 and is expected to reach US$ 7,268.67 million by 2028, registering a CAGR of 6.0% 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 Europe submarine power cable market expansion.
The submarine interconnections between countries for power transmission have experienced a significant rise over the years across the globe. High investment from several government to share electricity among nations which leads to reduction of power generation burden on single country through submarine cable connections is driving the growth of the global submarine connections market. More than 70% of the world's HVDC undersea cables (in terms of both number and length) are in European neighboring seas. This technology is also aimed at islands close to the coast and archipelago nations. Most submarine power lines are less than 300 kilometers long. They mainly connect countries separated by small to medium-sized bodies of water on the same continent or on its outskirts. There are a few transcontinental links, such as the Spain-Morocco link and the Red Sea Cable (Egypt-Jordan), but they are HVAC interconnectors that run over short distances (up to 30 km). Some of the present HDVC submarine power cable interconnections include Fenno-Skan 1 and 2, Eastlink 1 and 2, Gotland 1,2 and 3, NordBalt, SwePol, Baltic Cable, and Kontek Interconnection amongst others.
Thus, these high investment made by several government bodies for underwater power transmission through linking countries is driving the demand for Europe submarine power cables market.
On the contrary, longer life span of submarine power cable hurdles the growth of Europe submarine power cable market.
Based on type, the Europe submarine power cable market is bifurcated into multicore, single core. The single core held 80.8% market share in 2021, amassing US$ 3,904.42 million. It is projected to garner US$ 5,618.40 million by 2028 to expand at 5.3% CAGR during 2021–2028.
Based on conductor material, the Europe submarine power cable market is segmented into copper and Aluminum. The copper segment held 86.9% market share in 2021, amassing US$ 4,196.24 million. It is projected to garner US$ 6,410.49 million by 2028 to expand at 7.4% CAGR during 2021–2028.
Based on voltage, the Europe submarine power cable market is segmented into high voltage, and medium voltage. The high voltage accounted 76.4% market share in 2021, amassing US$ 3,581.24 million. It is projected to garner US$ 5,446.34 million by 2028 to expand at 6.2% CAGR during 2021–2028.
Based on application, the Europe 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 58.2% market share in 2021, amassing US$ 2,812.67 million. It is projected to garner US$ 4,279.30 million by 2028 to expand at 6.2% CAGR during 2021–2028.
Based on country, the Europe submarine power cable market is segmented into France, Germany, Italy, the UK, Russia, and the Rest of Europe. Our regional analysis states that the UK captured 52.1% market share in 2021. It was assessed at US$ 1336.73 million in 2021 and is likely to hit US$ 4.8 million by 2028, exhibiting a CAGR of 7.5% during the forecast period.
Key players dominating the Europe submarine power cable market are Prysmian Group; NKT A/S; Sumitomo Electric Industries Ltd; FURUKAWA ELECTRIC CO. LTD; HENGTONG GROUP CO. LTD; KEI Industries Limited; LS Cable & System Ltd; Hydro Group Plc; ZT International Ltd; and TELE-FONIKA Kable S.A., and among others.
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