Report : Middle East & Africa 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 5.7% CAGR, the Middle East & Africa Submarine Power Cable Market is speculated to be worth US$ 242.29 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Middle East & Africa submarine power cable market was valued at US$ 164.24 million in 2021 and is expected to reach US$ 242.29 million by 2028, registering a CAGR of 5.7% 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 Middle East & Africa submarine power cable market expansion.
The constantly rising investments across the globe on several offshore oil and gas projects, offshore wind farms, and intercountry power transmission projects is expected to increase the demand for submarine power cables across the globe. Some of the major investments and initiatives to be mentioned are:
• Middle East & Africa also has a strong pipeline for building wind energy farms. According to the market study, the Latin American region plans to build 120 2000 GW of wind farms by 2050. Similarly, the Middle East & Africa region plans to build 40 2000 GW of wind farms by 2050.
These huge investment by several countries across all submarine power cable applications is expected to propel the demand for submarine power over the forecast period.
On the contrary, longer life span of submarine power cable hurdles the growth of Middle East & Africa submarine power cable market.
Based on type, the Middle East & Africa submarine power cable market is bifurcated into multicore, single core. The single core held 83.9% market share in 2021, amassing US$ 137.79 million. It is projected to garner US$ 197.47 million by 2028 to expand at 5.3% CAGR during 2021–2028.
Based on conductor material, the Middle East & Africa submarine power cable market is segmented into copper and Aluminum. The copper segment held 89.1% market share in 2021, amassing US$ 146.38 million. It is projected to garner US$ 217.39 million by 2028 to expand at 5.8% CAGR during 2021–2028.
Based on voltage, the Middle East & Africa submarine power cable market is segmented into high voltage, and medium voltage. The high voltage accounted 78.4% market share in 2021, amassing US$ 128.72 million. It is projected to garner US$ 194.07 million by 2028 to expand at 6.0% CAGR during 2021–2028.
Based on application, the Middle East & Africa 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 100.0% market share in 2021, amassing US$ 164.24 million. It is projected to garner US$ 233.78 million by 2028 to expand at 5.2% CAGR during 2021–2028.
Based on country, the Middle East & Africa submarine power cable market is segmented into, Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that the UAE captured 36.8% market share in 2021. It was assessed at US$ 60.37 million in 2021 and is likely to hit US$ 93.51 million by 2028, exhibiting a CAGR of 6.5% during the forecast period.
Key players dominating the Middle East & Africa 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.
- In 2021, NKT had entered into a Preferred Supplier Agreement (PSA) as main contractor for delivery and installation of high-voltage DC on- and offshore export cable systems to the third phase of the world’s largest offshore wind farm, Dogger Bank C. Now, NKT has secured the contract award with the project owners Equinor (50%) and SSE Renewables (50%).
- In 2021, NKT developed a solution with a highly flexible yet extremely strong cable that can move with a buoy or a fish farm and withstand the many wave cycles. All connections are positioned above the water's surface, ensuring the highest level of security, convenience of use, and TCO. This is essential if you want to harness the power of the waves or have a reliable power source from the shore.
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