Report : South America 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 4.8% CAGR, the South America Submarine Power Cable Market is speculated to be worth US$ 372.11 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South America submarine power cable market was valued at US$ 267.27 million in 2021 and is expected to reach US$ 372.11 million by 2028, registering a CAGR of 4.8% 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 South America submarine power cable market expansion.
Underwater data centers have been gaining momentum over the years owing to various factors such as lack of space above the ground, increased effectiveness due to fewer failures, and serving a larger section of people at a lower cost. These factors have increased the investment on underwater data centers. Two type of submarine cables are used in these data centers that is one for transferring data and the other are power cables for powering the whole data center and its operations under the sea. These factors are expected to increase the demand for subsea cable systems, thereby creating lucrative demand for submarine power cables for powering the whole data center operations below the sea, thereby contributing to the growth of the market.
On the contrary, longer life span of submarine power cable hurdles the growth of South America submarine power cable market.
Based on type, the South America submarine power cable market is bifurcated into multicore, single core. The single core held 83.1% market share in 2021, amassing US$ 222.06 million. It is projected to garner US$ 306.41 million by 2028 to expand at 4.7% CAGR during 2021–2028.
Based on conductor material, the South America submarine power cable market is segmented into copper and Aluminum. The copper segment held 88.8% market share in 2021, amassing US$ 237.30 million. It is projected to garner US$ 332.01 million by 2028 to expand at 4.9% CAGR during 2021–2028.
Based on voltage, the South America submarine power cable market is segmented into high voltage, and medium voltage. The high voltage accounted 73.9% market share in 2021, amassing US$ 197.60 million. It is projected to garner US$ 274.66 million by 2028 to expand at 4.8% CAGR during 2021–2028.
Based on application, the South America 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 98.9% market share in 2021, amassing US$ 264.33 million. It is projected to garner US$ 365.93 million by 2028 to expand at 4.8% CAGR during 2021–2028.
Based on country, the South America submarine power cable market is segmented into, Brazil, Argentina, and the Rest of South America. Our regional analysis states that Brazil captured 85.1% market share in 2021. It was assessed at US$ 226.51 million in 2021 and is likely to hit US$ 304.77 million by 2028, exhibiting a CAGR of 4.3% during the forecast period.
Key players dominating the South America submarine power cable market are Sumitomo Electric Industries Ltd; FURUKAWA ELECTRIC CO. LTD; HENGTONG GROUP CO. LTD; KEI Industries Limited; LS Cable & System Ltd; 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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