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)  

BMIRE00028097 | Pages: 143 | Electronics and Semiconductor | Feb 2023 | Type: Regional | Status: Published

The Europe submarine power cable market is expected to grow from US$ 4,830.38 million in 2021 to US$ 7,268.67 million by 2028. It is estimated to grow at a CAGR of 6.0% from 2021 to 2028.

 

Increasing Investment on Offshore Wind Energy Plants is Driving the Europe Submarine Power Cable Market

 

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:

• The British government in 2021 announced that GRI Renewables Industries and Siemens Gamesa has spent more than US$ 360.70 million (260 million pounds) in offshore wind manufacturing facilities in Northeast England.

• According to WindEurope, in 2020, the European offshore wind business had drawn ~US$ 31.7 billion (26 billion euros) in investment. The investments are planned to fund a total of 7.1 gigawatts (GW) of offshore wind power over the next few years, with projects being designed and built.

• The UK announced investment in the offshore wind manufacturing business in August 2021. Government and private sector investments worth of With US$ 360 million (£260 million) to develop 'next-generation' wind turbines. Moreover, the UK government has planned to grow its offshore wind manufacturing business across the Humber region.

Thus, these high investments from developed and developing countries are factors driving the submarine power cables market growth.  

 

Europe Submarine power cable Market Overview  

 

The submarine power cable market in Europe is sub segmented into France, Germany, Italy, the UK, Russia, and the Rest of Europe. Europe is a globally leading generator and consumer of offshore wind, with the most operational wind farms using both bottom-fixed and floating foundation technologies. The offshore capacity of the region is sufficient to meet its growing power consumption. In 2019, Europe installed a new record-high offshore wind plant of 3.6 GW capacity; however, this will require significant infrastructure investments and higher installation rates. In their National Energy and Climate Plans, European governments have set a goal of delivering 111 GW of wind capacity by 2030, but to achieve this goal, the country needs to almost triple the delivery rates. In 2020, Europe added 2.9 GW of offshore capacity. Across 9 wind farms, 356 new offshore wind turbines will be linked to the grid. The total installed offshore wind capacity in Europe today stands at 25 GW, which is equivalent to 5,402 grid-connected wind turbines spread across 12 different countries. In four different countries, eight new offshore wind projects passed the Final Decision Investment (FID) in 2020, with construction set to begin in the next years. In order to fund 7.1 GW of increased capacity, US$ 30.08 billion was invested in new assets by the European government. Such high investments are further propelling the demand for submarine power cables across Europe in the coming years.

 

Europe Submarine power cable Market Revenue and Forecast to 2028 (US$ Million)

                      

Europe Submarine power cable Market Revenue and Forecast to 2028 (US$ Million)

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Europe Submarine power cable Market Segmentation

 

The Europe submarine power cable market is segmented into type, conductor material, voltage, application, and country.

 

Based on type, the Europe submarine power cable market is bifurcated into multicore, single core. The single core segment accounted for the highest share in the Europe submarine power cable market in 2021.

 

Based on conductor material, the Europe submarine power cable market is segmented into copper and Aluminum. The copper segment accounted for the highest share in the Europe market in 2021. 

 

Based on voltage, the Europe submarine power cable market is segmented into high voltage, and medium voltage. The high voltage accounted for a higher share in the Europe submarine power cable market in 2021.

 

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 accounted for the highest share in the submarine power cable Europe market in 2021.

 

Based on country, the Europe submarine power cable market is segmented into the France, Germany, Italy, the UK, Russia, and the Rest of Europe. The UK dominated the Europe submarine power cable market share in 2021.  

 

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. are the leading companies operating in the Europe submarine power cable market.

1.           Introduction

1.1         Scope of the Study

1.2         The Insight Partners Research Report Guidance

1.3         Market Segmentation

2.           Europe Submarine Power Cable Market- Key Takeaways

3.        Research Methodology

3.1         Coverage

3.2         Secondary Research

3.3         Primary Research

4.           Europe Submarine Power Cable Market Landscape

4.1         Market Overview

4.2         Europe PEST Analysis

4.3         Ecosystem Analysis

4.4         Expert Opinion

5.           Europe Submarine Power Cable Market – Key Industry Dynamics

5.1         Market Drivers

5.1.1        Increasing Investment on Offshore Wind Energy Plants

5.1.2        Rise in Cross Country Submarine Connections for Power Transmission

5.2         Market Restraints

5.2.1        Longer Life Span of Submarine Power Cable

5.3         Market Opportunities

5.4         Future Trends

5.4.1        Rise in Development of Underwater Data Center

5.5         Impact Analysis of Drivers and Restraints

6.           Submarine Power Cable Market – Europe Market Analysis

6.1         Overview

6.2         Europe Submarine Power Cable Market Forecast and Analysis

7.           Europe Submarine Power Cable Market Analysis – By Type

7.1         Overview

7.2         Europe Submarine Power Cable Market Breakdown, by Type, 2020 and 2028

7.3         Multicore

7.3.1        Overview

7.3.2        Multicore: Europe Submarine Power Cable Market Revenue and Forecast to 2028 (US$ Million)

7.4         Single Core

7.4.1        Overview

7.4.2        Single Core: Europe Submarine Power Cable Market Revenue and Forecast to 2028 (US$ Million)

8.           Europe Submarine Power Cable Market Analysis – By Conductor Material

8.1         Overview

8.2         Europe Submarine Power Cable Market, by Conductor Material (2020 and 2028)

8.3         Copper

8.3.1        Overview

8.3.2        Copper: Europe Submarine Power Cable Market – Revenue and Forecast to 2028 (US$ Million)

8.4         Aluminum

8.4.1        Overview

8.4.2        Aluminium: Europe Submarine Power Cable Market – Revenue and Forecast to 2028 (US$ Million)

9.           Europe Submarine Power Cable Market Analysis – By Voltage

9.1         Overview

9.2         Europe Submarine Power Cable Market, by Voltage (2020 and 2028)

9.3         High Voltage

9.3.1        Overview

9.3.2        High Voltage: Europe Submarine Power Cable Market – Revenue and Forecast to 2028 (US$ Million)

9.4         Medium Voltage

9.4.1        Overview

9.4.2        Medium Voltage: Europe Submarine Power Cable Market – Revenue and Forecast to 2028 (US$ Million)

10.        Europe Submarine Power Cable Market Analysis – By Application

10.1      Overview

10.2      Europe Submarine Power Cable Market, by Application (2020 and 2028)

10.3      Offshore Oil and Gas

10.3.1     Overview

10.3.2     Offshore Oil and Gas: Europe Submarine Power Cable Market – Revenue and Forecast to 2028 (US$ Million)

10.4      Offshore Wind Power

10.4.1     Overview

10.4.2     Offshore Wind Power: Europe Submarine Power Cable Market – Revenue and Forecast to 2028 (US$ Million)

10.5      Inter-Country and Island Connection

10.5.1     Overview

10.5.2     Inter-Country and Island Connection: Submarine Power Cable Market – Revenue and Forecast to 2028 (US$ Million)

11.        Europe Submarine Power Cable Market – Country Analysis

11.1      Overview

11.1.1     Europe: Submarine Power Cable Market, by Key Country

11.1.1.1       France: Submarine Power Cable Market – Revenue and Forecast to 2028 (US$ Million)

11.1.1.1.1       France: Submarine Power Cable Market, By Type

11.1.1.1.2       France: Submarine Power Cable Market, by Conductor Material

11.1.1.1.3       France: Submarine Power Cable Market, by Voltage

11.1.1.1.3.1    France: Submarine Power Cable Market, by High Voltage

11.1.1.1.3.2    France: Submarine Power Cable Market, by Medium Voltage

11.1.1.1.4       France: Submarine Power Cable Market, by Application

11.1.1.2       Germany: Submarine Power Cable Market – Revenue and Forecast to 2028 (US$ Million)

11.1.1.2.1       Germany: Submarine Power Cable Market, By Type

11.1.1.2.2       Germany: Submarine Power Cable Market, by Conductor Material

11.1.1.2.3       Germany: Submarine Power Cable Market, by Voltage

11.1.1.2.3.1    Germany: Submarine Power Cable Market, by High Voltage

11.1.1.2.3.2    Germany: Submarine Power Cable Market, by Medium Voltage

11.1.1.2.4       Germany: Submarine Power Cable Market, by Application

11.1.1.3       Italy: Submarine Power Cable Market – Revenue and Forecast to 2028 (US$ Million)

11.1.1.3.1       Italy: Submarine Power Cable Market, By Type

11.1.1.3.2       Italy: Submarine Power Cable Market, by Conductor Material

11.1.1.3.3       Italy: Submarine Power Cable Market, by Voltage

11.1.1.3.3.1    Italy: Submarine Power Cable Market, by High Voltage

11.1.1.3.3.2    Italy: Submarine Power Cable Market, by Medium Voltage

11.1.1.3.4       Italy: Submarine Power Cable Market, by Application

11.1.1.4       UK: Submarine Power Cable Market – Revenue and Forecast to 2028 (US$ Million)

11.1.1.4.1       UK: Submarine Power Cable Market, By Type

11.1.1.4.2       UK: Submarine Power Cable Market, by Conductor Material

11.1.1.4.3       UK: Submarine Power Cable Market, by Voltage

11.1.1.4.3.1    UK: Submarine Power Cable Market, by High Voltage

11.1.1.4.3.2    UK: Submarine Power Cable Market, by Medium Voltage

11.1.1.4.4       UK: Submarine Power Cable Market, by Application

11.1.1.5       Russia: Submarine Power Cable Market – Revenue and Forecast to 2028 (US$ Million)

11.1.1.5.1       Russia: Submarine Power Cable Market, By Type

11.1.1.5.2       Russia: Submarine Power Cable Market, by Conductor Material

11.1.1.5.3       Russia: Submarine Power Cable Market, by Voltage

11.1.1.5.3.1    Russia: Submarine Power Cable Market, by High Voltage

11.1.1.5.3.2    Russia: Submarine Power Cable Market, by Medium Voltage

11.1.1.5.4       Russia: Submarine Power Cable Market, by Application

11.1.1.6       Rest of Europe: Submarine Power Cable Market – Revenue and Forecast to 2028 (US$ Million)

11.1.1.6.1       Rest of Europe: Submarine Power Cable Market, By Type

11.1.1.6.2       Rest of Europe: Submarine Power Cable Market, by Conductor Material

11.1.1.6.3       Rest of Europe: Submarine Power Cable Market, by Voltage

11.1.1.6.3.1    Rest of Europe: Submarine Power Cable Market, by High Voltage

11.1.1.6.3.2    Rest of Europe: Submarine Power Cable Market, by Medium Voltage

11.1.1.6.4       Rest of Europe: Submarine Power Cable Market, by Application

12.        Industry Landscape

12.1      Overview

12.2      Market Initiative

12.3      New Product Development

13.        Company Profiles

13.1      TELE-FONIKA Kable S.A.

13.1.1     Key Facts

13.1.2     Business Description

13.1.3     Products and Services

13.1.4     Financial Overview

13.1.5     SWOT Analysis

13.1.6     Key Developments

13.2      ZT International Ltd

13.2.1     Key Facts

13.2.2     Business Description

13.2.3     Products and Services

13.2.4     Financial Overview

13.2.5     SWOT Analysis

13.2.6     Key Developments

13.3      Hydro Group

13.3.1     Key Facts

13.3.2     Business Description

13.3.3     Products and Services

13.3.4     Financial Overview

13.3.5     SWOT Analysis

13.3.6     Key Developments

13.4      LS Cable & System Ltd.

13.4.1     Key Facts

13.4.2     Business Description

13.4.3     Products and Services

13.4.4     Financial Overview

13.4.5     SWOT Analysis

13.4.6     Key Developments

13.5      KEI Industries Limited

13.5.1     Key Facts

13.5.2     Business Description

13.5.3     Products and Services

13.5.4     Financial Overview

13.5.5     SWOT Analysis

13.5.6     Key Developments

13.6      Prysmian Group

13.6.1     Key Facts

13.6.2     Business Description

13.6.3     Products and Services

13.6.4     Financial Overview

13.6.5     SWOT Analysis

13.6.6     Key Developments

13.7      Sumitomo Electric Industries, Ltd.

13.7.1     Key Facts

13.7.2     Business Description

13.7.3     Products and Services

13.7.4     Financial Overview

13.7.5     SWOT Analysis

13.7.6     Key Developments

13.8      FURUKAWA ELECTRIC CO., LTD.

13.8.1     Key Facts

13.8.2     Business Description

13.8.3     Products and Services

13.8.4     Financial Overview

13.8.5     SWOT Analysis

13.8.6     Key Developments

13.9      NKT A/S

13.9.1     Key Facts

13.9.2     Business Description

13.9.3     Products and Services

13.9.4     Financial Overview

13.9.5     SWOT Analysis

13.9.6     Key Developments

13.10   HENGTONG GROUP CO.,LTD.

13.10.1  Key Facts

13.10.2  Business Description

13.10.3  Products and Services

13.10.4  Financial Overview

13.10.5  SWOT Analysis

13.10.6  Key Developments

14.        Appendix

14.1      About The Insight Partners

14.2      Glossary

 

LIST OF TABLES

Table 1.             Europe Submarine Power Cable Market Revenue and Forecasts to 2028 (US$ Mn)

Table 2.             Europe: Submarine Power Cable Market, by Country – Revenue and Forecast to 2028 (US$ Million)

Table 3.             France: Submarine Power Cable Market, By Type– Revenue and Forecast to 2028 (US$ Million)

Table 4.             France: Submarine Power Cable Market, by Conductor Material – Revenue and Forecast to 2028 (US$ Million)

Table 5.             France: Submarine Power Cable Market, by Voltage – Revenue and Forecast to 2028 (US$ Million)

Table 6.             France: Submarine Power Cable Market, by High Voltage – Revenue and Forecast to 2028 (US$ Million)

Table 7.             France: Submarine Power Cable Market, by Medium Voltage – Revenue and Forecast to 2028 (US$ Million)

Table 8.             France: Submarine Power Cable Market, by Application – Revenue and Forecast to 2028 (US$ Million)

Table 9.             Germany: Submarine Power Cable Market, By Type– Revenue and Forecast to 2028 (US$ Million)

Table 10.          Germany: Submarine Power Cable Market, by Conductor Material – Revenue and Forecast to 2028 (US$ Million)

Table 11.          Germany: Submarine Power Cable Market, by Voltage – Revenue and Forecast to 2028 (US$ Million)

Table 12.          Germany: Submarine Power Cable Market, by High Voltage – Revenue and Forecast to 2028 (US$ Million)

Table 13.          Germany: Submarine Power Cable Market, by Medium Voltage – Revenue and Forecast to 2028 (US$ Million)

Table 14.          Germany: Submarine Power Cable Market, by Application – Revenue and Forecast to 2028 (US$ Million)

Table 15.          Italy: Submarine Power Cable Market, By Type– Revenue and Forecast to 2028 (US$ Million)

Table 16.          Italy: Submarine Power Cable Market, by Conductor Material – Revenue and Forecast to 2028 (US$ Million)

Table 17.          Italy: Submarine Power Cable Market, by Voltage – Revenue and Forecast to 2028 (US$ Million)

Table 18.          Italy: Submarine Power Cable Market, by High Voltage – Revenue and Forecast to 2028 (US$ Million)

Table 19.          Italy: Submarine Power Cable Market, by Medium Voltage – Revenue and Forecast to 2028 (US$ Million)

Table 20.          Italy: Submarine Power Cable Market, by Application – Revenue and Forecast to 2028 (US$ Million)

Table 21.          UK: Submarine Power Cable Market, By Type– Revenue and Forecast to 2028 (US$ Million)

Table 22.          UK: Submarine Power Cable Market, by Conductor Material – Revenue and Forecast to 2028 (US$ Million)

Table 23.          UK: Submarine Power Cable Market, by Voltage – Revenue and Forecast to 2028 (US$ Million)

Table 24.          UK: Submarine Power Cable Market, by High Voltage – Revenue and Forecast to 2028 (US$ Million)

Table 25.          UK: Submarine Power Cable Market, by Medium Voltage – Revenue and Forecast to 2028 (US$ Million)

Table 26.          UK: Submarine Power Cable Market, by Application – Revenue and Forecast to 2028 (US$ Million)

Table 27.          Russia: Submarine Power Cable Market, By Type– Revenue and Forecast to 2028 (US$ Million)

Table 28.          Russia: Submarine Power Cable Market, by Conductor Material – Revenue and Forecast to 2028 (US$ Million)

Table 29.          Russia: Submarine Power Cable Market, by Voltage – Revenue and Forecast to 2028 (US$ Million)

Table 30.          Russia: Submarine Power Cable Market, by High Voltage – Revenue and Forecast to 2028 (US$ Million)

Table 31.          Russia: Submarine Power Cable Market, by Medium Voltage – Revenue and Forecast to 2028 (US$ Million)

Table 32.          Russia: Submarine Power Cable Market, by Application – Revenue and Forecast to 2028 (US$ Million)

Table 33.          Rest of Europe: Submarine Power Cable Market, By Type– Revenue and Forecast to 2028 (US$ Million)

Table 34.          Rest of Europe: Submarine Power Cable Market, by Conductor Material – Revenue and Forecast to 2028 (US$ Million)

Table 35.          Rest of Europe: Submarine Power Cable Market, by Voltage – Revenue and Forecast to 2028 (US$ Million)

Table 36.          Rest of Europe: Submarine Power Cable Market, by High Voltage – Revenue and Forecast to 2028 (US$ Million)

Table 37.          Rest of Europe: Submarine Power Cable Market, by Medium Voltage – Revenue and Forecast to 2028 (US$ Million)

Table 38.          Rest of Europe: Submarine Power Cable Market, by Application – Revenue and Forecast to 2028 (US$ Million)

Table 39.          Glossary of terms, Europe Submarine Power Cable Market

 

 

LIST OF FIGURES

Figure 1.           Europe Submarine Power Cable Market Segmentation

Figure 2.           Europe Submarine Power Cable Market Segmentation – By Country

Figure 3.           Europe Submarine Power Cable Market Overview

Figure 4.           Single Core Held the Highest Share in Europe Submarine Power Cable Market in 2020

Figure 5.           Europe Submarine Power Cable Market, by Country

Figure 6.           Europe – PEST Analysis

Figure 7.           Europe Submarine Power Cable Market – Ecosystem Analysis

Figure 8.           Expert Opinion

Figure 9.           Europe Submarine Power Cable Market: Impact Analysis of Drivers and Restraints

Figure 10.        Europe Submarine Power Cable Market Forecast and Analysis, (US$ Mn)

Figure 11.        Europe Submarine Power Cable Market Revenue Share, by Type (2020 and 2028)

Figure 12.        Multicore: Europe Submarine Power Cable Market Revenue and Forecast to 2028 (US$ Million)

Figure 13.        Single Core: Europe Submarine Power Cable Market Revenue and Forecast to 2028 (US$ Million)

Figure 14.        Europe Submarine Power Cable Market Revenue Share, by Conductor Material (2020 and 2028)

Figure 15.        Copper: Europe Submarine Power Cable Market – Revenue and Forecast to 2028 (US$ Million)

Figure 16.        Ground: Europe Submarine Power Cable Market – Revenue and Forecast to 2028 (US$ Million)

Figure 17.        Europe Submarine Power Cable Market Revenue Share, by Voltage (2020 and 2028)

Figure 18.        High Voltage: Europe Submarine Power Cable Market – Revenue and Forecast to 2028 (US$ Million)

Figure 19.        Medium Voltage: Europe Submarine Power Cable Market – Revenue and Forecast to 2028 (US$ Million)

Figure 20.        Europe Submarine Power Cable Market Revenue Share, by Configuration (2020 and 2028)

Figure 21.        Offshore Oil and Gas: Europe Submarine Power Cable Market – Revenue and Forecast to 2028 (US$ Million)

Figure 22.        Offshore Wind Power: Europe Submarine Power Cable Market – Revenue and Forecast to 2028 (US$ Million)

Figure 23.        Inter-Country and Island Connection: Submarine Power Cable Market – Revenue and Forecast to 2028 (US$ Million)

Figure 24.        Europe: Submarine Power Cable Market, by Key Country – Revenue (2021) (US$ Million)

Figure 25.        Europe: Submarine Power Cable Market Revenue Share, by Key Country (2020 & 2028)

Figure 26.        France: Submarine Power Cable Market – Revenue and Forecast to 2028 (US$ Million)

Figure 27.        Germany: Submarine Power Cable Market – Revenue and Forecast to 2028 (US$ Million)

Figure 28.        Italy: Submarine Power Cable Market – Revenue and Forecast to 2028 (US$ Million)

Figure 29.        UK: Submarine Power Cable Market – Revenue and Forecast to 2028 (US$ Million)

Figure 30.        Russia: Submarine Power Cable Market – Revenue and Forecast to 2028 (US$ Million)

Figure 31.        Rest of Europe: Submarine Power Cable Market – Revenue and Forecast to 2028 (US$ Million)

  1. FURUKAWA ELECTRIC CO. LTD
  2. HENGTONG GROUP CO. LTD
  3. Hydro Group Plc
  4. KEI Industries Limited
  5. LS Cable & System Ltd
  6. NKT A/S
  7. Prysmian Group
  8. Sumitomo Electric Industries Ltd
  9. TELE-FONIKA Kable S.A.
  10. ZT International Ltd
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Europe submarine power cable market
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the Europe submarine power cable market, thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth Europe market trends and outlook coupled with the factors driving the submarine power cable market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
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