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The Insight Partners published the latest research study on “Submarine Power Cable Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 11,829.01 million by 2028, registering a CAGR of 6.4% from 2021 to 2028.
Offshore oil and gas production is a significant source of indigenous hydrocarbon energy in Europe. The North Sea produces most of the crude oil in EU member states, with the UK accounting for the largest share of 75.38%, followed by Denmark with a share of 18.17%. A few of the major offshore oil and gas projects in Europe include troll oil and gas field, Johan Sverdrup Oil Field, Snohvit gas field, buzzard field, Ormen Lange gas field, Clair Ridge oil field, Snorre oil and gas field, Oseberg oil and gas field, Johan Castberg oil field, and Ekofisk oil and gas field. The vigorous growth of oil & gas projects, supported by high investment, is contributing to the growth of the submarine power cables market across Europe.
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The offshore wind projects and international cross-border offshore connections play an essential role in economic growth and employment in many European countries, which were strongly impacted by supply chain disruptions and technological challenges due to the pandemic in 2020. Europe has the largest offshore wind power capacity worldwide and is mainly driven by countries, such as the UK and Germany. The UK holds around 29% and Germany with 22% capacity in the global offshore wind power sector in 2021.
Moreover, in 2020 the UK has launched the world’s largest operational wind farm with 174 offshore wind turbines. The electricity produced is enough to power over a million homes with clean energy. The governments in Europe have also announced their plans to reach 40GW of offshore wind by 2030 and net-zero emissions by 2050. This is the most ambitious offshore wind target in Europe, which is expected to recover the losses caused by the COVID-19 crisis.
The submarine power cable market is analyzed on the basis of type, conductor material, voltage, application, and geography. Based on type, the market is classified into single-core and multicore. Based on conductor material, the market share is segmented into copper and aluminum. Based on voltage, the market is segmented into ground high voltage and medium voltage. Based on application, the market is segmented into offshore oil and gas, offshore wind power, and inter-country & island connection. Based on geography, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America.
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Government initiatives to reduce carbon footprint across the region are highly supporting the adoption of renewable sources of power generation, such as wind, thereby boosting investments in offshore wind energy farms across countries such as the US and Canada. According to the Biden administration, the US aspires to lead a sustainable energy revolution, and offshore wind is at the core strategy of that approach. By 2030, the US Departments of Energy, Interior, and Commerce hope to increase the offshore wind capacity of the country to 30 gigawatts (GW). The current offshore wind energy in the US is ~42 MW, with just one active commercial offshore wind farm off the coast of Rhode Island (Block Island Wind Farm). The potential of the US to generate 30 GW of offshore wind by 2030 as part of the Green New Deal agenda is one of the major driving factors of the submarine power cable market. Such a rise in investments in offshore wind energy is expected to trigger the demand for submarine power cables in North America.
The List of Companies – Submarine Power Cable Market
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 TFKable
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In 2021, the British government announced that GRI Renewables Industries and Siemens Gamesa 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.
In 2022, Beach Energy Limited has awarded a contract to JDR, TFKable Group’s global subsea umbilical provider and servicer (BEL). Four subsea umbilicals ranging in length from 400 to 4,360 meters, as well as termination hardware such as hydraulic and electrical flying leads, are part of the scope of work. The umbilicals will be utilized as part of a subsea production system in the Otway Basin, off the coast of Victoria, to produce natural gas..
In 2018, Kei Industries announced its expansion plan by expanding its direct and indirect dealers across Kerala.
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