Home > Energy & Power > Wire and Cable > Power Cable > Europe Submarine Power Cable Market

Europe Submarine Power Cable Market Analysis

Report ID: GMI8989
Published Date: Apr 2024
Report Format: PDF

Download Free Sample

Europe Submarine Power Cable Market Analysis

Based on core, the market is segmented into single and multi-core. The multi core segment is anticipated to grow remarkably by 2032 since these cables offer higher transmission capacity, enabling the efficient transfer of larger amounts of electricity across longer distances. Additionally, they provide enhanced reliability and resilience, crucial for submarine applications where maintenance can be challenging.

Europe Submarine Power Cable Market Revenue Share, By Current, 2023

To get key market trends

Download Free Sample

Based on current, the Europe submarine power cable market is segmented into AC and DC. Amongst them, DC is anticipated to cross a significant CAGR by 2032 since it offers lower transmission losses over long distances, making them ideal for underwater power transmission. Advancements in high-voltage direct current (HVDC) technology enhance efficiency and capacity, meeting the increasing demand for renewable energy integration and interconnection between offshore wind farms and mainland grids.

UK is anticipated to grow significantly in upcoming years since it is a strategic hub for connecting mainland Europe with offshore renewable energy projects in the North Sea. The ambitious renewable energy targets drive demand for infrastructure like submarine cables to transmit energy from offshore wind farms. Additionally, the UK's established regulatory framework and investment incentives attract private and public funding, fostering innovation and growth in the submarine power cable market.

Authors: Ankit Gupta, Utkarsh Mahajan

Frequently Asked Questions (FAQ) :

Europe submarine power cable market size was USD 700 million in 2023 and is expected to register a significant CAGR from 2024-2032 owing to the need to reduce greenhouse gas emissions and combat climate change in the region.

Europe submarine power cable market from multi core segment is expected to hold a dominating market share by 2032 due to offering higher transmission capacity and enabling the efficient transfer of larger amounts of electricity across longer distances.

UK submarine power cable industry is expected to maintain a commendable CAGR from 2024-2032 due to ambitious renewable energy targets, established regulatory framework and investment incentives attracting private and public funding in the country.

ABB, Belden, Fujikura Ltd., Intertek Group, KEI Industries, Kelani cables, LS Cable & Systems, Nexans, Ningbo Orient wires & cables, NKT, Prysmian S.P.A, Sumitomo Electric, TF Kable, and ZTT Furukawa Electric, are some of the major submarine power cable companies in Europe.