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Europe Submarine Power Cable Market Size

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

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Europe Submarine Power Cable Market Size

Europe Submarine Power Cable Market size was valued at USD 700 million in 2023 and is expected to reach USD 600 million by 2032. The increasing demand for renewable energy sources including offshore wind farms necessitates the installation of submarine power cables to transmit electricity from remote locations to the mainland.

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Moreover, the aging infrastructure of existing cables requires replacement and upgrades, further driving market growth. Additionally, the growing interconnection between European countries for efficient energy transmission and distribution is fuelling demand for submarine power cables.

Europe Submarine Power Cable Market Report Attributes
Report Attribute	Details
Base Year:	2023
Europe Submarine Power Cable Market Size in 2023:	USD 700 Million
Forecast Period:	2024 - 2032
2032 Value Projection:	USD 600 Million
Historical Data for:	2019 - 2023
No. of Pages:	350
Tables, Charts & Figures:	353
Segments covered:	Chemistry, Application, and Country
Growth Drivers:	Rapid urbanization and industrialization Offshore oil and gas exploration Growing popularity of subsea power transmission
Pitfalls & Challenges:	Political and regulatory risks

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Government initiatives and policies aimed at reducing carbon emissions and promoting sustainable energy solutions also play a significant role in stimulating market expansion. For instance, the government has announced its intention to allocate over USD 42.57 million towards floating wind projects, with an additional anticipated contribution of more than USD 37 million from private companies. This substantial investment will fulfil the government's ambitious target of reaching 40 GW of offshore wind energy by 2030. Consequently, these proactive governmental measures are poised to propel growth in the submarine power cables market in the foreseeable future.

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.