The Europe Submarine Power Cable Market would witness market growth of 10.8% CAGR during the forecast period (2023-2030). In the year 2020, the Europe market's volume surged to 683.3 million feetss, showcasing a growth of 8.7% (2019-2022).
The growth of the market has been boosted due to the expansion of offshore renewable energy projects and the need for grid interconnections. Government incentives and policies to promote clean energy have also contributed to market growth. Ongoing research and development efforts are focused on improving the technology and materials used in submarine power cables to increase their efficiency, reliability, and lifespan. Additionally, ongoing technological advancements in materials, design, and installation techniques have improved the efficiency and capacity of submarine power cables.
Countries with abundant energy resources, such as hydropower or geothermal energy, use submarine power cables to export excess electricity to neighbouring countries or import electricity during periods of high demand. This trade supports economic cooperation and resource sharing. In emerging technologies like offshore energy storage systems, submarine power cables may connect energy storage facilities to the grid. These systems store surplus electricity generated during periods of low demand and release it during peak demand times. Submarine power cables connect remote facilities, such as offshore oil and gas platforms or remote research stations, to onshore power grids.
Europe has been a global leader in offshore wind energy development. As offshore wind farms increase across European coastlines, the demand for submarine power cables to connect these wind farms to onshore grids has surged. Countries like the United Kingdom, Germany, Denmark, the Netherlands, and Belgium have invested substantially in offshore wind projects. Europe's energy landscape involves connecting countries and regions with underwater grid interconnection projects. These factors will propel the growth of the market in this region.
The Germany market dominated the Europe Submarine Power Cable Market, By Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $2,214.5 million by 2030. The UK market is exhibiting a CAGR of 9.9% during (2023 - 2030). Additionally, The France market would experience a CAGR of 11.8% during (2023 - 2030).
Based on Core Type, the market is segmented into Single Core, & Multicore. Based on Conductor Material, the market is segmented into copper & Aluminium. Based on Voltage, the market is segmented into High, & Low. Based on Type, the market is segmented into DC, & AC. Based on End User, the market is segmented into Offshore Wind Power Generation, Offshore Oil & Gas, Inter-country and Island Connection. Based on countries, the market is segmented into Germany, UK, France, Russia, Netherlands, Norway, and Rest of Europe.
Free Valuable Insights: The Global Submarine Power Cable Market will Hit $26.4 Billion by 2030, at a CAGR of 11.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Sumitomo Electric Industries, Ltd., Prysmian Group, Nexans S.A., NKT Photonics A/S (NKT A/S), LS Cable & System Ltd., Furukawa Electric Co., Ltd., SSG Cable Group, KEI Industries Limited, TPC Wire & Cable (Audax Management Company, LLC), and Hengtong Group Co., Ltd.
By Core Type (Volume, Million Feets, USD Billion, 2019 to 2030)
By Conductor Materia (Volume, Million Feets, USD Billion, 2019 to 2030)
By Voltage (Volume, Million Feets, USD Billion, 2019 to 2030)
By Type (Volume, Million Feets, USD Billion, 2019 to 2030)
By End User (Volume, Million Feets, USD Billion, 2019 to 2030)
By Country (Volume, Million Feets, USD Billion, 2019 to 2030)
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