The North America Submarine Power Cable Market would witness market growth of 11.7% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 449.6 million feets, showcasing a growth of 9.6% (2019-2022).
A power transmission system provides multiple paths between generators and consumers to connect them. Submarine electricity transmission enables the transfer of electricity beneath the water's surface. Submarine power cables are enormous transmission cables that transport electricity below the water's surface. These are called "submarines" because they transport electricity beneath salt water (ocean arms, oceans, and straits). However, they can also be used beneath freshwater (large lakes and rivers). Many electrical power transmission systems use alternating current (AC) because transformers can easily adjust voltages as required.
Increasing investments in offshore wind farms, rising data traffic, and investments by OTT providers to meet demand are the primary factors driving market growth. Submarine cables are commonly used for electricity transmission and communication. The growing need to interconnect countries power grids is a significant aspect influencing the demand for low-power cables. Most nations view submarine cables as a vital economic component and have enacted regulations to protect them from risk. In addition, it establishes the legal framework for implementing new submarine initiatives.
One of the primary drivers for submarine power cable adoption in North America is the development of offshore wind energy projects along the Atlantic coast. Several states, such as Massachusetts, New York, New Jersey, and Virginia, have ambitious plans to harness offshore wind resources to meet renewable energy targets. North America has a diverse and expansive geography with regions separated by large bodies of water, including the Great Lakes and the Gulf of Mexico. Grid interconnection projects are being planned and implemented to enhance the reliability and resiliency of the electrical grid. With the growing offshore wind energy and offshore oil & gas sectors, the market will grow significantly in this region.
The US market dominated the North America Submarine Power Cable Market, By Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $4,855.2 million by 2030. The Canada market is experiencing a CAGR of 14.3% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 13.3% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Submarine Power Cable Market is Predict to reach $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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