Europe Submarine Power Cable Market Trends, Size, Segment and Growth by Forecast to 2030

 Europe Submarine Power Cable Market Outlook

The Europe submarine power cable market is projected to grow from US$ 4,830.38 million in 2021 to US$ 7,268.67 million by 2028, registering a CAGR of 6.0% during the forecast period (2021–2028).

Rising Investments in Offshore Wind Energy Drive Market Growth

Submarine power cables play a crucial role in transmitting electricity generated by offshore wind turbines to onshore grids, as they are installed beneath the seabed. The increasing focus of both developed and developing countries on expanding offshore wind energy capacity is significantly fueling the demand for submarine power cables.

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Key investment highlights include:

  • United Kingdom (2021): The British government announced that GRI Renewables Industries and Siemens Gamesa invested over US$ 360.70 million (£260 million) in offshore wind manufacturing facilities in Northeast England.
  • Europe-wide (2020): According to WindEurope, the European offshore wind industry attracted around US$ 31.7 billion (€26 billion) in investments. These funds are intended to support the development of approximately 7.1 GW of offshore wind power capacity.
  • UK Government Initiatives (2021): In August, further investment of US$ 360 million (£260 million) was announced to develop next-generation offshore wind turbines. These efforts are focused on expanding manufacturing capabilities, particularly across the Humber region.


Europe Submarine Power Cable Strategic Insights

Strategic insights for the Europe Submarine Power Cable provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

Market leaders and key company profiles

  FURUKAWA ELECTRIC CO. LTD

  HENGTONG GROUP CO. LTD

  Hydro Group Plc

  KEI Industries Limited

  LS Cable & System Ltd

  NKT A/S

  Prysmian Group

  Sumitomo Electric Industries Ltd

  TELE-FONIKA Kable S.A.

  ZT International Ltd

Europe Submarine Power Cable Regional Insights

The geographic scope of the Europe Submarine Power Cable refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

Europe Submarine Power Cable Market Segmentation

The Europe submarine power cable market is segmented by type, conductor material, voltage, application, and country.

  • By Type:
    The market is categorized into single core and multicore cables. In 2021, the single core segment held the largest market share.
  • By Conductor Material:
    The market is segmented into copper and aluminum. The copper segment led the market in 2021 due to its superior conductivity and reliability.
  • By Voltage:
    Segments include high voltage and medium voltage. The high voltage segment accounted for the larger share in 2021, driven by growing demand for long-distance and high-capacity power transmission.
  • By Application:
    The market is divided into offshore oil and gas, offshore wind power, inter-country and island connections, and others. In 2021, offshore wind power emerged as the dominant application segment, fueled by rising investments in renewable energy infrastructure.
  • By Country:
    The regional breakdown includes France, Germany, Italy, the UK, Russia, and the Rest of Europe. The UK led the market in 2021, owing to its strong focus on offshore wind energy development.

Key Players:
Leading companies in the Europe submarine power cable market include 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 TELE-FONIKA Kable S.A.



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Author’s Bio
Akshay
Senior Market Research Expert at Business Market Insights

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