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Europe Submarine Power Cable Market
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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.
To get key market trends
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
| Key Takeaway | Details |
|---|---|
| Market Size & Growth | |
| Base Year | 2023 |
| Market Size in 2023 | USD 700 Million |
| Market Size in 2032 | USD 600 Million |
| Key Market Trends | |
| Growth Drivers |
|
| Pitfalls & Challenges |
|
What are the growth opportunities in this market?
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.
Europe Submarine Power Cable Market Trends
There's a growing emphasis on renewable energy projects, driving the demand for submarine cables to connect offshore wind farms to the grid. There's an increasing focus on interconnection projects aimed at enhancing energy security and facilitating cross-border energy trading, such as the North Sea Link between Norway and the UK. Countries are aiming to leverage surplus electricity generated from renewable sources to generate income.
For instance, in April 2022, Siemens Energy signed a contract valued at approximately USD 1.95 billion for the NeuConnect project. This endeavor entails the installation of underwater power cables linking the United Kingdom and Germany, potentially facilitating the bidirectional transmission of 1.4 gigawatts of electricity between the two nations.
Moreover, heightened emphasis on sustainability will significantly lead to the adoption of eco-friendly cable materials and installation methods in the Europe. The rising trend towards digitalization and remote monitoring systems will enhance operational efficiency and maintenance of submarine cable networks. These trends collectively reflect the dynamic evolution of the submarine power cables market in Europe towards a more interconnected, sustainable, and technologically advanced future.
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.
Learn more about the key segments shaping this market
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.
Europe Submarine Power Cable Market Share
Learn more about the key segments shaping this market
Nexans, Prysmian, and Belden are poised to lead the submarine power cable market because of their established expertise, extensive experience, and robust infrastructure. These companies have a proven track record in designing, manufacturing, and installing high-quality submarine cables, meeting the stringent requirements of underwater transmission. Their technological innovation, coupled with comprehensive global networks and strategic partnerships, enables them to offer reliable, efficient solutions for offshore energy transmission projects.
Europe Submarine Power Cable Market Companies
- 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
- ZTT Furukawa Electric
Europe Submarine Power Cable Industry News
- In April 2023, Sumitomo Electric Industries, Ltd. unveiled intentions to establish a cutting-edge power cable facility (high-voltage cable manufacturing plant) in the Scottish Highlands. This move will bolster the UK Government's ambition of attaining net-zero emissions by 2050.
- In April 2023, Nexans acquired Reka Kaapeli Oy, a leading Finnish firm renowned for its expertise in manufacturing high, medium, and low voltage cables. This strategic move by Nexans is in line with its overarching objective of establishing a prominent presence in the electrification sector and contributing to the global efforts towards achieving carbon neutrality by 2030.
Europe submarine power cable market research report includes in-depth coverage of the industry with estimates & forecast in terms of “km & USD Million” from 2019 to 2032, for the following segments:
Market, By Core, 2019 – 2032 (km, USD Million)
- Single Core
- Multi Core
Market, By Voltage, 2019 – 2032 (km, USD Million)
- Medium (≤ 66 kV)
- High (> 66 kV to ≤ 220 kV)
- Extra High (> 220 kV to ≤ 400 kV)
- Ultra-High (> 400 kV)
Market, By Current, 2019 – 2032 (km, USD Million)
- AC
- DC
- HVDC
- Others
Market, By End User, 2019 – 2032 (km, USD Million)
- Offshore Wind Power Generation
- Inter Country & Island Connector
- Offshore Oil & Gas
Market, By Conductor, 2019 – 2032 (km, USD Million)
- Copper
- Aluminum
The above information has been provided for the following countries across the regions:
- Germany
- Italy
- France
- UK
- Spain
- Greece
- Norway
- Denmark
- Ireland
- Belgium
Frequently Asked Question(FAQ) :
What is the size of the Europe submarine power cable industry?
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.
Why is the demand for multi core submarine power cable growing in Europe?
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.
How big is the UK submarine power cable market?
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.
Who are the key leaders in the submarine power cable industry from Europe?
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.
