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Europe Submarine Power Cable Market Trends

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

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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.

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.