Submarine Power Cable Market Size, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025
Report ID: GMI3396
Submarine Power Cable Market is anticipated to witness substantial growth in power transmission system on account of offshore wind farms, oil & gas offshore production and inter-country connection owing to government and private partner investments. Increasing demand for HVDC connections instigate great opportunity for the subsea power cables market of significant investments. However, stringent regulations and high installation cost along with natural interventions may restrain the business growth.
Rapid technological enhancement in conductor-type along with increasing investments in R&D will complement the business growth. Heavy weight in comparison to aluminum wires coupled with high corrosive nature and high load surge capability will augment the copper associated submarine power cable market. However, aluminum being cost efficient along with high tensile strength to bear the stresses of wear and tear complements the protect penetration.
High initial installation cost, complex authorization along with stringent norms develops complexities in submarine power cable market. However, maintenance of cables at high underwater pressure coupled with low human interventions and area utilization positively sway the product intervention. According to IEA, global electricity demand propelled by 4% in 2018 to more than 23,000 TWh instigating penetration of subsea power cables
Single core power cables will witness upsurge demand owing to cost effectiveness and efficient power transmission with strong anti-surge current flow. Moreover, cable laid close and separated complementing reduced power losses and eliminating mutual heating losses augmenting single core cables penetration in submarine power cable market.
HVDC cables enables bulk power transmission over long distances, along with higher efficiency and lower electrical losses per 1,000 km. Whereas, HVAC is limited by transmission distance, owing to less than 80km. Higher reliability, stability, and transmission capacity when compared to HVAC cables coupled with system interconnection will positively influence the HVDC power cables positively influencing the submarine power cable market.
Europe is anticipated to witness growth across the industry owing to flourishing demand from offshore wind farms. As per IEA, 700 billion cubic metre (bcm) rise in offshore gas production escalates sustainable development scenario for floating wind farms propelling cable demand. Furthermore, cost reduction continues through economies of scale, low financing costs and Research & Innovation (R&I) funding for inter-country power transmission augmenting submarine power cable market.
Major participants in submarine power cable market include ZTT International, Prysmian Group, Nexans, NKT, Furukawa Electric, LS Cable & Systems, ABB, TF Kable, Ningbo Wires and Cables, and Sumitomo Electric.
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