(EMAILWIRE.COM, November 30, 2018 ) [140 Pages Report] The submarine power cable market is expected to grow from an estimated market size of USD 8.12 Billion in 2018 to USD 16.56 Billion by 2023, at a CAGR of 15.32%, from 2018 to 2023. The overall market is set to witness significant growth because of the increasing offshore wind installations, growing demand for inter-country and island connection, and demand from offshore oil & gas sector. Increasing demand for HVDC connections is one of the major opportunities for the submarine power cable market.

Browse 64 market data Tables and 42 Figures spread through 140 Pages and in-depth TOC on "Submarine Power Cable Market by Type (Single, Multicore), Voltage (Medium, High), Conductor Material (Copper, Aluminum), End-User (Offshore Wind Power Generation, Inter-Country & Island Connection, & Offshore Oil & Gas), and Region - Global Forecast to 2023"

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Submarine power cables are mostly for transmitting electricity to offshore installations such as offshore power generation units, and if needed, these cables can also be used for energy transmission across cities or remote locations by laying them on river beds. Due to the increasing demand for renewable energy, many countries are now actively focusing on harnessing wind energy and wave energy of seas or oceans. Moreover, there has also been a rise in the number of offshore wind farms in the past few years, thus increasing the importance of submarine power cables.

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Based on type, the single core segment is expected to be the leading market in 2018 as well as witness the fastest growth over the forecast period, since it enables easier and more economical deployment. Moreover, the demand for single core submarine power cables from offshore wind sector, which is expected to boost the growth of the overall market. On the basis of voltage, the high voltage segment is projected to be the largest over the next few years, driven by the vast implementation of submarine power cables above 33 kV in the offshore industry and inter-country & island connections.

Among end-users, the offshore wind power generation held the largest market share in 2017, and is also expected to hold the largest market share in the coming years. This growth can be attributed to the growing investments in the renewable sector and technological advancements along with government initiatives. Moreover, new offshore wind capacity is under development in countries in the Asia Pacific region, especially in China.

How is the market progressing, geographically?

The market for submarine power cables in Europe is expected to be the leading market by 2023, owing to the booming offshore wind industry, of which submarine power cables comprise a major part. Among countries, the UK and Germany are the key markets for submarine power cables in Europe, followed by Denmark and Netherlands. The increasing demand for inter-country connections combined with the demand from offshore oil & gas sector and rising offshore wind installations accelerated by significant technology advances are expected to drive the European market.

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What is driving and restraining market growth?

The growth of the global market for submarine power cables is being majorly influenced by the following factors:

Increasing number of offshore wind farms
Rising demand for inter-country and island power connections
Demand from offshore oil & gas operations

Apart from these, the rise in demand for high voltage direct current (HVDC) submarine power cables is expected to present major growth opportunities in the market.

However, high installation costs and complexities in the repair of Deepwater cables and regulatory, environmental, and complex authorization procedures leading to delays are the major factors expected to hinder market growth in the coming years.

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Market players and strategies adopted by them

The global market for submarine power cables includes players, such as Prysmian (Italy), Nexans (France), NKT (Denmark), General Cable (US), and Sumitomo (Japan). Among all the growth strategies adopted, contracts & agreements was the most common strategy adopted by the these companies from 2015 to 2018, followed by investments & expansions, collaborations & partnerships, and product launches in order to expand their base in developing economies as well as increase their market shares.