According to a comprehensive investigative report from Market Research Future (MRFR) on the analysis of the market for electrical submarine cables, submarine cables are expected to reach a valuation of 19.071,3 million dollars in 2027. The market is expected to grow at a CAGR of 12,5% during the forecast period until 2027.
Offshore wind power generation continues to rise as renewable power generation advances. The growing number of tidal and wind power projects will boost the market for subsea cables significantly.
Besides, Market demand will be influenced by factors such as the increase in offshore oil rigs and island connectivity. The increasing demand for cross-border connections to the network will also be a strong driver of market growth..
Submarine power cable market segmentation
This report on the Submarine Power Cable market is segmented on the basis of end-use, conductor material, voltage and type of insulation.
By type, multi-conductor submarine cables will lead the market during the forecast period. By type of insulation, the market for undersea cables is concentrated in the EPR and XLPE cables. by voltage, submarine cables up to 66 Kv will capture most of the market. By conductive material, copper will be the most used conductor. By end use, offshore wind will dominate the market.
Ocean Cable Market Region
Europe is expected to dominate the market for submarine power cables in 2023. The growing investment in offshore wind energy is the main reason for the large size of the market in this region. In second place, is influenced by the offshore oil and gas industry.
According to the GWEC, the UK is the world's largest market for offshore wind energy, with Germany second. Strict and effective transmission rules, as well as an increase in cross-border electricity trade, will contribute to the growth of the market in the region.
Besides, the market for submarine power cables in the Asia-Pacific region will experience considerable growth. Because countries like China and Japan intend to invest heavily in expanding their offshore wind industries in their respective regions..
In fact, offshore wind energy has a greater potential for generating electricity than onshore. Offshore wind farms offer a number of technical advantages.
These include reducing barriers to site planning and siting, increasing flexibility in the energy mix and increasing power generation capacity.
Los electrical cables under the sea they can also be equipped with fiber optics to provide Internet access. This will further boost the global market for submarine cables..
submarine communication cables
Submarine communication cables carry around the 90% of global information traffic. They are the most respected cables by OTT and communications providers like Google, Amazon, Facebook and Microsoft.
in october 2021, Japanese IT organization NEC announced plans to build a massive undersea cable for Facebook with 400 million fibers. This submarine cable should be able to maintain a limit of up to 500mbps with a combination of 24 fibras.