The Europe submarine power cable market is expected to grow from US$ 4,830.38 million in 2021 to US$ 7,268.67 million by 2028. It is estimated to grow at a CAGR of 6.0% from 2021 to 2028.
Increasing Investment on Offshore Wind Energy Plants is Driving the Europe Submarine Power Cable Market
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Electricity generated by offshore wind turbines is sent to land via several cable systems buried in the seabed. Thus, the rising investment by developed and developing nations in offshore wind energy plants to generate wind energy is propelling the demand for submarine power cables. Some of the major investments include:
• The British government in 2021 announced that GRI Renewables Industries and Siemens Gamesa has spent more than US$ 360.70 million (260 million pounds) in offshore wind manufacturing facilities in Northeast England.
• According to WindEurope, in 2020, the European offshore wind business had drawn ~US$ 31.7 billion (26 billion euros) in investment. The investments are planned to fund a total of 7.1 gigawatts (GW) of offshore wind power over the next few years, with projects being designed and built.
• The UK announced investment in the offshore wind manufacturing business in August 2021. Government and private sector investments worth of With US$ 360 million (ÂŁ260 million) to develop ‘next-generation’ wind turbines. Moreover, the UK government has planned to grow its offshore wind manufacturing business across the Humber region.
Thus, these high investments from developed and developing countries are factors driving the submarine power cables market growth.
Europe Submarine power cable Market Overview
The submarine power cable market in Europe is sub segmented into France, Germany, Italy, the UK, Russia, and the Rest of Europe. Europe is a globally leading generator and consumer of offshore wind, with the most operational wind farms using both bottom-fixed and floating foundation technologies. The offshore capacity of the region is sufficient to meet its growing power consumption. In 2019, Europe installed a new record-high offshore wind plant of 3.6 GW capacity; however, this will require significant infrastructure investments and higher installation rates. In their National Energy and Climate Plans, European governments have set a goal of delivering 111 GW of wind capacity by 2030, but to achieve this goal, the country needs to almost triple the delivery rates. In 2020, Europe added 2.9 GW of offshore capacity. Across 9 wind farms, 356 new offshore wind turbines will be linked to the grid. The total installed offshore wind capacity in Europe today stands at 25 GW, which is equivalent to 5,402 grid-connected wind turbines spread across 12 different countries. In four different countries, eight new offshore wind projects passed the Final Decision Investment (FID) in 2020, with construction set to begin in the next years. In order to fund 7.1 GW of increased capacity, US$ 30.08 billion was invested in new assets by the European government. Such high investments are further propelling the demand for submarine power cables across Europe in the coming years
Europe Submarine Power Cable Strategic Insights
Strategic insights for the Europe Submarine Power Cable provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
Europe Submarine Power Cable Report Scope
| Report Attribute | Details |
| Market Size in 2021 | US$ 4,830.38 Million |
| Market Size by 2028 | US$ 7,268.67 Million |
| Global CAGR (2021 – 2028) | 6.0% |
| Historical Data | 2019-2020 |
| Forecast Period | 2022-2028 |
| Segments Covered | By Type, By Conductor Material, By Voltage, By Application |
| Key Applications | Offshore Oil and Gas, Offshore Wind Power, Inter-Country & Island Connection |
| Regions Covered | Europe, UK, Germany, France, Russia, Italy, Rest of Europe |
| Market Leaders/Key Companies | FURUKAWA ELECTRIC CO. LTD, HENGTONG GROUP CO. LTD, Hydro Group Plc, KEI Industries Limited, LS Cable & System Ltd, NKT A/S, Prysmian Group, Sumitomo Electric Industries Ltd, TELE-FONIKA Kable S.A., ZT International Ltd |
Europe Submarine Power Cable Regional Insights
The geographic scope of the Europe Submarine Power Cable refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The Europe submarine power cable market is divided into various segments, including type, conductor material, voltage, application, and country.
- Type: The market is segmented into multicore and single core cables. In 2021, the single core segment held the largest share of the market.
- Conductor Material: The conductor material is categorized into copper and aluminum. Copper cables dominated the market share in Europe in 2021.
- Voltage: The market is divided into high voltage and medium voltage cables, with high voltage cables accounting for a larger share in 2021.
- Application: The submarine power cable market’s applications include offshore oil and gas, offshore wind power, inter-country and island connections, and others. The offshore wind power segment had the largest share in 2021.
- Country: The market is also segmented by country, with France, Germany, Italy, the UK, Russia, and the rest of Europe. The UK led the market share in 2021.
Leading players in the Europe submarine power cable market include Prysmian Group, NKT A/S, Sumitomo Electric Industries Ltd., Furukawa Electric Co. Ltd., Hengtong Group Co. Ltd., KEI Industries Limited, LS Cable & System Ltd., Hydro Group Plc, ZT International Ltd., and Tele-Fonika Kable S.A.
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