The Asia Pacific Submarine Power Cable Market would witness market growth of 12.0% CAGR during the forecast period (2023-2030). In the year 2021, the Asia Pacific market's volume surged to 788.0 million feets, showcasing a growth of 9.8% (2019-2022).
Submarine power cables with the highest voltages and power are installed to transport electric energy between the islands, nations, and even continents via the sea. These cables are vital to offshore renewable energy initiatives like wind farms. However, the installation and administration of submarine power cables differ significantly from conventional cables and necessitate more advanced technologies. Environmental considerations, seabed conditions, and the need for specialized equipment and expertise all contribute to the complexities of this market.
The increasing emphasis on renewable energy sources, particularly offshore wind farms, has driven the demand for these cables. These cables play a crucial role in transmitting the electricity generated by offshore wind turbines to onshore grids. Many submarine power cables use HVDC technology, which is more efficient for transferring electricity over long distances, especially underwater. HVDC reduces transmission losses and allows for higher capacity. Several companies are involved in the market, including cable manufacturers like Prysmian Group, Nexans, and NKT, and engineering and installation firms like ABB and Siemens Energy.
Several countries in the Asia-Pacific region are rapidly expanding their renewable energy capacity, including offshore wind, solar, and hydropower. The need for interconnected grids and cross-border energy exchange is increasing in Asia-Pacific. Offshore wind energy development is gaining momentum in countries like Japan, South Korea, and Taiwan. These cables play a critical role in connecting offshore wind farms to onshore grids, supporting the growth of this sector. The above-mentioned factors will boost the growth of the market in this region.
The China market dominated the Asia Pacific Submarine Power Cable Market, By Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $2,687 million by 2030. The Japan market is registering a CAGR of 11.3% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 13.3% during (2023 - 2030).
Based on Core Type, the market is segmented into Single Core, & Multicore. Based on Conductor Material, the market is segmented into copper & Aluminium. Based on Voltage, the market is segmented into High, & Low. Based on Type, the market is segmented into DC, & AC. Based on End User, the market is segmented into Offshore Wind Power Generation, Offshore Oil & Gas, Inter-country and Island Connection. Based on countries, the market is segmented into China, Japan, India, South Korea, Australia, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Global Submarine Power Cable Market is Predict to reach $26.4 Billion by 2030, at a CAGR of 11.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Sumitomo Electric Industries, Ltd., Prysmian Group, Nexans S.A., NKT Photonics A/S (NKT A/S), LS Cable & System Ltd., Furukawa Electric Co., Ltd., SSG Cable Group, KEI Industries Limited, TPC Wire & Cable (Audax Management Company, LLC), and Hengtong Group Co., Ltd.
By Core Type (Volume, Million Feets, USD Billion, 2019 to 2030)
By Conductor Materia (Volume, Million Feets, USD Billion, 2019 to 2030)
By Voltage (Volume, Million Feets, USD Billion, 2019 to 2030)
By Type (Volume, Million Feets, USD Billion, 2019 to 2030)
By End User (Volume, Million Feets, USD Billion, 2019 to 2030)
By Country (Volume, Million Feets, USD Billion, 2019 to 2030)
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