According to a new report, published by KBV research, The Global Submarine Power Cable Market size is expected to reach $26.4 billion by 2030, rising at a market growth of 11.5% CAGR during the forecast period. In the year 2022, the market attained a volume of 2,635.1 million feets, experiencing a growth of 9.4% (2019-2022).
The Multicore segment is experiencing a CAGR of 12.4% during (2023 - 2030). Multicore submarine power cables are specialized electrical cables designed to transmit electrical power underwater. These cables differ from single-core cables because they contain multiple conductors within a single cable sheath. These insulated conductors may carry different phases of alternating current or other configurations as needed for specific applications. Multicore submarine power cables have two or more conductors within a single cable structure.
The Copper segment is generating the highest revenue in the Global Submarine Power Cable Market, By Conductor Material in 2022; thereby, achieving a market value of $16.2 billion by 2030. Copper submarine power cables are a type of underwater electrical cable specifically designed to transmit electrical power beneath bodies of water. Copper, known for its excellent electrical conductivity, is often used as the conductor material in these cables due to its ability to carry electrical current efficiently.
The Low segment is anticipated to grow at a CAGR of 13.3% during (2023 - 2030). Submarine power cables for low voltage offer several benefits that make them a valuable choice for specific applications. These cables are designed to transmit electrical power across underwater environments at low voltage levels, typically below 1,000 volts. Low voltage submarine power cables are optimized for minimal voltage drops, ensuring that electricity reaches its destination with minimal losses. This is particularly important for maintaining the quality of power supply over long distances.
The DC segment is registering the maximum revenue in the Global Submarine Power Cable Market, By Type in 2022; thereby, achieving a market value of $17.2 billion by 2030. Direct current (DC) submarine power cables, often called HVDC (High Voltage Direct Current) submarine cables, are specialized electrical cables designed to transmit electrical power underwater using direct current. These cables are used in various applications, including interconnecting offshore renewable energy sources like wind farms and connecting power grids between different regions or countries separated by bodies of water.
The Inter-country and Island Connection segment would experience a CAGR of 12.2% during (2023 - 2030). Submarine power cables establish electrical connections between neighboring countries or regions separated by bodies of water. Inter-country and island connections using submarine power cables enhance energy reliability, promote regional cooperation, support renewable energy integration, and facilitate economic development. They are essential components of modern electrical grids, enabling the efficient exchange of electricity across borders and improving overall energy resilience.
The Europe region is capturing maximum revenue in the Global Submarine Power Cable Market, By Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $9,870 million by 2030. The North America region would witness a CAGR of 11.7% during (2023 - 2030). Additionally, The Asia Pacific region would exhibit a CAGR of 12% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/submarine-power-cable-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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 Geography (Volume, Million Feets, USD Billion, 2019 to 2030)
Companies Profiled
Unique Offerings 
