Global submarine power cable market is expected to grow at a CAGR of 12.5% during the forecast period of 2022 to 2030.

Market Research Future (MRFR) has published a cooked research report on the “Global Submarine Power Cable Market” that contains the information from 2022 to 2030. The submarine power cable market is expected to register a CAGR of 12.5% during the forecast period.

MRFR recognizes the following companies as the key players in the global submarine power cable market— Prysmian Group, NEXANS, NKT A/S, FURUKAWA ELECTRIC CO., LTD., LS Cable & System Ltd, Sumitomo Electric Industries, Ltd, ZTT, HENGTONG GROUP CO., LTD., Qingdao Hanhe Cable Co., Ltd., and Fujitsu.

Submarine Power Cable Market Highlights

The global submarine power cable market is expected to register a CAGR of 12.5% during the forecast period and is expected to hit USD 27.45 billion by 2030.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Submarine Power Cable Market Research Report

The growth can be primarily attributed to the rising number of offshore wind farms and the increasing demand in offshore oil & gas operations. The growing demand for intercountry and island power connections is expected to create opportunities for the market players during the forecast period. However, the high installation costs and repairing complexity are expected to form a restraint in the growth of the market during the forecast period.

Submarine Power Cable Market Segment Analysis

The global submarine power cable market is mainly segmented into type, insulation type, voltage, conductor material, and end-use. On the basis of type, the global market has been sub-segmented into single core and multi-core. On the basis of insulation type, the global market has been segmented into cross-linked polyethylene (XLPE) and ethylene propylene rubber (EPR). On the basis of voltage, the global market has been segmented into up to 66 KV, 66 KV-220 KV and above 220 KV. On the basis of conductor material, the global market has been segmented into copper and aluminum. On the basis of end-use, the global market has been segmented into offshore wind power generation, offshore oil & gas, island connection, and wave & tidal power generation.

Submarine Power Cable Market

Regional Analysis

The global submarine power cable market has been segmented on the basis of region into North America, Europe, Asia-Pacific, and Rest of the world. The North American market is further divided into the US, Canada, and Mexico. The European market has been segmented into Germany, UK, Norway, Denmark, The Netherlands, and Rest of Europe. The market in Asia-Pacific has been segmented into China, Japan, Malaysia, Indonesia, and Rest of Asia-Pacific. The Middle East & Africa market includes Saudi Arabia, UAE, Angola, and Rest of Middle East & Africa. The South America market includes Brazil, Argentina, and Rest of South America.

North America is divided into US, Canada and Mexico. The US accounted for a larger market share of 65.0% in 2020, with a market value of USD 1,101.6 million; it is expected to register a higher CAGR of 13.1% during the forecast period. Canada was valued at USD 353.9 million; it is projected to exhibit a CAGR of 10.9%.

Asia Pacific consists of countries such as China, Japan, Malaysia, Indonesia, and Rest of Asia-Pacific. China accounted for the largest market share of 35.9% in 2020, with a market value of USD 781.8 million; the market is expected to register the highest CAGR of 15.4% during the forecast period. Japan was the second-largest market in 2020, valued at USD 425.3 million; the market is projected to exhibit a CAGR of 12.3%.

Key Findings of the Study

• The global submarine power cable market is expected to reach USD 27,154.3 Millions by 2030 at a CAGR of 12.5% during the forecast period.


• Europe accounted for the largest market share of 33.5% in 2020, with a market value of USD 2,827.7 million.


• Based on type, the multi core segment is expected to register a CAGR of 9% during the forecast period.


• Based on insulation type, the ethylene propylene rubber (EPR) segment dominated the market with a share of 69.6% in 2020.


• Based on voltage, the above 220 KV segment is anticipated to register a CAGR of 14.1% during the forecast period.


• Based on conductor material, the copper segment accounted for the largest market share of 59.4% in 2020.


• Based on end-use, the offshore wind power generation segment is expected to register a CAGR of 2% during the forecast period, with a market value of USD 9,163.6 million.


• Some of the key players operating in the submarine power cable market are Prysmian Group, NEXANS, NKT A/S, FURUKAWA ELECTRIC CO., LTD., LS Cable & System Ltd, Sumitomo Electric Industries, Ltd, ZTT, HENGTONG GROUP CO., LTD., Qingdao Hanhe Cable Co., Ltd., and Fujitsu.