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XLPE Cables Market Growth Projections and Opportunities
More and more people are using underwater power cables around the world because there are more wind farms in the ocean, and the need for these cables is also growing for oil and gas operations in the sea.
The global market for underwater power cables is predicted to increase by 12.6% each year from 2021 to 2035. In 2021, Europe had the largest part of this market, with 33.6%. Asia-Pacific and North America followed with 25.2% and 20.0%, respectively.
The underwater power cable market worldwide is divided into different types based on things like the kind of cable, the material used inside, how much power it can handle, the type of electric current it carries, what it's used for, and where it's used.
For the kind of cable, there are single and multicore types. Multicore cables are expected to grow faster in the future, but in 2021, single-core cables had a bigger share at 61.0%.
The material inside the cables can be copper or aluminum. Copper is expected to grow faster, and in 2021, it had a 57.6% share.
Cables are also grouped based on how much power they can handle, with categories like medium, high, extra high, and ultra-high. The ultra-high category is expected to grow the fastest, but in 2021, the extra high category had the biggest share at 31.1%.
The type of electric current a cable carries is another way to classify them. They can be HVAC or HVDC. HVDC cables are expected to grow faster, and in 2021, they had a 68.9% share.
Finally, cables are used for different things, like making power from wind, connecting countries and islands, getting power from oil and gas operations, and generating power from waves and tides. The one used for making power from wind is expected to grow the fastest, and in 2021, it had a 44.0% share.
In summary, the use of underwater power cables is on the rise globally due to the increase in offshore wind farms and the demand for these cables in offshore oil and gas operations. The market is expected to grow significantly, with different factors influencing the type and usage of these cables.
Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 28.1 Billion |
| Market Size Value In 2023 | USD 30.0 Billion |
| Growth Rate | 7.0% (2023-2032) |
XLPE Cables Market Highlights:
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