Market Size of Europe Submarine Power Cables Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 6.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Europe Submarine Power Cable Market Analysis
The Europe Submarine Power Cables Market is expected to record a CAGR greater than 6.5% during the forecast period. Covid-19 has affected the overall economy of the Europe in the last two years. The pandemic COVID-19 hit the European Region in early 2020 and disrupted the energy sector manufacturing, supply chains, and mobility due to lockdown and cross-border restrictions, which had a significant impact on the submarine power cables market. The government's supportive policies and a significant rise in investment in offshore wind energy projects are expected to propel the submarine power cables market in the near future.However, high frequency of maintenance and repair work needed to submarine cables are expected to act as a restraint for the submarine power cables market.
- High-Voltage Direct Current (HVDC) cables is expected to account for the largest market share in submarine power cables market as HVDC cables are used for power transmission over longer distances and for system interconnection. For transmission purpose, AC is converted to DC through cables, and back to AC at the other end.
- The increasing demand for HVDC cables for offshore oil rigs, renewable energy generation is expected to act as opportunity for submarine power cables market over the forecast period.
- United Kingdom is likely to dominate the market owing to the increasing offshore wind installations during the forecast period.
