Market Size of Submarine Power Cables Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 6.00 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Submarine Power Cable Market Analysis
The submarine power cables market is expected to witness a significant growth in the coming years owing to the increasing demand from offshore wind power sector and growing demand for inter-country and island power connections are attributed to drive the demand for submarine power cables globally. 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.
- Asia-Pacific region dominated the market across the globe with the majority of the demand coming from countries such as the China and South Asian Countries.
