The marine power cable market is expected to reach US$19071.3 million by 2027 and register a compound annual growth rate of 12.5%

The way forward for market analysis

Growing use in cross-border energy grid communications to spice up the expansion of marine energy cable market

NEW YORK, US, June 20, 2022 (GLOBE NEWSWIRE) – In line with a complete analysis report by Market Analysis Future (MRFR), “submarine cable market Evaluation by kind (single-core and multi-core), insulation kind, voltage, conductor materials (copper and aluminum), finish use (offshore wind energy technology, offshore oil and gasoline, island conduction, wave and tidal energy technology) and space – anticipated to achieve Projected analysis till 2027 US$19071.3 million by 2027, registering a compound annual progress fee of 12.5% ​​all through the forecast interval (2018-2027).

Marine Energy Cable Market Overview

The rising environmental considerations are encouraging totally different nations to concentrate on producing energy from renewable sources, which ends up in a rise in renewable tasks which embody tidal and wind vitality tasks which in flip has elevated the necessity for offshore energy cables which is able to present robust alternatives to the market through the forecast interval.

Scope of the Marine Energy Cables Market Report:

Scale Report

particulars

market dimension

19.071.3 Million USD

compound annual progress fee

12.5%

base 12 months

2017

prediction interval

2018-2027

Historic knowledge

2016

forecasting models

Worth (billion US {dollars})

Report protection

Income forecast, aggressive panorama, progress components, and traits

lined slices

Kind, finish use and space

geographical protection

North America, Europe, Asia Pacific & Remainder of the World (RoW)

main sellers

Prysmian Group, NEXANS, NKT A/S, FURUKAWA ELECTRIC CO., LTD., LS Cable & System Ltd., Sumitomo Electrical Industries, Ltd, ZTT, HENGTONG GROUP CO., LTD., Qingdao Hanhe Cable Co., Ltd. Fujitsu.

Key market alternatives

Rising environmental considerations to supply robust alternatives

Major market drivers

Growing use in cross-border energy grid communications to spice up the expansion of marine energy cable market

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drivers

Growing use in cross-border energy grid communications to advertise market progress

The rising use of submarine energy cables in cross-border energy grid communications to extend energy grid reliability in addition to scale back funding will increase market progress through the forecast interval.

Repair complexity to behave as market constraints

The excessive set up price of marine energy cables and the complexity of restore could act as market restrictions through the forecast interval.

Marine Energy Cable Market Segments

The Marine Energy Cable market report is segmented based mostly on finish use, conductor materials, voltage, insulation kind and sort.

By kind, the multi-core expertise will lead the market through the forecast interval.

By set up kind, the marine energy cable market is segmented into EPR and XLPE

By voltage, the 66 kV section will dominate the market through the forecast interval.

Relying on the conductor materials, copper will lead the market through the forecast interval.

By the top of use, offshore wind energy technology will lead the market through the forecast interval.

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Submarine Cables Market Regional Evaluation

Europe to spearhead submarine submarine cable market

By 2023, Europe is anticipated to dominate the marine energy cable market. The rising offshore wind sector, of which offshore energy cables are already key parts, is answerable for the market dimension within the area. Europe, UK and Germany are the 2 most essential markets for these cables. The market within the European area is anticipated to be pushed by the rising demand for connections between nations, in addition to the demand from the offshore oil and gasoline sector. Because of the steady progress in the direction of an environment friendly transmission community and the rising demand for vitality from growing nations, Europe is anticipated to be the main area out there. Strict rules governing environment friendly vitality transmission, in addition to elevated cross-border electrical energy commerce, will assist the market develop within the area.

Attributable to elevated investments in offshore wind vitality tasks, Europe is anticipated to develop probably the most through the forecast interval. The UK is the world’s largest offshore wind vitality market, in accordance with GWEC, accounting for practically 34% of worldwide wind vitality capability put in in 2019. Germany got here in second, accounting for 28% of whole put in capability in the identical 12 months. Furthermore, nations comparable to Germany, UK, China, Japan and Taiwan intend to take a position closely in growing and increasing offshore wind vitality industries of their respective areas. Throughout the forecast interval, these components are anticipated to drive the demand for offshore energy cables particularly for offshore wind energy technology.

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In 2020, Europe had the biggest share of the market. Central Norway and the Netherlands, NorNed’s 580 km of marine energy cable is the world’s longest indoor conductor. The UK at the moment has 4 essential energy connectors. That is supposed to bridge the ability hole between the UK, France, the Netherlands, Eire and Northern Eire. The overall capability of those traces is 4 GW, which is about 5% of the present capability for vitality manufacturing within the UK. Aside from the above, a number of energy traces are deliberate on the islands and huge interconnection cables within the space.

Among the anticipated energy transmission interconnection plans embody Nemo Hyperlink (Belgium), NSN Hyperlink (Norway), IceLink (Iceland), Viking Hyperlink (Denmark) and Western Hyperlink (England). Throughout the forecast interval, these components are anticipated to contribute additional to the market progress within the area.

Asia Pacific has a big progress within the marine energy cable market

Because of the excessive demand for bandwidth within the area, Asia Pacific is anticipated to have the best market share within the forecast interval. Nexans, a cable and optical fiber firm, introduced in 2017 that it could ship 250 kilometers of subsea fiber optic cable to Huawei Marine for the SEAX-1 challenge, which is able to hyperlink Indonesia and Malaysia. This challenge will present dependable Web entry to the quickly rising variety of Web customers in these areas.

COVID-19 Evaluation

The worldwide demand for marine energy cables waned because of the outbreak of the COVID-19 virus in 2020, which led to a big drop within the quantity of orders amongst marine energy cable makers, leading to decrease manufacturing. The decline in manufacturing volumes has had a damaging affect on the enterprise of distributors of varied parts and uncooked supplies around the globe within the marine energy cable trade. Declining offshore oil and gasoline manufacturing and operations, in addition to challenges in establishing offshore wind tasks around the globe, have had a damaging affect on the worldwide market. Different components, comparable to strict authorities rules concerning closing bodily enterprise operations together with human contact, have led to a slew of issues, together with a world labor scarcity.

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Submarine Cables Market Aggressive Evaluation

The foremost gamers that dominate within the lined marine energy cable market are:

  • prismian group

  • Nixan

  • NKT A / S

  • Furukawa Electrical Co., Ltd.

  • LS Cable & System Ltd

  • Sumitomo Electrical Industries Co., Ltd.

  • HENGTONG GROUP CO. LTD.

  • Qingdao Hanhe Cable Co., Ltd. Ltd.

  • Fujitsu.

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