Europe Submarine Power Cable Market, Size, Segment and Growth by Forecast to 2030

The Europe Submarine Power Cable Market is experiencing significant growth due to the expanding offshore wind energy sector. The region is a global leader in offshore wind generation, with a growing number of operational wind farms that utilize both bottom-fixed and floating foundation technologies. Here’s a breakdown of the key factors driving the market:

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐏𝐃𝐅 𝐁𝐫𝐨𝐜𝐡𝐮𝐫𝐞 – https://www.businessmarketinsights.com/sample/BMIRE00028097

Market Dynamics and Growth Drivers:

Offshore Wind Energy Growth:
- Europe has become the largest generator and consumer of offshore wind energy globally. The offshore wind farms are essential to meeting the region’s growing power demand and reducing carbon emissions.
- In 2019, Europe set a record by installing 3.6 GW of offshore wind capacity. While this was a significant achievement, further growth is needed, requiring infrastructure improvements, including the installation of more submarine power cables to transmit the energy generated from offshore wind turbines to the mainland.
Ambitious National Goals:
- As part of their National Energy and Climate Plans, European countries have set a target to deliver 111 GW of offshore wind capacity by 2030. This target is a part of broader efforts to transition to renewable energy sources and reduce reliance on fossil fuels.
- However, to meet this goal, Europe must significantly increase its offshore wind installation rates, with projections indicating a need to triple delivery rates over the coming years.
Recent Investments and Offshore Wind Capacity:
- In 2020, Europe added 2.9 GW of offshore wind capacity across 9 wind farms, with 356 new offshore wind turbines being connected to the grid.
- The total installed offshore wind capacity in Europe now stands at 25 GW, equivalent to 5,402 grid-connected turbines across 12 countries. This ongoing expansion of offshore wind energy is directly fueling the need for submarine power cables to transmit electricity efficiently.
Future Investments in Offshore Wind Projects:
- 8 new offshore wind projects passed the Final Decision Investment (FID) in 2020, with construction set to begin soon. These projects are expected to add substantial offshore wind capacity to the grid, further increasing the demand for submarine power cables.
- The European government allocated US$ 30.08 billion in investments to fund the increased capacity of offshore wind plants, contributing to the market’s future growth.
Role of Submarine Power Cables:
- As the number of offshore wind farms continues to rise, the demand for submarine power cables is increasing. These cables are crucial for transmitting electricity generated by offshore wind turbines to the mainland grids.
- With ongoing investments in offshore wind capacity, the submarine power cable market will see sustained demand over the next several years, especially as more wind farms are connected to the grid.

Regional Insights:

The Europe submarine power cable market is segmented into several key regions, including France, Germany, Italy, the UK, Russia, and the Rest of Europe. Notable developments include:

UK: The UK remains a dominant player in the offshore wind industry, driving much of the demand for submarine power cables. The government has committed to increasing offshore wind capacity and funding the manufacturing of next-generation wind turbines.
Germany and France: Both countries are also investing heavily in offshore wind energy, setting ambitious capacity expansion targets that will require enhanced submarine cable infrastructure.

Conclusion:

The Europe submarine power cable market is poised for significant growth, driven by the expanding offshore wind energy sector and substantial investments from both government and private sectors. As Europe works towards meeting its renewable energy goals, the demand for submarine power cables to support offshore wind farm connections will continue to increase, positioning the market for long-term success.

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Author’s Bio:
Akshay
Senior Market Research Expert at Business Market Insights