The Europe submarine power cable market is projected to expand from US$ 4,830.38 million in 2021 to US$ 7,268.67 million by 2028, reflecting a compound annual growth rate (CAGR) of 6.0% over the forecast period.
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Rising Investment in Offshore Wind Energy Plants Driving Europe’s Submarine Power Cable Market
Electricity generated by offshore wind turbines is transmitted to shore via submarine power cables buried beneath the seabed. As a result, increasing investments in offshore wind energy projects by both developed and developing nations are significantly boosting demand for submarine power cables. Key examples include:
- In 2021, the British government announced that GRI Renewables Industries and Siemens Gamesa invested over US$360 million (£260 million) in offshore wind manufacturing facilities in Northeast England.
- According to WindEurope, the European offshore wind sector attracted approximately US$31.7 billion (€26 billion) in investment in 2020. These funds aim to support the development of 7.1 GW of offshore wind capacity in the coming years.
- In August 2021, the UK government and private sector committed another US$360 million (£260 million) toward the development of next-generation wind turbines, with a focus on expanding manufacturing capabilities in the Humber region.
These substantial investments are driving growth in the Europe submarine power cable market, as the need for efficient and reliable power transmission infrastructure continues to rise.
Europe Submarine Power Cable Market Overview
The submarine power cable market in Europe is segmented into key countries including France, Germany, Italy, the UK, Russia, and the Rest of Europe. As a global leader in offshore wind energy generation and consumption, Europe has made significant strides in both bottom-fixed and floating foundation technologies. The region’s offshore capacity is steadily expanding to meet increasing power demands.
In 2019, Europe set a new record by installing 3.6 GW of offshore wind capacity. However, reaching long-term renewable energy goals will require substantial infrastructure development and faster installation rates. According to the National Energy and Climate Plans (NECPs), European governments aim to achieve 111 GW of offshore wind capacity by 2030. Meeting this target will demand a near tripling of current delivery rates.
In 2020, Europe added 2.9 GW of new offshore capacity through nine wind farms, integrating 356 additional offshore wind turbines into the grid. The continent’s total installed offshore wind capacity now stands at 25 GW, represented by 5,402 grid-connected turbines across 12 countries.
Furthermore, in 2020, eight new offshore wind projects across four countries reached Final Investment Decision (FID) status, paving the way for upcoming construction phases. To support an additional 7.1 GW of offshore capacity, the European government invested approximately US$30.08 billion in new projects. These significant investments are expected to drive sustained growth in the demand for submarine power cables, which are critical for transmitting energy from offshore sites to onshore grids.
As Europe continues to expand its offshore wind infrastructure, the submarine power cable market is poised for robust growth in the years ahead.
Strategic Insights: Europe Submarine Power Cable Market
Strategic insights into the European submarine power cable market provide a comprehensive, data-driven analysis of the industry landscape. These insights highlight current market trends, key players, and regional dynamics, offering a clear understanding of where opportunities and challenges lie. By identifying emerging segments and uncovering unmet needs, stakeholders can craft distinct value propositions and gain a competitive edge.
Grounded in robust data analytics, these insights support manufacturers, investors, and other stakeholders in anticipating market shifts and aligning their strategies accordingly. With a forward-looking approach, this analysis helps industry players position themselves for sustained success in an evolving and competitive market.
Ultimately, these strategic insights empower decision-makers to navigate complexity, seize growth opportunities, and drive profitability within the European submarine power cable sector.
Europe Submarine Power Cable Report Scope
| Report Attribute | Details |
| Market Size (2021) | US$ 4,830.38 Million |
| Market Size (2028) | US$ 7,268.67 Million |
| CAGR (2021–2028) | 6.0% |
| Historical Data | 2019–2020 |
| Forecast Period | 2022–2028 |
| Segments Covered | Type, Conductor Material, Voltage, Application |
| Type | Multicore, Single Core |
| Conductor Material | Copper, Aluminum |
| Voltage | High Voltage, Medium Voltage |
| Application | Offshore Oil & Gas, Offshore Wind Power, Inter-Country & Island Connection |
| Regions Covered | Europe (UK, Germany, France, Russia, Italy, Rest of Europe) |
| Key Companies | FURUKAWA, HENGTONG, Hydro Group, KEI Industries, LS Cable, NKT A/S, Prysmian, Sumitomo Electric, TELE-FONIKA, ZT International |
Europe Submarine Power Cable Regional Insights
The geographic scope of the Europe Submarine Power Cable refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
Europe Submarine power cable Market Segmentation
The Europe submarine power cable market is segmented into type, conductor material, voltage, application, and country.
Based on type, the Europe submarine power cable market is bifurcated into multicore, single core. The single core segment accounted for the highest share in the Europe submarine power cable market in 2021.
Based on conductor material, the Europe submarine power cable market is segmented into copper and Aluminum. The copper segment accounted for the highest share in the Europe market in 2021.
Based on voltage, the Europe submarine power cable market is segmented into high voltage, and medium voltage. The high voltage accounted for a higher share in the Europe submarine power cable market in 2021.
Based on application, the Europe submarine power cable market is segmented into offshore oil and gas, offshore wind power, inter-country and island connection, and others. The offshore wind power segment accounted for the highest share in the submarine power cable Europe market in 2021.
Based on country, the Europe submarine power cable market is segmented into the France, Germany, Italy, the UK, Russia, and the Rest of Europe. The UK dominated the Europe submarine power cable market share in 2021.
Prysmian Group; NKT A/S; Sumitomo Electric Industries Ltd; FURUKAWA ELECTRIC CO. LTD; HENGTONG GROUP CO. LTD; KEI Industries Limited; LS Cable & System Ltd; Hydro Group Plc; ZT International Ltd; and TELE-FONIKA Kable S.A. are the leading companies operating in the Europe submarine power cable market.
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