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

Europe Submarine Power Cable Market Set for Strong Growth, Driven by Offshore Wind Energy Investments

The Europe submarine power cable market is projected to expand from US4,830.38millionin2021toUS4,830.38millionin2021toUS7,268.67 million by 2028, growing at a CAGR of 6.0% during the forecast period.

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Key Market Driver: Rising Investments in Offshore Wind Energy

Offshore wind farms rely on submarine power cables to transmit electricity from turbines to onshore grids. With increasing government and private sector investments in renewable energy, the demand for submarine power cables is surging. Notable developments include:

• UK Investments: In 2021, the British government announced over US$360 million (£260 million) in funding for offshore wind manufacturing, led by companies like Siemens Gamesa and GRI Renewables Industries in Northeast England.
• European Wind Energy Expansion: According to WindEurope, the offshore wind sector attracted ~US$31.7 billion (€26 billion) in investments in 2020, supporting 7.1 GW of new capacity.
• UK’s Long-Term Strategy: The government has committed to expanding offshore wind manufacturing, particularly in the Humber region, to strengthen its renewable energy infrastructure.

Europe Submarine Power Cable Market Overview

The European submarine power cable market is divided into key regions including France, Germany, Italy, the UK, Russia, and the Rest of Europe. Europe stands as a global leader in both the generation and consumption of offshore wind energy, with a significant number of operational wind farms utilizing both bottom-fixed and floating foundation technologies. The region’s offshore capacity is robust enough to meet its growing energy demands. In 2019, Europe set a new record by installing an offshore wind plant with a capacity of 3.6 GW. However, to meet future energy needs, substantial investments in infrastructure and increased installation rates are required.

European governments, through their National Energy and Climate Plans, have targeted an offshore wind capacity of 111 GW by 2030, which will necessitate nearly tripling current delivery rates. In 2020 alone, Europe added 2.9 GW of offshore wind capacity, connecting 356 new offshore turbines across nine wind farms. As of today, Europe’s total installed offshore wind capacity stands at 25 GW, with 5,402 grid-connected turbines across 12 countries.

In 2020, eight offshore wind projects in four countries reached the Final Investment Decision (FID), with construction scheduled for the coming years. To support the planned increase of 7.1 GW in offshore capacity, the European government invested US$ 30.08 billion in new assets. These substantial investments are expected to drive the growing demand for submarine power cables across Europe in the years to come.

Europe Submarine Power Cable Strategic Insights

Strategic insights for the Europe Submarine Power Cable provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

Europe Submarine Power Cable Report Scope

Europe Submarine Power Cable Market: Regional Insights

The geographic scope of the Europe Submarine Power Cable Market defines the operational and competitive landscape for businesses in this sector. Recognizing regional variations—such as differences in consumer needs (e.g., preferred plug types or backup power requirements), economic conditions, and regulatory frameworks—is essential for customizing strategies to local markets. Companies can enhance their market presence by pinpointing underserved regions or modifying their solutions to align with regional demands. A well-defined regional focus enables more efficient resource allocation, localized marketing efforts, and stronger competitive positioning, ultimately driving business growth in targeted areas.

Europe Submarine Power Cable Market Segmentation

The Europe submarine power cable market is segmented by type, conductor material, voltage, application, and country.

By Type:

• Multicore
• Single Core (Dominates the market as of 2021)

By Conductor Material:

• Copper (Holds the largest market share in 2021)
• Aluminum

By Voltage:

• High Voltage (Leads the market in 2021)
• Medium Voltage

By Application:

• Offshore Wind Power (Largest market share in 2021)
• Offshore Oil & Gas
• Inter-Country & Island Connection
• Others

By Country:

• UK (Market leader in 2021)
• France
• Germany
• Italy
• Russia
• Rest of Europe

Key Market Players:

Leading companies in the Europe submarine power cable market include:

• 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
• Tele-Fonika Kable S.A.

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Akshay
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Author: Akshay patil