Europe Submarine Power Cable Market: Forecast and Growth Drivers
The Europe submarine power cable market is projected to grow 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% during the forecast period.
Key Growth Driver: Surge in Offshore Wind Energy Investments
Submarine power cables play a vital role in transmitting electricity generated by offshore wind turbines to onshore grids, with the cables typically laid and buried beneath the seabed. The rapid growth of the offshore wind energy sector—driven by substantial government and private sector investments—is a key factor propelling demand for these cables across Europe.
Notable developments include:
- UK Government Support: In 2021, the British government announced that GRI Renewables Industries and Siemens Gamesa committed more than US$ 360.7 million (£260 million) to developing offshore wind manufacturing facilities in Northeast England.
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https://www.businessmarketinsights.com/sample/BMIRE00028097 - Pan-European Investment Momentum: According to WindEurope, the European offshore wind sector attracted approximately US$ 31.7 billion (€26 billion) in investments in 2020. These funds are earmarked to support the deployment of 7.1 gigawatts (GW) of offshore wind power capacity in the coming years.
- Next-Generation Wind Turbines: In August 2021, the UK reinforced its position as a leader in offshore wind by announcing a US$ 360 million (£260 million) joint investment by the government and private entities. This initiative focuses on developing advanced offshore wind turbine technologies and scaling up production capabilities in regions such as the Humber.
These significant capital inflows and policy commitments underscore the strategic importance of offshore wind power in Europe’s clean energy transition, thereby accelerating the demand for robust, efficient submarine power cable infrastructure.
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Europe Submarine Power Cable Market Overview
The European submarine power cable market 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, Europe boasts the largest number of operational offshore wind farms utilizing both bottom-fixed and floating foundation technologies. This robust offshore capacity plays a crucial role in meeting the region’s rising energy demands.
In 2019, Europe set a new benchmark by installing a record 3.6 GW of offshore wind capacity. Despite this achievement, significant infrastructure development and accelerated installation rates are essential to meet future energy goals. European nations have collectively committed to achieving 111 GW of offshore wind capacity by 2030, as outlined in their National Energy and Climate Plans. To reach this ambitious target, the current rate of capacity addition must nearly triple.
In 2020, the region added another 2.9 GW of offshore capacity through the installation of 356 new wind turbines across nine wind farms. This brought Europe’s total installed offshore wind capacity to 25 GW, representing approximately 5,402 grid-connected turbines across 12 countries. Moreover, eight new offshore wind projects in four countries reached Final Investment Decision (FID) in 2020, with construction expected to commence in the coming years.
To support 7.1 GW of additional capacity, European governments invested approximately US$ 30.08 billion in new offshore wind assets in 2020 alone. These substantial investments are driving strong demand for submarine power cables, which are vital for transmitting electricity from offshore wind farms to onshore grids. As offshore wind development accelerates, the submarine power cable market in Europe is poised for robust growth in the years ahead.
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.
Market leaders and key company profiles
FURUKAWA ELECTRIC CO. LTD
HENGTONG GROUP CO. LTD
Hydro Group Plc
KEI Industries Limited
LS Cable & System Ltd
NKT A/S
Prysmian Group
Sumitomo Electric Industries Ltd
TELE-FONIKA Kable S.A.
ZT International Ltd
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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