Europe Submarine Power Cable Market Outlook (2021–2028)
The Europe submarine power cable market is poised to grow from US$ 4,830.38 million in 2021 to US$ 7,268.67 million by 2028, registering a CAGR of 6.0% during the forecast period.
Key Growth Driver: Expanding Offshore Wind Energy Investments
As offshore wind energy gains momentum across Europe, the demand for submarine power cables—critical for transmitting electricity from offshore turbines to onshore grids—is surging. Significant public and private sector investments are fueling this growth:
- United Kingdom:
In 2021, the British government announced over US$ 360 million (£260 million) in investments by GRI Renewables Industries and Siemens Gamesa to establish offshore wind manufacturing hubs in Northeast England.📚Download Full PDF Sample Copy of Market Report @
https://www.businessmarketinsights.com/sample/BMIRE00028097 - Europe-wide Investment Surge:
According to WindEurope, the European offshore wind sector attracted approximately US$ 31.7 billion (€26 billion) in investments in 2020, aimed at developing 7.1 GW of new offshore wind capacity. - UK Offshore Wind Expansion:
In August 2021, the UK further committed US$ 360 million (£260 million) from both public and private sectors to advance ‘next-generation’ wind turbine technology, with a focus on expanding facilities in the Humber region.
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, Europe stands at the forefront of adopting both bottom-fixed and floating foundation technologies for wind farms. The region’s robust offshore capacity positions it well to meet rising energy demands sustainably.
In 2019, Europe set a new benchmark by installing a record 3.6 GW of offshore wind capacity. However, achieving long-term targets will require accelerated infrastructure deployment. According to National Energy and Climate Plans, European governments aim to install 111 GW of offshore wind capacity by 2030—nearly tripling current annual installation rates.
Progress continued in 2020, with 2.9 GW of additional offshore capacity added across nine wind farms, integrating 356 new offshore wind turbines into the grid. The region’s total installed offshore wind capacity now stands at 25 GW, represented by 5,402 grid-connected turbines across 12 countries.
Investment momentum remains strong. In 2020 alone, eight new offshore wind projects reached Final Investment Decision (FID) status in four countries, with construction set to begin in the coming years. To support 7.1 GW of new capacity, European governments allocated approximately US$ 30.08 billion in new asset investments.
This substantial financial commitment and the scaling of offshore wind infrastructure are driving the growing demand for submarine power cables—critical components that enable efficient energy transmission across vast underwater distances. As Europe pushes toward its clean energy goals, the submarine power cable market is set to expand significantly 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.
Can you see this our reports
Europe Halal Cosmetics Market – https://postyourarticle.com/europe-halal-cosmetics-market-trends-size-segment-and-growth-by-forecast-to-2030-4/
North America Testing, Inspection, and Certification Market – https://github.com/businessmarketinsights985/business-market-insights/issues/102
Web Content Management Market – https://sites.google.com/view/businessmarketinsights243/home
Heavy Construction Equipment Market – https://businessmarketins02.blogspot.com/2025/05/heavy-construction-equipment-market.html
Web Content Management Market – https://www.linkedin.com/feed/update/urn:li:activity:7330567065163939842?utm_source=share&utm_medium=member_desktop&rcm=ACoAAFopQoABFrzJW381cglVQWiY-cw6zAXFC7M
About Us:
Business Market Insights is a market research platform that provides subscription service for industry and company reports. Our research team has extensive professional expertise in domains such as Electronics & Semiconductor; Aerospace & Défense; Automotive & Transportation; Energy & Power; Healthcare; Manufacturing & Construction; Food & Beverages; Chemicals & Materials; and Technology, Media, & Telecommunications
Author’s Bio
Akshay
Senior Market Research Expert at Business Market Insights
