Impact of COVID-19 on Submarine Power Cable Market 2020 can expect to advance at a rate of 11.06% between 2016 and 2025 (assessment period), confirms Market Research Future (MRFR).
Top Boosters and Key Challenges
The submarine power cables market can maintain decent growth in the following years, since the demand in the offshore wind power sector and in island and inter-country power connections is intensifying with each passing year.
The increasingly broadening offshore oil and gas platforms combined with the increasing use of offshore wind farms also benefit the Submarine Power Cable Market. High funding from private companies as well as the government along with the surge in strict regulations facilitating an energy efficient environment can lead to industry growth. The growing inter country transmission network that supplies power underwater also paves way for a favorable market scenario.
Rampant peak load demand around the world gives way to mounting concerns with regard to security of supply and grid stability. Consistent fund flow going into the development of a sustainable electrical network and infrastructure in conjunction with the supportive reforms for integration of grids with renewable systems can complement the global market in the near future. Escalating demand for high-capacity communication systems among over the top or OTT vendors can be attractive opportunities in the submarine communication cable market.
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Prominent contenders in the Submarine Power Cable industry include Hengtong Group Co., Ltd. (China), LS Cable & System Ltd. (South Korea), Qingdao Hanhe Cable Co., Ltd. (China), Nexans (France), Prysmian Group (Italy), ZTT (China), Furukawa electric co., ltd. (Japan), NKT A/S (Denmark), Sumitomo Electric Industries, Ltd. (Japan), and more.
The submarine power cable industry has been considered for type, insulation type, voltage, conductor material and end use.
The types of submarine power cable are single core as well as multi-core.
The insulation types covered are ethylene propylene rubber (EPR) and cross-linked polyethylene (XLPE).
Voltage ranges outlined in the study are up to 66 KV, 66 KV –220 KV, and above 220 KB.
The conductor materials include aluminum as well as copper.
The segments, depending on end use, comprise offshore oil & gas, offshore wind power generation, wave and tidal power generation and island connection.
The main markets for submarine power cable are the Middle East & Africa, South America Asia Pacific or APAC, North America and Europe.
There is a high chance of Europe taking over the lead in the global market, on account of the widespread demand for continuous power supply, soaring number of offshore wind farms, and the widespread demand in the oil and gas sector.
In APAC, the constantly rising demand for electricity and the rapid surge in offshore exploration and production of gas and oil fuel the growth of the submarine power cables industry. A number of companies in the energy and power sector are focused on boosting oil and gas production and drilling, which pushes the demand for submarine power cables. In 2019, the Ministry of Energy and Minerals in Indonesia permitted the development scheme for the offshore Mako Gas field in the country. Increasing internet use and the consequent hike in the demand for higher bandwidth inspires the market growth for submarine power cables in the region.
The market growth in North America can be largely attributed to the heavy investments by OTT companies like Facebook, Google, Amazon and Microsoft in the use of high-capacity communication systems. The market growth is also the result of the heightened demand for higher bandwidth and the intense efforts given by the OTT players to cater to the surging demand for more advanced submarine systems. More and more content providers in the region are moving from capacity purchasers to the cable providers to meet with the needs of complex infrastructures.
LS Cable and System (South Korea) has successfully set up its second submarine cable plant in the Gangwon Province, with added production capacity of submarine power cables. This plant comprises facilities for significant storage, transportation and production of extremely high voltage cables.
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Impact of COVID-19 on Submarine Power Cable Market Following Details Segment by Table of Contents:
- Submarine Power Cable market Overview
- Manufacturers Profiles
- Submarine Power Cable market Competition, by Players
- Submarine Power Cable market Size by Regions
- North America Submarine Power Cable Revenue by Countries
- Europe Submarine Power Cable Revenue by Countries
- Asia-Pacific Submarine Power Cable Revenue by Countries
- South America Submarine Power Cable Revenue by Countries
- Middle East and Africa Revenue Submarine Power Cable by Countries
- Impact of COVID-19 on Submarine Power Cable Market Segment by Type
- Submarine Power Cable market Segment by Application
- Submarine Power Cable market Size Forecast to 2023
- Sales Channel, Distributors, Traders and Dealers
- Research Findings and Conclusion
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