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Europe Submarine Power Cable Market
Europe Submarine Power Cable Market Outlook
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, expanding at a CAGR of 6.0% during the forecast period (2021–2028).
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🔌 Surge in Offshore Wind Energy Investments Driving Market Growth
Submarine power cables play a vital role in transmitting electricity generated by offshore wind farms to onshore grids through seabed-buried cable systems. With the growing emphasis on renewable energy, particularly offshore wind, the demand for submarine power cables in Europe is rising sharply. Several major investments are propelling this growth:
- In 2021, the UK government announced over US$ 360.70 million (£260 million) in investments by GRI Renewables Industries and Siemens Gamesa to establish offshore wind manufacturing facilities in Northeast England.
- WindEurope reported that the European offshore wind sector attracted approximately US$ 31.7 billion (€26 billion) in 2020 alone, aimed at supporting 7.1 GW of future offshore wind capacity through upcoming projects.
- In August 2021, the UK revealed additional government and private sector investments totaling US$ 360 million (£260 million) to develop ‘next-generation’ wind turbines. The plan includes expanding the offshore wind manufacturing sector in the Humber region.
These substantial investments by both public and private sectors across Europe are significantly contributing to the rising demand for submarine power cables.
🌍 Regional Overview: Europe Leading the Offshore Wind Revolution
The European submarine power cable market is segmented into France, Germany, Italy, the UK, Russia, and the Rest of Europe. Europe leads the global offshore wind market, leveraging both bottom-fixed and floating foundation technologies to meet its increasing electricity demands.
Key highlights:
- In 2019, Europe installed a record 3.6 GW of new offshore wind capacity.
- According to national energy and climate strategies, European governments aim to achieve 111 GW of offshore wind capacity by 2030—nearly three times the current delivery rate.
- In 2020, Europe added 2.9 GW of new offshore capacity across 9 wind farms, connecting 356 offshore wind turbines to the grid.
- Europe now has a total installed offshore wind capacity of 25 GW, spread over 5,402 grid-connected turbines in 12 countries.
- In 2020, eight new offshore wind projects reached Final Investment Decision (FID) status across four countries, with construction set to begin in the following years.
- The European government invested approximately US$ 30.08 billion to support an additional 7.1 GW of offshore wind capacity.
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.
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
Regional Insights – Europe Submarine Power Cable Market
The regional scope of the Europe Submarine Power Cable market encompasses the specific geographic areas where companies operate and compete. Understanding the unique characteristics of each region—such as differences in consumer demand (e.g., preferred cable specifications, backup power requirements), economic conditions, and regulatory frameworks—is essential for developing tailored market strategies. By recognizing and addressing these regional variations, businesses can uncover growth opportunities in underserved areas and fine-tune their product offerings to local needs. A well-defined geographic focus enables more efficient resource allocation, targeted marketing efforts, and stronger positioning against local competitors—ultimately accelerating market growth in key regions.
Europe Submarine Power Cable Market Segmentation
The Europe submarine power cable market is segmented by type, conductor material, voltage, application, and country.
- By Type:
The market is divided into single-core and multicore cables. In 2021, the single-core segment held the largest market share. - By Conductor Material:
Segmentation includes copper and aluminum. The copper segment dominated the market in 2021 due to its superior conductivity and reliability. - By Voltage:
The market is categorized into high voltage and medium voltage cables. The high voltage segment accounted for the larger share in 2021, driven by the rising demand for long-distance and high-capacity power transmission. - By Application:
Applications include offshore oil and gas, offshore wind power, inter-country and island connections, and others. The offshore wind power segment led the market in 2021, supported by the region’s strong investments in renewable energy infrastructure. - By Country:
The regional analysis covers France, Germany, Italy, the UK, Russia, and the Rest of Europe. In 2021, the UK emerged as the leading contributor to the submarine power cable market in Europe.
Key Players
Major companies operating 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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Author's Bio
Akshay
Senior Market Research Expert at Business Market Insights
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