Submarine Power Cable Market Size, Share, Growth Analysis, By Application(Power Cables and Communication Cables), By Component(Dry Plant Product and Wet Plant Product), By Region - Industry Forecast 2024-2031

Submarine Power Cable Market size was valued at USD 28.50 billion in 2022 and is poised to grow from USD 30.18 billion in 2023 to USD 47.74 billion by 2031, growing at a CAGR of 5.90% during the forecast period (2024-2031).

Alcatel-Lucent, TE SubCom, and NEC Corporation were the main companies that dominated the submarine cable market in 2023. The other small- and medium-sized submarine cable companies concentrate on smaller projects in different locations. Numerous subsea cable suppliers are also involved in offshore oil and gas projects, underwater power cables, and other marine infrastructure projects all over the world. 'Prysmian Group (Italy)', 'Nexans SA (France)', 'NKT A/S (Denmark)', 'Sumitomo Electric Industries, Ltd. (Japan)', 'Furukawa Electric Co., Ltd. (Japan)', 'LS Cable & System Ltd. (South Korea)', 'Hengtong Group Co., Ltd. (China)', 'Jiangsu Zhongtian Technology Co., Ltd. (China)', 'ZTT Group (China)', 'Guangdong Huaxing Cable Co., Ltd. (China)', 'LS-VINA Cable & System (Vietnam)', 'Jiangsu Zhongchao Holding Co., Ltd. (China)', 'JDR Cable Systems Ltd. (United Kingdom)', 'TFKable Group (Poland)', 'W. L. Gore & Associates, Inc. (United States)', 'Southwire Company, LLC (United States)', 'General Cable Corporation (United States)', 'Hellenic Cables Group (Greece)', 'Fujikura Ltd. (Japan)', 'Hengxin Technology Ltd. (China)', 'Taihan Electric Wire Co., Ltd. (South Korea)', 'Belden Inc. (United States)'

Interconnecting power grids across countries and regions has numerous benefits, including enhanced grid stability, efficient load balancing, and access to diversified energy sources. Submarine power cables enable the interconnection of power grids, facilitating the exchange of electricity between different countries or islands. This helps to optimize energy resources, improve grid resilience, and foster energy cooperation, thereby driving the demand for submarine power cables.

The trend of increasing offshore wind farm installations is driving the demand for submarine power cables. Offshore wind farms are being developed in various regions globally to harness the abundant wind resources available at sea. Submarine power cables are essential for transmitting the electricity generated by offshore wind turbines to the onshore grid. As countries aim to increase their renewable energy capacity, the demand for submarine power cables for offshore wind farms is expected to continue growing.

At over 38.3% of the entire market in 2023, the Asia Pacific region held the greatest share. Wind farm acceptance and deployment are at their highest levels in this area, with China leading the pack. In operation offshore wind power capacity in China was 4.6 GW1, according to IEEFA. 40% of the entire 4.5GW added globally throughout the year was installed by the 1.8GW of offshore wind capacity it installed alone. With a combined capacity of 6.7GW and an investment boost of USD 18 billion, China approved 24 offshore wind power projects off the coast of Jiangsu Province in January. 

Submarine Power Cable Market size was valued at USD 28.50 billion in 2022 and is poised to grow from USD 30.18 billion in 2023 to USD 47.74 billion by 2031, growing at a CAGR of 5.90% during the forecast period (2024-2031).

Alcatel-Lucent, TE SubCom, and NEC Corporation were the main companies that dominated the submarine cable market in 2023. The other small- and medium-sized submarine cable companies concentrate on smaller projects in different locations. Numerous subsea cable suppliers are also involved in offshore oil and gas projects, underwater power cables, and other marine infrastructure projects all over the world. 'Prysmian Group (Italy)', 'Nexans SA (France)', 'NKT A/S (Denmark)', 'Sumitomo Electric Industries, Ltd. (Japan)', 'Furukawa Electric Co., Ltd. (Japan)', 'LS Cable & System Ltd. (South Korea)', 'Hengtong Group Co., Ltd. (China)', 'Jiangsu Zhongtian Technology Co., Ltd. (China)', 'ZTT Group (China)', 'Guangdong Huaxing Cable Co., Ltd. (China)', 'LS-VINA Cable & System (Vietnam)', 'Jiangsu Zhongchao Holding Co., Ltd. (China)', 'JDR Cable Systems Ltd. (United Kingdom)', 'TFKable Group (Poland)', 'W. L. Gore & Associates, Inc. (United States)', 'Southwire Company, LLC (United States)', 'General Cable Corporation (United States)', 'Hellenic Cables Group (Greece)', 'Fujikura Ltd. (Japan)', 'Hengxin Technology Ltd. (China)', 'Taihan Electric Wire Co., Ltd. (South Korea)', 'Belden Inc. (United States)'

Interconnecting power grids across countries and regions has numerous benefits, including enhanced grid stability, efficient load balancing, and access to diversified energy sources. Submarine power cables enable the interconnection of power grids, facilitating the exchange of electricity between different countries or islands. This helps to optimize energy resources, improve grid resilience, and foster energy cooperation, thereby driving the demand for submarine power cables.

The trend of increasing offshore wind farm installations is driving the demand for submarine power cables. Offshore wind farms are being developed in various regions globally to harness the abundant wind resources available at sea. Submarine power cables are essential for transmitting the electricity generated by offshore wind turbines to the onshore grid. As countries aim to increase their renewable energy capacity, the demand for submarine power cables for offshore wind farms is expected to continue growing.

At over 38.3% of the entire market in 2023, the Asia Pacific region held the greatest share. Wind farm acceptance and deployment are at their highest levels in this area, with China leading the pack. In operation offshore wind power capacity in China was 4.6 GW1, according to IEEFA. 40% of the entire 4.5GW added globally throughout the year was installed by the 1.8GW of offshore wind capacity it installed alone. With a combined capacity of 6.7GW and an investment boost of USD 18 billion, China approved 24 offshore wind power projects off the coast of Jiangsu Province in January.