In 2018, the global submarine power cable market demand is expected to exceed 8.1 billion US dollars

According to the latest report from MarketsandMarkets, the world's second largest market research institution, the global submarine power cable market demand will reach $8.
12 billion
in 2018.

With the increase in demand for offshore wind power and inter-country and inter-island connectivity, this figure is expected to increase to US$16.
56 billion by 2023, with a CAGR of 15.
32%
during the period.

In addition to the above reasons, the demand growth in the offshore oil and gas sector is also expected to stimulate the demand growth
of submarine power cables.
It is worth noting that due to the characteristics of long-distance transmission and low loss, the increasing demand for high-voltage DC transmission connections has brought huge opportunities
to the submarine power cable market.

The report also segments the submarine power cable market into single-core and multi-core cables
based on product type.
The report believes that single-core cables will lead the submarine power cable market
in 2018.
Single-core cables will grow at the fastest rate during the forecast period, as this will lead to simpler and more economical deployments
.
In Europe, demand for single-core submarine power cables comes mainly from the offshore wind industry
.

On an end-user basis, the offshore wind sector accounted for the largest market size
in 2017.
Submarine power cables for exporting electricity play a crucial role
in connecting offshore wind farms to the onshore grid.
In addition, inter-array submarine power cables are used to connect offshore wind turbines to offshore substations and connect adjacent offshore wind turbines
.
Technological advancements and falling offshore wind costs are expected to drive the increased
demand for submarine power cables in this market.

Among the five regions Asia Pacific, North America, Europe, Middle East & Africa, and South America, the European market is expected to lead the global submarine power cable market
by 2023.
The market size in the region can be attributed to the booming offshore wind industry, where submarine cables are a major component
.
The United Kingdom and Germany are the main markets
for submarine cables in Europe.
Increasing demand for international connectivity and demand from the offshore oil and gas sector are also expected to further drive the European market
.

The high cost of installation and complexity of deep-sea cable connection repairs adversely
affects the demand for submarine cables.
Any breakdown or repair of submarine power cables costs a lot of money
for the repair and redeployment process.
Therefore, repairing any failure of such critical infrastructure poses practical and financial challenges
.

From the perspective of suppliers, Prysmian of Italy, Nexans of France, Aktor of Denmark, Sumitomo Electric of Japan, General Cable of the United States (acquired by Prysmian), LS Cable of South Korea, etc.
will become the world's leading submarine power cable manufacturers
.