The Europe submarine power cable market is expected to grow from US$ 4,830.38 million in 2021 to US$ 7,268.67 million by 2028. It is estimated to grow at a CAGR of 6.0% from 2021 to 2028.
Increasing Investment on Offshore Wind Energy Plants is Driving the Europe Submarine Power Cable Market
Electricity generated by offshore wind turbines is sent to land via several cable systems buried in the seabed. Thus, the rising investment by developed and developing nations in offshore wind energy plants to generate wind energy is propelling the demand for submarine power cables. Some of the major investments include:
- The British government in 2021 announced that GRI Renewables Industries and Siemens Gamesa has spent more than US$ 360.70 million (260 million pounds) in offshore wind manufacturing facilities in Northeast England.
- According to WindEurope, in 2020, the European offshore wind business had drawn ~US$ 31.7 billion (26 billion euros) in investment. The investments are planned to fund a total of 7.1 gigawatts (GW) of offshore wind power over the next few years, with projects being designed and built.
- The UK announced investment in the offshore wind manufacturing business in August 2021. Government and private sector investments worth of With US$ 360 million (£260 million) to develop 'next-generation' wind turbines. Moreover, the UK government has planned to grow its offshore wind manufacturing business across the Humber region.
Thus, these high investments from developed and developing countries are factors driving the submarine power cables market growth.
Europe Submarine power cable Market Overview
The submarine power cable market in Europe is sub segmented into France, Germany, Italy, the UK, Russia, and the Rest of Europe. Europe is a globally leading generator and consumer of offshore wind, with the most operational wind farms using both bottom-fixed and floating foundation technologies. The offshore capacity of the region is sufficient to meet its growing power consumption. In 2019, Europe installed a new record-high offshore wind plant of 3.6 GW capacity; however, this will require significant infrastructure investments and higher installation rates. In their National Energy and Climate Plans, European governments have set a goal of delivering 111 GW of wind capacity by 2030, but to achieve this goal, the country needs to almost triple the delivery rates. In 2020, Europe added 2.9 GW of offshore capacity. Across 9 wind farms, 356 new offshore wind turbines will be linked to the grid. The total installed offshore wind capacity in Europe today stands at 25 GW, which is equivalent to 5,402 grid-connected wind turbines spread across 12 different countries. In four different countries, eight new offshore wind projects passed the Final Decision Investment (FID) in 2020, with construction set to begin in the next years. In order to fund 7.1 GW of increased capacity, US$ 30.08 billion was invested in new assets by the European government. Such high investments are further propelling the demand for submarine power cables across Europe in the coming years.
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.
Table of Contents
1. Introduction1.1 Scope of the Study
1.2 Research Report Guidance
1.3 Market Segmentation
2. Europe Submarine Power Cable Market- Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Europe Submarine Power Cable Market Landscape
4.1 Market Overview
4.2 Europe PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Europe Submarine Power Cable Market - Key Industry Dynamics
5.1 Market Drivers
5.1.1 Increasing Investment on Offshore Wind Energy Plants
5.1.2 Rise in Cross Country Submarine Connections for Power Transmission
5.2 Market Restraints
5.2.1 Longer Life Span of Submarine Power Cable
5.3 Market Opportunities
5.4 Future Trends
5.4.1 Rise in Development of Underwater Data Center
5.5 Impact Analysis of Drivers and Restraints
6. Submarine Power Cable Market - Europe Market Analysis
6.1 Overview
6.2 Europe Submarine Power Cable Market Forecast and Analysis
7. Europe Submarine Power Cable Market Analysis - By Type
7.1 Overview
7.2 Europe Submarine Power Cable Market Breakdown, by Type, 2020 and 2028
7.3 Multicore
7.3.1 Overview
7.3.2 Multicore: Europe Submarine Power Cable Market Revenue and Forecast to 2028 (US$ Million)
7.4 Single Core
7.4.1 Overview
7.4.2 Single Core: Europe Submarine Power Cable Market Revenue and Forecast to 2028 (US$ Million)
8. Europe Submarine Power Cable Market Analysis - By Conductor Material
8.1 Overview
8.2 Europe Submarine Power Cable Market, by Conductor Material (2020 and 2028)
8.3 Copper
8.3.1 Overview
8.3.2 Copper: Europe Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
8.4 Aluminum
8.4.1 Overview
8.4.2 Aluminium: Europe Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
9. Europe Submarine Power Cable Market Analysis - By Voltage
9.1 Overview
9.2 Europe Submarine Power Cable Market, by Voltage (2020 and 2028)
9.3 High Voltage
9.3.1 Overview
9.3.2 High Voltage: Europe Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
9.4 Medium Voltage
9.4.1 Overview
9.4.2 Medium Voltage: Europe Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
10. Europe Submarine Power Cable Market Analysis - By Application
10.1 Overview
10.2 Europe Submarine Power Cable Market, by Application (2020 and 2028)
10.3 Offshore Oil and Gas
10.3.1 Overview
10.3.2 Offshore Oil and Gas: Europe Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
10.4 Offshore Wind Power
10.4.1 Overview
10.4.2 Offshore Wind Power: Europe Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
10.5 Inter-Country and Island Connection
10.5.1 Overview
10.5.2 Inter-Country and Island Connection: Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
11. Europe Submarine Power Cable Market - Country Analysis
11.1 Overview
11.1.1 Europe: Submarine Power Cable Market, by Key Country
11.1.1.1 France: Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
11.1.1.1.1 France: Submarine Power Cable Market, By Type
11.1.1.1.2 France: Submarine Power Cable Market, by Conductor Material
11.1.1.1.3 France: Submarine Power Cable Market, by Voltage
11.1.1.1.3.1 France: Submarine Power Cable Market, by High Voltage
11.1.1.1.3.2 France: Submarine Power Cable Market, by Medium Voltage
11.1.1.1.4 France: Submarine Power Cable Market, by Application
11.1.1.2 Germany: Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
11.1.1.2.1 Germany: Submarine Power Cable Market, By Type
11.1.1.2.2 Germany: Submarine Power Cable Market, by Conductor Material
11.1.1.2.3 Germany: Submarine Power Cable Market, by Voltage
11.1.1.2.3.1 Germany: Submarine Power Cable Market, by High Voltage
11.1.1.2.3.2 Germany: Submarine Power Cable Market, by Medium Voltage
11.1.1.2.4 Germany: Submarine Power Cable Market, by Application
11.1.1.3 Italy: Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
11.1.1.3.1 Italy: Submarine Power Cable Market, By Type
11.1.1.3.2 Italy: Submarine Power Cable Market, by Conductor Material
11.1.1.3.3 Italy: Submarine Power Cable Market, by Voltage
11.1.1.3.3.1 Italy: Submarine Power Cable Market, by High Voltage
11.1.1.3.3.2 Italy: Submarine Power Cable Market, by Medium Voltage
11.1.1.3.4 Italy: Submarine Power Cable Market, by Application
11.1.1.4 UK: Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
11.1.1.4.1 UK: Submarine Power Cable Market, By Type
11.1.1.4.2 UK: Submarine Power Cable Market, by Conductor Material
11.1.1.4.3 UK: Submarine Power Cable Market, by Voltage
11.1.1.4.3.1 UK: Submarine Power Cable Market, by High Voltage
11.1.1.4.3.2 UK: Submarine Power Cable Market, by Medium Voltage
11.1.1.4.4 UK: Submarine Power Cable Market, by Application
11.1.1.5 Russia: Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
11.1.1.5.1 Russia: Submarine Power Cable Market, By Type
11.1.1.5.2 Russia: Submarine Power Cable Market, by Conductor Material
11.1.1.5.3 Russia: Submarine Power Cable Market, by Voltage
11.1.1.5.3.1 Russia: Submarine Power Cable Market, by High Voltage
11.1.1.5.3.2 Russia: Submarine Power Cable Market, by Medium Voltage
11.1.1.5.4 Russia: Submarine Power Cable Market, by Application
11.1.1.6 Rest of Europe: Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
11.1.1.6.1 Rest of Europe: Submarine Power Cable Market, By Type
11.1.1.6.2 Rest of Europe: Submarine Power Cable Market, by Conductor Material
11.1.1.6.3 Rest of Europe: Submarine Power Cable Market, by Voltage
11.1.1.6.3.1 Rest of Europe: Submarine Power Cable Market, by High Voltage
11.1.1.6.3.2 Rest of Europe: Submarine Power Cable Market, by Medium Voltage
11.1.1.6.4 Rest of Europe: Submarine Power Cable Market, by Application
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 New Product Development
13. Company Profiles
13.1 TELE-FONIKA Kable S.A.
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 ZT International Ltd
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Hydro Group
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 LS Cable & System Ltd.
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 KEI Industries Limited
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Prysmian Group
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Sumitomo Electric Industries, Ltd.
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 FURUKAWA ELECTRIC CO., LTD.
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 NKT A/S
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 HENGTONG GROUP CO.,LTD.
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 About the Publisher
14.2 Glossary
List of Tables
Table 1. Europe Submarine Power Cable Market Revenue and Forecasts to 2028 (US$ Mn)
Table 2. Europe: Submarine Power Cable Market, by Country - Revenue and Forecast to 2028 (US$ Million)
Table 3. France: Submarine Power Cable Market, By Type- Revenue and Forecast to 2028 (US$ Million)
Table 4. France: Submarine Power Cable Market, by Conductor Material - Revenue and Forecast to 2028 (US$ Million)
Table 5. France: Submarine Power Cable Market, by Voltage - Revenue and Forecast to 2028 (US$ Million)
Table 6. France: Submarine Power Cable Market, by High Voltage - Revenue and Forecast to 2028 (US$ Million)
Table 7. France: Submarine Power Cable Market, by Medium Voltage - Revenue and Forecast to 2028 (US$ Million)
Table 8. France: Submarine Power Cable Market, by Application - Revenue and Forecast to 2028 (US$ Million)
Table 9. Germany: Submarine Power Cable Market, By Type- Revenue and Forecast to 2028 (US$ Million)
Table 10. Germany: Submarine Power Cable Market, by Conductor Material - Revenue and Forecast to 2028 (US$ Million)
Table 11. Germany: Submarine Power Cable Market, by Voltage - Revenue and Forecast to 2028 (US$ Million)
Table 12. Germany: Submarine Power Cable Market, by High Voltage - Revenue and Forecast to 2028 (US$ Million)
Table 13. Germany: Submarine Power Cable Market, by Medium Voltage - Revenue and Forecast to 2028 (US$ Million)
Table 14. Germany: Submarine Power Cable Market, by Application - Revenue and Forecast to 2028 (US$ Million)
Table 15. Italy: Submarine Power Cable Market, By Type- Revenue and Forecast to 2028 (US$ Million)
Table 16. Italy: Submarine Power Cable Market, by Conductor Material - Revenue and Forecast to 2028 (US$ Million)
Table 17. Italy: Submarine Power Cable Market, by Voltage - Revenue and Forecast to 2028 (US$ Million)
Table 18. Italy: Submarine Power Cable Market, by High Voltage - Revenue and Forecast to 2028 (US$ Million)
Table 19. Italy: Submarine Power Cable Market, by Medium Voltage - Revenue and Forecast to 2028 (US$ Million)
Table 20. Italy: Submarine Power Cable Market, by Application - Revenue and Forecast to 2028 (US$ Million)
Table 21. UK: Submarine Power Cable Market, By Type- Revenue and Forecast to 2028 (US$ Million)
Table 22. UK: Submarine Power Cable Market, by Conductor Material - Revenue and Forecast to 2028 (US$ Million)
Table 23. UK: Submarine Power Cable Market, by Voltage - Revenue and Forecast to 2028 (US$ Million)
Table 24. UK: Submarine Power Cable Market, by High Voltage - Revenue and Forecast to 2028 (US$ Million)
Table 25. UK: Submarine Power Cable Market, by Medium Voltage - Revenue and Forecast to 2028 (US$ Million)
Table 26. UK: Submarine Power Cable Market, by Application - Revenue and Forecast to 2028 (US$ Million)
Table 27. Russia: Submarine Power Cable Market, By Type- Revenue and Forecast to 2028 (US$ Million)
Table 28. Russia: Submarine Power Cable Market, by Conductor Material - Revenue and Forecast to 2028 (US$ Million)
Table 29. Russia: Submarine Power Cable Market, by Voltage - Revenue and Forecast to 2028 (US$ Million)
Table 30. Russia: Submarine Power Cable Market, by High Voltage - Revenue and Forecast to 2028 (US$ Million)
Table 31. Russia: Submarine Power Cable Market, by Medium Voltage - Revenue and Forecast to 2028 (US$ Million)
Table 32. Russia: Submarine Power Cable Market, by Application - Revenue and Forecast to 2028 (US$ Million)
Table 33. Rest of Europe: Submarine Power Cable Market, By Type- Revenue and Forecast to 2028 (US$ Million)
Table 34. Rest of Europe: Submarine Power Cable Market, by Conductor Material - Revenue and Forecast to 2028 (US$ Million)
Table 35. Rest of Europe: Submarine Power Cable Market, by Voltage - Revenue and Forecast to 2028 (US$ Million)
Table 36. Rest of Europe: Submarine Power Cable Market, by High Voltage - Revenue and Forecast to 2028 (US$ Million)
Table 37. Rest of Europe: Submarine Power Cable Market, by Medium Voltage - Revenue and Forecast to 2028 (US$ Million)
Table 38. Rest of Europe: Submarine Power Cable Market, by Application - Revenue and Forecast to 2028 (US$ Million)
Table 39. Glossary of terms, Europe Submarine Power Cable Market
List of Figures
Figure 1. Europe Submarine Power Cable Market Segmentation
Figure 2. Europe Submarine Power Cable Market Segmentation - By Country
Figure 3. Europe Submarine Power Cable Market Overview
Figure 4. Single Core Held the Highest Share in Europe Submarine Power Cable Market in 2020
Figure 5. Europe Submarine Power Cable Market, by Country
Figure 6. Europe - PEST Analysis
Figure 7. Europe Submarine Power Cable Market - Ecosystem Analysis
Figure 8. Expert Opinion
Figure 9. Europe Submarine Power Cable Market: Impact Analysis of Drivers and Restraints
Figure 10. Europe Submarine Power Cable Market Forecast and Analysis, (US$ Mn)
Figure 11. Europe Submarine Power Cable Market Revenue Share, by Type (2020 and 2028)
Figure 12. Multicore: Europe Submarine Power Cable Market Revenue and Forecast to 2028 (US$ Million)
Figure 13. Single Core: Europe Submarine Power Cable Market Revenue and Forecast to 2028 (US$ Million)
Figure 14. Europe Submarine Power Cable Market Revenue Share, by Conductor Material (2020 and 2028)
Figure 15. Copper: Europe Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
Figure 16. Ground: Europe Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
Figure 17. Europe Submarine Power Cable Market Revenue Share, by Voltage (2020 and 2028)
Figure 18. High Voltage: Europe Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
Figure 19. Medium Voltage: Europe Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
Figure 20. Europe Submarine Power Cable Market Revenue Share, by Configuration (2020 and 2028)
Figure 21. Offshore Oil and Gas: Europe Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
Figure 22. Offshore Wind Power: Europe Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
Figure 23. Inter-Country and Island Connection: Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
Figure 24. Europe: Submarine Power Cable Market, by Key Country - Revenue (2021) (US$ Million)
Figure 25. Europe: Submarine Power Cable Market Revenue Share, by Key Country (2020 & 2028)
Figure 26. France: Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
Figure 27. Germany: Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
Figure 28. Italy: Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
Figure 29. UK: Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
Figure 30. Russia: Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
Figure 31. Rest of Europe: Submarine Power Cable Market - Revenue and Forecast to 2028 (US$ Million)
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- 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
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 143 |
| Published | February 2023 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value ( USD | $ 4830.38 Million |
| Forecasted Market Value ( USD | $ 7268.67 Million |
| Compound Annual Growth Rate | 6.0% |
| Regions Covered | Europe |
