Submarine Power Cable Market Report and Forecast 2025-2034

The global submarine power cable market attained a value of nearly USD 24.54 Billion in 2024. The market is projected to grow at a CAGR of 8.10% between 2025 and 2034 to reach a value of around USD 53.47 Billion by 2034.

Key Trends in the Market

A submarine power cable refers to a transmission cable designed to transmit electrical energy under the water surface. The aim of these cables is to transport electric current at high or medium voltage. These cables are usually deployed under the ocean, connecting two land points.

• The surging energy diplomacy between emerging economies are heightening the deployment of submarine power cables to create renewable energy source and combat fluctuation issues of solar and wind energy.
• The thriving offshore wind energy generation sector is a crucial submarine power cable market trend. In addition, the increasing demand for renewable energy from various end-use sectors, such as healthcare and construction, among others, is further propelling the market growth.
• Over the forecast period, the anticipated increase in the demand for submarine power cables to establish inter-island connections is expected to add to the market growth.

Submarine Power Cable Market Segmentation

Global Submarine Power Cable Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:

Breakup by Type

• Single Core
• Multi Core

Breakup by Voltage

• Medium Voltage
• High Voltage

Breakup by Conductor Material

• Copper
• Aluminium

Breakup by End-User

• Offshore Wind Power Generation
• Inter-Country and Island Connection
• Offshore Oil and Gas

Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Market Share by Type

Single core accounts for a significant portion of the submarine power cable market share. This can be attributed to convenient transportation and the easy insulation between phases offered by this submarine power cable. Additionally, this type of cable is easy to deploy and more economical as compared to its counterparts.

Meanwhile, multi core submarine power cables are expected to gain popularity in the forecast period owing to their high stress and temperature resistant benefits.

Market Share by Region

According to the submarine power cable market analysis, Europe is expected to hold a substantial market share. The increasing demand for submarine power cables to establish intercity connections is driving the market growth. Moreover, growing investments by governments of countries like the United Kingdom and Norway aimed at deploying submarine power cables to meet the demands of wind and hydro energies are expected to provide impetus to the market in the region in the forecast period.

Competitive Landscape of Submarine Power Cable Industry

The comprehensive report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the key players in the global submarine power cable market report, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

ABB Ltd

ABB Ltd is a leading automation company which offers advanced submarine power cable systems. It caters to the demands of various sectors, including utility and transportation. The company was founded in 1988 and is headquartered in Zurich, Switzerland.

Prysmian S.p.A

Prysmian S.p.A is a company that specialises in the production of electric cables, energy solutions, and telecom cables, among others. It was founded in 1879 and is headquartered in Milan, Italy.

Furukawa Electric Co., Ltd

Furukawa Electric Co., Ltd is a company which specialises in electronics, telecommunication, energy, automobile, and construction, among others. The company was established in 1884 and is headquartered in Tokyo, Japan.

Other market players in the submarine power cable market include ZTT International Limited, JDR Cable Systems (Holdings) Ltd, Hengtong Group Co, Ltd, Ningbo Orient Wires & Cables Co., Ltd (Orient Cables), NEXANS S.A., Sumitomo Electric Industries, Ltd., and KEI Industries Limited, among others.