Submarine Power Cable Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2021-2031

The Global Submarine Power Cable Market is projected to expand from USD 12.12 Billion in 2025 to USD 23.95 Billion by 2031, registering a CAGR of 12.02%. These specialized transmission lines are engineered to convey high-voltage electricity underwater, serving to connect distinct land masses or link offshore renewable energy facilities to onshore grids. The market is primarily propelled by the accelerating global shift toward renewable energy, which demands extensive interconnections for offshore wind farms and increased international power trading to bolster grid stability. The Global Wind Energy Council reported that the global offshore wind industry added 8 GW of capacity in 2024, underscoring the urgent and continuous need for subsea infrastructure to meet energy transition objectives.

A major obstacle hindering market progress is the severe bottleneck within the supply chain concerning manufacturing and installation capabilities. The industry is grappling with a shortage of specialized production lines and installation vessels, resulting in project delays and escalated costs. These logistical constraints impose significant barriers to satisfying the rapidly increasing global demand for subsea interconnections and the integration of offshore grids.

Market Drivers

The rapid growth of offshore wind energy capacity acts as a primary engine for the Global Submarine Power Cable Market. As nations aim to decarbonize their energy supplies, the development of massive offshore wind farms requires substantial underwater cabling infrastructure to transport electricity to onshore networks. This driver is gaining strength as projects are situated further from shore, necessitating longer and higher-capacity export cables to handle the increased distance and output. According to the 'Global Offshore Wind Report' released by the Global Wind Energy Council in June 2025, annual offshore wind capacity installations are predicted to rise significantly to reach 34 GW by 2030, highlighting the critical dependence on advanced subsea cabling to support this exponential growth in generation capacity.

Simultaneously, surging investments in cross-border grid interconnections are playing a crucial role in driving market growth. Countries are increasingly linking their power networks via subsea interconnectors to improve energy security, balance the intermittency of renewables, and facilitate efficient international power trading. This trend fuels the demand for high-voltage direct current (HVDC) cables designed to transmit power over long distances with minimal loss. In its 'FY 2024 Results' from February 2025, Prysmian S.p.A. noted that its Transmission segment achieved an 18.3% organic growth, reflecting strong momentum in interconnection projects. Additionally, NKT A/S reported in its 'Interim Report Q3 2025' from November 2025 that its high-voltage order backlog had reached EUR 10.4 billion, indicating a robust long-term pipeline for submarine cable solutions.

Market Challenges

The severe supply chain bottleneck affecting manufacturing and installation capabilities acts as a significant restraint on the Global Submarine Power Cable Market. As the industry attempts to support the rapid expansion of offshore wind, the availability of high-voltage cable production lines and specialized cable-laying vessels has not kept pace with demand. This scarcity creates a logistical choke point, compelling developers to face extended lead times that significantly stretch project timelines. Consequently, the competition for limited assets drives up procurement and operational costs, directly threatening the financial viability of planned subsea interconnections and delaying the integration of renewable assets.

This deficit in industrial readiness creates a tangible barrier to market scalability, as the gap between aggressive government energy targets and actual execution capability becomes increasingly pronounced. According to 'WindEurope' in '2024', the existing offshore wind supply chain held a production capacity of roughly 7 GW annually, whereas meeting the region's 2030 targets necessitates an installation rate of 24 GW per year. This disparity demonstrates how infrastructure shortages directly hamper growth, leading to potential project cancellations as developers struggle to secure essential cable systems within viable timeframes.

Market Trends

The widespread adoption of High-Voltage Direct Current (HVDC) Technology is fundamentally altering market dynamics as operators transition toward 525 kV systems to maximize transmission capacity over long distances. This technological evolution enables the efficient transport of bulk electricity from remote offshore clusters to onshore grids, minimizing transmission losses which are vital for large-scale energy transition projects. The demand for such advanced cable systems is reflected in major contract awards; for instance, NKT A/S announced in a December 2024 press release regarding 'TenneT's 2GW Program' that it had secured high-voltage cable orders for the LanWin7 and NordOstLink projects with a combined value of approximately EUR 1 billion.

concurrently, the development of Dynamic Cables for Floating Offshore Wind Farms is emerging as a crucial growth area, addressing the mechanical challenges of deep-water environments where fixed foundations are impractical. Unlike static cables, dynamic inter-array and export cables must endure constant mechanical stress from wave motion and the movement of floating platforms, requiring specialized armouring and fatigue-resistant designs. This segment is set for rapid expansion driven by a massive project pipeline; according to the 'EnergyPulse' report by RenewableUK in October 2024, the global pipeline of floating offshore wind projects has expanded significantly to reach 266 GW.

Key Players Profiled in the Submarine Power Cable Market

• ABB Ltd.
• Furukawa Electric Co Ltd.
• KEI Industries Limited
• LS Cable & System Ltd.
• Nexans SA
• Ningbo Orient Wires & Cables Co., Ltd.
• NKT A/S
• Prysmian Group
• Sumitomo Electric Industries Limited
• ZTT International Limited

Report Scope

In this report, the Global Submarine Power Cable Market has been segmented into the following categories:

Submarine Power Cable Market, by Type:

• Single Core
• Multicore

Submarine Power Cable Market, by Voltage:

• Medium Voltage
• High Voltage

Submarine Power Cable Market, by End User:

• Offshore Wind Power Generation
• Inter-Country & IslConnection

Submarine Power Cable Market, by Region:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Submarine Power Cable Market.

Available Customization

The analyst offers customization according to your specific needs. The following customization options are available for the report:

• Detailed analysis and profiling of additional market players (up to five).

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