Submarine power cable is used to supply electricity and power the subsea machinery and equipment used across different platforms, such as offshore oil & gas facilities, navel subsea bases, offshore complexes, offshore wind power-generating facilities, and telecom industry, as well as to accomplish long route data and power transfer between island/country inter-connection.

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According to the new research report titled "Submarine Power Cable Market Forecast to 2028 – COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 11,829.01 million by 2028, registering a CAGR of 6.4% from 2021 to 2028.

Factors such as the continuous expansion of offshore oil & gas platforms, coupled with increasing deployment of wind farms, are expected to drive the global submarine power cable market growth during the forecast period. In addition, increasing fund supply for the development of sustainable electrical infrastructure with grid integration of renewable systems will enhance the growth of the submarine power cable market.

Key Findings of Study:

Government initiatives to reduce carbon footprint across the region are highly supporting the adoption of renewable sources of power generation, such as wind, thereby boosting investments in offshore wind energy farms across countries such as the US and Canada. According to the Biden administration, the US aspires to lead a sustainable energy revolution, and offshore wind is at the core strategy of that approach. By 2030, the US Departments of Energy, Interior, and Commerce hope to increase the offshore wind capacity of the country to 30 gigawatts (GW). The current offshore wind energy in the US is ~42 MW, with just one active commercial offshore wind farm off the coast of Rhode Island (Block Island Wind Farm). The potential of the US to generate 30 GW of offshore wind by 2030 as part of the Green New Deal agenda is one of the major driving factors of submarine power cable market. Such a rise in investments in offshore wind energy is expected to trigger the demand for submarine power cables in North America.

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Prysmian Group, Sumitomo Corporation, Furukawa Electric Group, LS Cable & System Ltd., and ABB Ltd are some of the key market players operating in the global submarine power cable market. The listing of key players is derived by considering multiple factors such as overall revenue, current submarine power cable product portfolio, geographical reach, new product launches, market initiatives, and investment in technology up-gradation, partnerships, and other market-related activities. In addition to these players, there are several other important players operating in the submarine power cable ecosystems which were studies analyzed during the course of this market research study, such as TELE-FONIKA Kable S.A.; ZT International Ltd; HENGTONG GROUP CO.,LTD.; Hydro Group; Rohde & Schwarz; and KEI Industries Limited.

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