Market Size (2017)
2017
$7.41B
Energy & Power
Submarine Power Cable Market
By Segment, By Region, And Segment Forecasts, 2017 – 2025
Vertical: EnPBase Year: 201810 Sections
Executive Summary
Submarine Power Cable Market — Snapshot
Projected (2025)
2025
$17.64B
CAGR (2017–2025)
11.4%
11.4%Key Players
106+
The demand for submarine power cable is growing rapidly in the global market owing to the rising number of offshore wind farms and the increasing demand for submarine power cables in offshore oil & gas operations.
The global submarine power cable market is projected to grow at 11.66% CAGR during the forecast period, 2019–2025. In 2018, the global submarine power cables market was dominated by Europe with a 33.25% share, followed by Asia-Pacific and North America with shares of 25.01% and 20.24%, respectively.
The global submarine power cable market has been segmented on the basis of type, insulation type, voltage, conductor material, end use, and region. On the basis of type, the global submarine power cable market has been segmented into single and multicore. The multicore segment is expected to grow at the faster rate during the forecast period. In 2018, the single segment held a 62.44% share of the global submarine power cable market.
On the basis of insulation type, the global submarine power cable market has been segmented as cross-linked polyethylene (XLPE) and ethylene propylene rubber (EPR). The cross-linked polyethylene (XLPE) and segment is expected to grow at a faster rate during the forecast period. In 2018, the cross-linked polyethylene (XLPE) and segment held a 67.50% share of the global submarine power cable market.
On the basis of voltage, the global submarine power cable market has been segmented as up to 66 kV, 66 kV to 220 kV, and above 220 kV. The above 220 kV segment is expected to grow at the fastest rate during the forecast period. In 2018, the above 220 kV segment held a 42.14% share of the global submarine power cable market.
On the basis of conductor material, the global submarine power cable market has been segmented as copper and aluminum. The copper segment is expected to grow at the fastest rate during the forecast period. In 2018, the copper segment held a 58.75% share of the global submarine power cable market.
On the basis of end use, the global submarine power cable market has been segmented as up to offshore wind power generation, offshore oil & gas, island connections, and wave & tidal power generation. The above offshore wind power generation segment is expected to grow at the fastest rate during the forecast period. In 2018, the offshore wind power generation segment held a 42.41% share of the global submarine power cable market.
Key Insight
The Submarine Power Cable Market market is projected to grow at a CAGR of 11.4% from 2017 to 2025.
Market Performance Trend
Historical performance and future projections (2020–2030, USD Billion)
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What this report covers
- Geographic Coverage: This analysis covers 5 regions: South America, North America, Europe, Asia Pacific, Middle East and Africa.
- Market Segmentation: The market is analyzed across 2 segments: Single Core, Multi Core. Forecasts are provided for each segment from 2017 to 2025.
- Competitive Landscape: 106 leading companies are profiled, covering market positioning, strategies, and recent developments.
Market Size (USD Mn)
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View Subscription PlansMarket Overview
Submarine Power Cable Market — Growth Trajectory
Submarine power cables are electricity transmitting cables that are buried under water, mostly sea water. Over the recent decades, the importance of submarine power cables has grown exponentially, mainly on account of the developments in technology, enabling us to harness energy from the deep seas. Submarine power cables are mostly used to transmit electricity at high voltages. Submarine power cables are made up of concentric assembly of layers including optical fibers, conductors, protective layers, and insulation.
Submarine Power Cable Market — Growth Trajectory
Single Core
Multi Core
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View Subscription PlansMarket Size Trend (USD Mn)
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View Subscription PlansMarket Dimensions
How this market is segmented
- Type Type is broken down into: Single Core, Multi Core.
- Insulation Type Insulation Type is broken down into: Cross-linked Polyethylene (XLPE), Ethylene Propylene Rubber (EPR).
- Voltage Voltage is broken down into: Up to 66 KV, 66 KV – 220 KV, Above 220 KV.
- Conductor Material Conductor Material is broken down into: Copper, Aluminum.
- End-Use End-Use is broken down into: Offshore Wind Power Generation, Offshore Oil & Gas, Island Connection, Wave and Tidal Power Generation.
Geographic Analysis
Regional market breakdown
- South America South America market size reached $635.90M in 2017 and is projected to reach $1.16B by 2025, growing at a CAGR of 7.8%.
- North America North America market size reached $1.50B in 2017 and is projected to reach $3.48B by 2025, growing at a CAGR of 11.0%.
- Europe Europe market size reached $2.43B in 2017 and is projected to reach $6.47B by 2025, growing at a CAGR of 13.0%.
- Asia Pacific Asia Pacific market size reached $1.85B in 2017 and is projected to reach $4.50B by 2025, growing at a CAGR of 11.8%.
- Middle East and Africa Middle East and Africa market size reached $997.40M in 2017 and is projected to reach $2.03B by 2025, growing at a CAGR of 9.3%.
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View Subscription PlansResearch Methodology
Submarine Power Cable Market — How We Researched This Market
This report applies a rigorous multi-stage research process combining primary interviews, secondary data sources, and bottom-up market modelling to ensure accuracy and completeness across all segments and geographies.
Base Year
2018
Historical Period
2017 – 2018
Forecast Period
2018 – 2025
Primary Interviews
150+
Research Process
Historical data (2017–2018) and forecast period (2018–2025)
1
Problem Definition
- Market scoping
- Objective setting
- Framework design
2
Secondary Research
- Literature review
- Data mining
- Trend analysis
3
Primary Research
- Expert interviews
- Field visits
- Surveys
4
Data Analysis
- Quantitative modeling
- Statistical testing
- Validation
5
Insights & Reporting
- Synthesis
- Recommendations
- Visualization
Research Depth
Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.
Historical vs. Forecast Data
Historical (observed)
Forecast (modelled)
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Regional Breakdown
Regional market breakdown for Submarine Power Cable Market.
Regional Market Size (USD Mn)
Market estimates by geography (2025)
USD Mn
InsightEurope leads with $6.47B by 2025.
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View Subscription PlansRegional Market Data
| REGION | 2017 | 2018 | 2025 | CAGR | SHARE |
|---|---|---|---|---|---|
| South America | $635.90M | $845.50M | $1.16B | 7.8% | 7% |
| North America | $1.50B | $2.26B | $3.48B | 11.0% | 20% |
| Europe | $2.43B | $3.91B | $6.47B | 13.0% | 37% |
| Asia Pacific | $1.85B | $2.84B | $4.50B | 11.8% | 26% |
| Middle East and Africa | $997.40M | $1.40B | $2.03B | 9.3% | 11% |
| Total | $7.41B | $11.26B | $17.64B | 11.4% | 100% |
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View Subscription PlansSegment Revenue (2025)
Single Core
Multi Core
029825965894711929
Segment Market Share
- Single Core61%
- Multi Core39%
Total Market Size
$17.64B
Market by Segment (2025)
| APPLICATION | REVENUE ($B) | GROWTH RATE | MARKET PENETRATION |
|---|---|---|---|
| Single Core | $10.84B | 11.4% | 89% |
| Multi Core | $6.79B | 11.4% | 67% |
* Revenue projections based on 2025 estimates. Growth rates represent CAGR 2024–2030. Market penetration indicates current adoption rate within addressable market segments.
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Analytics
Submarine Power Cable Market — Key Findings
Analytical insights on Submarine Power Cable Market covering market dynamics, competitive landscape, and strategic outlook.
Key Analytical Findings
The Submarine Power Cable Market market is projected to reach $17.64B by 2025, growing at 11.4% CAGR. The Single Core segment holds the largest share.
Market Dynamics
The global market for submarine power cables is expected to grow at steady rate during the forecast period. The growth can be primarily attributed to the rising number of offshore wind farms and the increasing demand in offshore oil & gas operations. The growing demand for intercountry and island power connections is expected to create opportunities for the market players during the forecast period. However, the high installation costs and repairing complexity are expected to form a restraint in the growth of the market during the forecast period.
Market Drivers
The demand for energy has been growing globally at a steady rate and is expected to grow steadily during the forecast period. Rising income, increased access to electricity, and urbanization are the primary reasons for the rising demand of electricity globally. According to statistical data from IEA, energy demand in 2019 grew by 2.3% from 2018, primarily due to the growing heating and cooling needs worldwide.
Energy generation companies have been focusing on renewable energy generation to reduce carbon emissions and promote sustainable growth globally. Furthermore, the rising concerns about the growing carbon emissions and the efforts to curb them result in a need to increase the share of renewable energy such as wind and wave & tidal energy in the power generation mix. Offshore wind farms are rapidly developing at a significant rate owing to its advantages such as high wind speed, improved efficiency, and higher energy generation capacity. According to the International Energy Agency (IEA), offshore wind energy is expected to attract an investment of around USD 1 trillion by 2040. Furthermore, countries across the world such as China, France, and the US, are focusing on increasing the share of offshore wind energy in the power generation mix. In China, as per the IEA, the installation capacity of offshore wind energy is expected to reach 110 GW by 2040. Additionally, in France, Iberdrola, S.A. (Spain) is developing and constructing the Saint-Brieuc offshore wind farm in Brittany, France, which is expected to be operational in 2023. In the US, in June 2019, the New Jersey Board of Public Utilities selected Ørsted A/S (Denmark) for the commencement of the offshore wind farm located in the coast of Atlantic City, US. Such developments are expected to increase the share of the offshore wind energy capacity in the total power generation mix globally. Since submarine power cables are used to supply the electricity generated from the offshore wind energy sources to the onshore electricity grid network, such factors are expected to increase the demand for submarine power cables. Thus, the rising number of offshore wind farms is expected to drive the growth of the global submarine power cable market during the forecast period.
Market Opportunities
Submarine power cables are used for the transmission of electricity over long distances with low power losses. Authorities in many countries around the world are planning to ensure energy security in islands as well as other countries. Submarine power cables are preferably used for transmitting high power to such locations from the generation sites beneath the water bodies. However, geopolitical and geological instability due to the influence of various geographic and political factors is among the primary concerns for the operators in establishing islands and intercounty power connections. Various country officials around the world are focusing on enhancing long-distance power interconnectors between countries and regions to meet the growing electricity demand. In November 2018, Nexans (France) received a contract worth nearly USD 125.69 trillion from ADMIE (GREECE) for the design, manufacturing, and installation of HVAC submarine power cables to provide reliable power supply between island of Syros and Lavrion, Greece. Moreover, according to the Red Eléctrica de España (Spain), the construction of the electricity interconnection project between France and Spain through the Bay of Biscay to ensure reliable power supply between the two countries is expected to start from 2020 and has been planned to be commissioned by 2025. Governments in countries such as Spain, Italy, Saudi Arabia, China, and the US are also focusing on the development of intercountry and island power connections projects. Such factors are expected to create an opportunity for the key market players in providing submarine power cables for ensuring power connections between the countries. Therefore, the growing demand for intercountry and island power connections is expected to create an opportunity for the global submarine power cables market players during the forecast period.
Market Restraints
Submarine power cables are a critical component used in the offshore oil & gas and offshore renewable energy sources. They are exposed to severe conditions beneath the water bodies. Rising offshore field developments in harsh environmental and seismogenic risk-prone conditions expose submarine power cables to high pressure, harsh fluids, corrosive materials, and other chemical and mechanical conditions, leading to affected functions of the submarine power cables. In addition to this, high operational complexity such as high underwater pressure and temperature are also expected to hinder the growth of submarine power cables in offshore applications as they cause submarine power cables to crack and crush due to stretching. Such damage to submarine power cables might hinder sound operations and lead to an interrupted power supply. Moreover, the damage caused to such cables during the operational process may also lead to financial losses to the energy generation companies. Thus, the need for repairing submarine power cables has been recognized by the generation companies. Furthermore, the onsite installation cost of submarine power cables owing to the high environmental conditions under the water bodies also hinders the development of submarine power cables. Furthermore, monitoring and repairing operations of the submarine power cables in the deep-water and ultra-deep-water conditions are tough owing to the underwater pressure and other factors. Therefore, the high installation costs and repairing complexity are expected to restrain the growth of the global submarine power cable market during the forecast period.
Strategic Outlook and Future Directions
Near-term growth will likely concentrate in modular bioreactor lines and closed-system media workflows that shorten validation cycles while preserving batch traceability.
Partnerships between CDMOs and instrumentation vendors should accelerate standard datasets for comparability across sites, improving forecasting models used in capacity planning.
Longer horizon, organoid and microphysiological adoption may reshape segment mix; teams that invest early in assay interoperability and cloud QC hooks are better positioned to capture upside without fragmenting their analytics stack.
Market Value by Segment (2025)
Value (USD Mn)
Single Core
Multi Core
Companies
Key companies profiled in Submarine Power Cable Market
Profiles of 106 companies operating in the Submarine Power Cable Market market, including revenue, employee count, and market positioning where available.
Showing 106 of 106 companies
Fujitsu
Fujitsu
ICT
Company Headquarters: Japan Founded: 1935 Workforce: ~140,365 Company Working: Fujitsu is a multinational company engaged in the field of information and communications technology. The company operates through the following segments, namely, ubiquitous solutions, device solutions, technology solutions, and others. The company’s technology solutions segment offers services that assimilate software, services, and products such as infrastructure services, systems integration, and network products. The company’s ubiquitous solutions segment offers personal computers, car audio, navigation systems, mobile phones, automotive-electronic tools, and mobile communication equipment. The company’s device solutions segment offers large-scale integration devices used in automobiles, mobile phones, digital home appliances, servers, and electronic components such as batteries and semiconductors. The others segment includes communication systems, research and development of information systems, and electronic devices. Fixed-mobile convergence comes under the technology solutions segment. Furthermore, the company also manufactures, sells, and develops air conditioners, telecommunication equipment, and electronic devices; sells, designs, and develops system on a chip (SoC); and sells & leases information processing and communications equipment. It caters to various industry verticals such as financial services, healthcare, manufacturing, retail, and automotive. Globally, the company has a presence in North America, Europe, and the Asia-Pacific.
Revenue$39.5B
Employees140,365
Market CapN/A
Founded1934
Japan
ZTT
ZTT
Energy & Power
ZTT is a globally leading manufacturer of precision products for the industries such as telecom, power, renewable energy and oil & gas. It offers products such as optical fiber cables, coaxial cables, transformers, power switchgears, submarine cables, Lithium-ion batteries, and solar cells. It also provides solutions such as backbone network system solutions, wind power solutions, power transmissions and distribution solutions, marine and offshore solutions, and submarine cable solutions. ZTT India Private Limited, PT ZTT Cable Indonesia, Demirer Kablo, ZTT do Brasil, and ZTT Europe GmbH are some of the subsidiaries of the company. The company has its presence in the countries such as the US, Germany, Columbia, Russia, the UAE, Thailand, the UK, France, and Japan.
RevenueN/A
EmployeesN/A
Market CapN/A
FoundedN/A
United States, North America
LS Cable &
LS Cable & System Ltd.
Energy & Power
LS Cable & System Ltd. is engaged in the business of manufacturing and supplying cables and related solutions, worldwide. The company operates through five business segments, namely, energy, industrial cable, telecommunication, material, and solutions. It offers submarine power cables under the energy segment. Overhead transmission lines, HV/EHV cable, power distribution HVDC cable cables, submarine cable systems, and superconducting cable systems are some of the other products offered by the company under this segment. LS Cable & System Ltd. has its presence in 18 countries around the world including the US, Mexico, the UK, France, Poland, India, Japan, China, the UAE, Saudi Arabia, and Australia. The company has 18 manufacturing plants and 4 research & development centers. Moreover, the company has 5 domestic subsidiaries and 14 international subsidiaries across the world.
Revenue$3.2B
EmployeesN/A
Market CapN/A
FoundedN/A
United States, North America
NKT A/S
NKT A/S
Energy & Power
Company Headquarters: Copenhagen, Denmark Founded: 1891 Workforce: ~5,000 Company Working: NKT A/S (formerly NKT Holding A/S) is an industrial holding company, which is engaged in providing power cables and wires as well as optical components, lasers, and crystal fibers. It is considered as a pioneer in the cable manufacturing industrial segment and is proactively working on meeting the world’s growing need for energy. The company also offers cleaning equipment and photonic products. NKT A/S operates through two main businesses, namely, NKT and NKT Photonics. NKT is segmented into high-voltage solutions, applications, and service & accessories. The applications segment offers downhole cables with a broad range of low and medium voltages. NKT Photonics A/S, NKT Flexibles, NKT Cables Group A/S, CCC GmbH Berlin, NKT cables AB, Nilfisk-advances, s.r.o., Nkt Cables Warszowice Sp Z O O, and Fianium Holdings Ltd are some of its subsidiaries. NKT A/S operates in 9 countries, including the US, the UK, the UAE, and Australia.
Revenue$1.4B
Employees5,000
Market CapN/A
Founded1890
Copenhagen, Denmark
Nexans
Nexans
Energy & Power
Company Headquarters: France Founded: 1994 Workforce: ~25,900 Company Working: Nexans SA (Nexans) is one of the largest manufacturers of cable and optic fibers. It provides copper and fiber-optic cables and cabling systems to various industries. The company operates through four business segments, namely, building & territories, high voltage & projects, telecom & data, and industry & solutions. The building and territories business segment offers reliable cabling systems and smart energy solutions to building, smart cities/grids, e-mobility, local infrastructure, decentralized energy systems, and rural electrification. The high voltage & projects segment provides design, engineering, financing, asset management, and systems management services to consumers. The telecom & data segment covers cabling and connection solutions. It includes data transmission (subsea, fiber, and FTTx), telecom networks, hyper-scale data centers, and LAN cabling solutions. The industry & solutions segment provides cabling and connection solutions for OEMs and industrial infrastructure project managers. The company operates in France, Germany, Norway, and several other countries in the world.
Revenue$6.1B
Employees25,900
Market CapN/A
Founded1993
France
Prysmian G
Prysmian Group
Energy & Power
Prysmian Group is a leader in the energy and telecom cable systems industry. The company operates through three segments, namely, energy, projects, and telecom. It operates in the fields of underground & submarine cables and systems for power transmission & distribution. Its products have applications in various sectors including telecommunication, utilities & power grids, construction & infrastructure, transportation & mobility, electronics, and industries. It also provides medium and low voltage cables for construction & infrastructure sectors. For the telecommunications industry, the group manufactures cables & accessories for voice, video, and data transmission, with a comprehensive range of optical fibers, optical & copper cables, and connectivity systems. The company also offers XLPE cables through its subsidiaries, Draka and General Cable Corporation. Prysmian Group has a strong global presence in 50 countries, including the US, Mexico, Brazil, Canada, France, Italy, Germany, Russia, Spain, Argentina, China, India, Australia, New Zeland, and South Africa. The company has 25 research & development centers and 112 manufacturing plants all over the world. General Cable, Prysmian Finland Oy, Prysmian Spain S.A., and General Cable Corporation are some of its subsidiaries.
Revenue$8.0B
EmployeesN/A
Market CapN/A
FoundedN/A
United States, North America
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Group Product Manager HVAC & Fire Protection GMA, Rockwool
I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!
Jason Lee
R&D Director, Seojin
Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.
Akif Moroglu
Strategy & Business Development Director, Dogan Holding
We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.
Noah Malgeri
Co-Founder, Mojave Rail Fabrication Limited
This is really good guys. Excellent work on a tight deadline. I will continue to use you going forward and recommend you to others. Nice job.
Michael Robert
Manager, JavolVision
Thanks, I am so happy that we worked together. Maybe we still can work together in the future.
Joseph Aguayo
Sales Operations & Pricing Manager, Intel
Thanks. It's been a pleasure working with you, please use me as reference with any other Intel employees.
Bong Lau
Sales Leader, Bamberg
We bought your "2025 report" in 2020. Everything is fine and very good.
Peter Groot Koerkamp
Account and Business Manager, EFS-Holland BV
Thanks for sending the report it gives us a good global view of the Betaïne market.
Younghwan Choi
Senior Retail Manager, LG Chem
We found the report very insightful! we found your research firm very helpful. I'm sending this email to secure our future business.
Mark Irwin
Management Consultant, Level 21
I am very pleased with how market segments have been defined in a relevant way for my purposes (such as "Portable Freezers & refrigerators" and "last-mile"). In general the report is well structured. Thanks very much for your efforts.
Rob Kooiker
Group Product Manager HVAC & Fire Protection GMA, Rockwool
I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!
Jason Lee
R&D Director, Seojin
Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.
Akif Moroglu
Strategy & Business Development Director, Dogan Holding
We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.
Submarine Power Cable Market
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