China Submarine Power Cable Market
China's submarine power cable market is witnessing robust growth, driven by the country’s aggressive push towards expanding its renewable energy capacity, particularly through offshore wind farms. As the world’s largest producer of renewable energy, China’s focus on reducing its carbon footprint has led to a significant increase in the demand for submarine power cables, essential for transmitting electricity from offshore energy sources to the mainland grid. The market is marked by substantial investments in offshore wind projects along the eastern and southern coastlines, where the potential for wind energy is immense. In recent years, China has initiated several large-scale offshore wind projects, such as the Jiangsu Qidong Offshore Wind Farm, which require extensive submarine cable networks.
Additionally, China's domestic manufacturing capabilities have positioned it as a leading producer of submarine power cables, with several companies focusing on the development of advanced cable technologies, including high-voltage direct current (HVDC) cables that support long-distance power transmission with minimal losses. The Chinese government’s commitment to achieving carbon neutrality by 2060 is further driving the growth of the submarine power cable market, with expectations of continued expansion in the coming years as more offshore wind projects are developed.
A submarine power cable is a type of transmission cable used for carrying electric power under the water's surface. It is also called submarine cable because it usually carries electric power under saltwater such as arms of the sea, straits and oceans. The expenses for the establishment and complex administration are hindering the market recently the number of submarines is increasing as it requires exports from tide, wind and wave. Submarine wide cables are used to transfer power with high voltage. Due to the focus on the environmental issue, the submarine power cable market is gaining exposure. The oil and gas industries are replacing the local system on platforms with power feeding systems.
It is expected that the Submarine Power Cable Market will register USD 12.03 billion, and by 2022, the market will gain 31.55 billion with a CAGR of 9.4%. Due top pandemic, many ventures have declined, but with the situation getting controlled, the market will show promising development. The effect of the pandemic was negative for the market. The expanding interest between the country and island are driving the market. The increasing interest among the county associated with the request from the seaward oil and gas area is propelling the market growth. The market players have been going with the ongoing market trends and finding ways to develop the market.
Market segmentation
The Submarine Power Cable Market is segmented by insulation type, voltage, conductor material, and end-user. Based on the type, the market is classified into single-core and multicore. The single-core segment is dominating the market and is expected to grow quickly in the upcoming years due to the affordable and straightforward sending combined with multicore links. The subsegments of the end-user are Offshore Wind Power Generation, Offshore Oil & Gas, Island Connection, and Wave & Tidal Power Generation. the offshore market segment will increase the growth rate of the market, and the submarine power cable carries out an important role in the connection of the offshore substation and adjacent offshore turbines. Up to 66 kV, 66 kV-220 VK and Above 220 VK are the variables of the Submarine Power Cable Market voltage segments. Above 220 VK will dominate the market due to the rapid expansion of ultra-high-tension transmission lines for long-lasting electric supply.
Regional analysis
Based on the region, the Submarine Power Cable Market is analysed in North America, Europe, Asia Pacific and other parts of the world. Europe is expected to dominate the market due to the increasing wind industry in the region, propelling the market's demand. The growing demand for the offshore oil and gas industry boosts the market. Asia Pacific region is also increasing as the government is imposing several orders and promoting ways to develop renewable infrastructure to reduce pollution and power generation. all other regions that are a part of the development of the market are growing significantly and will rise the market in the forecast period
Industry news
An Italian cable manufacturer, the Prysmian group, secured 47 acres of land to develop a submarine power cable plant in somerset.
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