Report : North America Submarine Power Cable Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Multicore and Single Core), Conductor Material (Copper and Aluminum), Voltage (High Voltage and Medium Voltage), and Application (Offshore Oil and Gas, Offshore Wind Power, and Inter-Country & Island Connection)
At 7.2% CAGR, the North America Submarine Power Cable Market is projected to be worth US$ 2,635.92 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America submarine power cable market was valued at US$ 1,165.95 million in 2021 and is expected to reach US$ 2,635.92 million by 2028, registering a CAGR of 7.2% from 2021 to 2028. Increasing investment on offshore wind energy plants and rise in cross country submarine connections for power transmission are the critical factors attributed to the North America submarine power cable market expansion.
The submarine interconnections between countries for power transmission have experienced a significant rise over the years across the globe. High investment from several government to share electricity among nations which leads to reduction of power generation burden on single country through submarine cable connections is driving the growth of the submarine connections market. Thus, these high investment made by several government bodies for underwater power transmission through linking countries is driving the demand for submarine power cables market.
On the contrary, longer life span of submarine power cable hurdles the growth of North America submarine power cable market.
Based on type, the North America submarine power cable market is bifurcated into multicore, single core. The single core held 80.7% market share in 2021, amassing US$ 1,304.49 million. It is projected to garner US$ 1,994.88 million by 2028 to expand at 6.3% CAGR during 2021–2028.
Based on conductor material, the North America submarine power cable market is segmented into copper and Aluminum. The copper segment held 86.2% market share in 2021, amassing US$ 1,392.67 million. It is projected to garner US$ 2,291.19 million by 2028 to expand at 7.4% CAGR during 2021–2028.
Based on voltage, the North America submarine power cable market is segmented into high voltage, and medium voltage. The high voltage accounted for a higher share in the North America submarine power cable market in 2021. The former held 76.2% market share in 2021, amassing US$ 1,231.64 million. It is projected to garner US$ 2,047.74 million by 2028 to expand at 7.4% CAGR during 2021–2028.
Based on application, the North America submarine power cable market is segmented into offshore oil and gas, offshore wind power, inter-country and island connection, and others. The offshore oil & gas segment held 53.1% market share in 2021, amassing US$ 866.91 million. It is projected to garner US$ 1,311.70 million by 2028 to expand at 6.1% CAGR during 2021–2028.
Based on country, the North America submarine power cable market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 72.1% market share in 2021. It was assessed at US$ 1,165.96 million in 2021 and is likely to hit US$ 1,928.84 million by 2028, exhibiting a CAGR of 7.5% during the forecast period.
Key players dominating the North America submarine power cable market are Prysmian Group; NKT A/S; Sumitomo Electric Industries Ltd; FURUKAWA ELECTRIC CO. LTD; HENGTONG GROUP CO. LTD; KEI Industries Limited; LS Cable & System Ltd; Hydro Group Plc; ZT International Ltd; and TELE-FONIKA Kable S.A., and among others.
- In 2021, NKT had entered into a Preferred Supplier Agreement (PSA) as main contractor for delivery and installation of high-voltage DC on- and offshore export cable systems to the third phase of the world’s largest offshore wind farm, Dogger Bank C. Now, NKT has secured the contract award with the project owners Equinor (50%) and SSE Renewables (50%).
- In 2021, NKT developed a solution with a highly flexible yet extremely strong cable that can move with a buoy or a fish farm and withstand the many wave cycles. All connections are positioned above the water's surface, ensuring the highest level of security, convenience of use, and TCO. This is essential if you want to harness the power of the waves or have a reliable power source from the shore.
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