$ 1.08 Billion Growth in Submarine Power Cable Market During 2020-2024 | Featuring ABB Ltd. and Anixter International Inc. Among Others | Technavio

·5 min read

Global submarine power cable market will grow by USD 1.08 Billion During 2020-2024.

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Technavio has announced its latest market research report titled Global Submarine Power Cable Market 2020-2024 (Graphic: Business Wire)

Amid the COVID-19 pandemic, the global submarine power cable market registered a YOY growth of 1.74% in 2020 and the market is estimated to expand at a CAGR of over 4% during the forecast period. The report offers a detailed analysis of the impact of the COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios.

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The 120-page report analyzes the submarine power cable market by end-user (offshore wind, island connection and inter-country, offshore oil, and others) and geography (Europe, APAC, North America, MEA, and South America). The report offers competitive intelligence about market leaders, key industry opportunities, trends, and threats impacting the growth of the market. Also, the report includes information on marketing, brand, strategy and market development, sales, and supply functions. Download Our Free Sample Report to Know More

The submarine power cable market is driven by growing wind power generation capacity. In addition, rising global energy demand is anticipated to boost the growth of the submarine power cable market.

The growing emphasis on the installation of clean and sustainable energy sources has led to an increase in the number of wind power plants worldwide. Besides, factors such as government policies for the generation of clean energy, decreasing cost of wind power generation, and technological advances of wind turbine components have further fueled the growth of global onshore and offshore wind power generation capacity. With the rising number of offshore wind power farms, the demand for submarine power cables will increase during the forecast period.

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Major Five Submarine Power Cable Companies:

ABB Ltd.

ABB Ltd. operates its business through segments such as Electrification, Industrial Automation, Motion, Robotics & Discrete Automation, and Corporate and Other. The company provides submarine power cables for offshore wind farms and others.

Anixter International Inc.

Anixter International Inc. operates its business through segments such as Network & Security Solutions, Electrical & Electronic Solutions, and Utility Power Solutions. The company offers marine power cables that are used for wiring in ships, and in mobile and fixed offshore units such as drilling rigs and oil platforms.

Belden Inc.

Belden Inc. operates its business through segments such as Enterprise Solutions and Industrial Solutions. The company offers MarineTuff Offshore and Marine Cables for signal transmission and extended offshore applications.

Fujikura Ltd.

Fujikura Ltd. operates its business through segments such as Power & Telecommunication Systems Company, Electronics Business Company, Automotive Products Company, Real Estate Business Company, and Other. The company offers DC Submarine SCFF Cable. It is used to transmit electricity across a strait, or to an island.

Furukawa Electric Co. Ltd.

Furukawa Electric Co. Ltd. operates its business through segments such as Industrial Machinery, Rock Drill Machinery, UNIC Machinery, Metals, Electronics, and Others. The company offers submarine cables which are used in areas such as the transmission of electricity generated using offshore wind power generating facilities.

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Submarine Power Cable Market End-user Outlook (Revenue, USD Billion, 2019-2024)

  • Offshore wind - size and forecast 2019-2024

  • Island connection and inter-country - size and forecast 2019-2024

  • Offshore oil - size and forecast 2019-2024

  • Others - size and forecast 2019-2024

Submarine Power Cable Market Geography Outlook (Revenue, USD Billion, 2019-2024)

  • Europe - size and forecast 2019-2024

  • APAC - size and forecast 2019-2024

  • North America - size and forecast 2019-2024

  • MEA - size and forecast 2019-2024

  • South America - size and forecast 2019-2024

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View source version on businesswire.com: https://www.businesswire.com/news/home/20210127005572/en/

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