Increasing demand for renewable energy and Growing inter-country & island power connections are likely to drive the market in the forecast period.
According to TechSci Research report, “Submarine DC Electric Cable Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Submarine DC Electric Cable Market stood at USD 22.08 billion in 2022 and is anticipated to grow with a CAGR of 9.19% in the forecast period. One of the primary drivers propelling the global submarine DC electric cable market is the rapid expansion of offshore wind energy projects worldwide. As governments and industries seek cleaner and more sustainable sources of electricity, offshore wind farms have gained significant momentum.
These wind farms are typically situated far from the coastlines, making submarine DC electric cables indispensable for transmitting the electricity generated by offshore turbines to onshore grids. Offshore wind energy's growth is particularly evident in regions like the North Sea and the East Coast of the United States, where numerous wind farms are being developed.
Submarine DC cables are the preferred choice for these projects due to their ability to efficiently transport electricity over long distances with minimal power losses. The increasing investment in offshore wind power generation is, therefore, a major driver stimulating the demand for submarine DC electric cables, as they play a pivotal role in harnessing and distributing clean energy from these remote offshore locations.
The global drive for cross-border grid interconnection is another significant driver of the submarine DC electric cable market. Governments and energy authorities recognize the benefits of interconnected power grids, such as enhanced energy security, improved resource sharing, and increased grid resilience. To achieve these goals, countries are increasingly investing in submarine DC electric cables to connect their electrical networks across national borders or between islands.
For example, the European Union's ambitious electricity interconnection targets encourage the development of submarine cable links that interconnect member states. These interconnections facilitate the exchange of electricity between countries and regions, allowing surplus energy to be shared, reducing reliance on fossil fuels, and enhancing the overall stability of the European grid.
Similar initiatives can be observed in regions like Southeast Asia, where countries are working to establish submarine cable connections to share electricity resources and improve energy access. The demand for submarine DC electric cables in such projects is driven by the need to efficiently transport electricity across underwater or transboundary routes, fostering regional energy cooperation and grid integration. As cross-border grid interconnection initiatives continue to grow, the submarine DC electric cable market is expected to expand further to meet the demands of these complex, interconnected electrical networks.
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The Global Submarine DC Electric Cable Market is segmented into type, application and region.
Based on type, The High-Voltage Direct Current (HVDC) segment held the largest market share in 2022 & expected to maintain it in the forecast period. HVDC cables are known for their efficiency over long transmission distances. Unlike Alternating Current (AC), DC transmission experiences lower power losses, especially over extended undersea routes. This makes HVDC cables particularly suitable for interconnecting power grids across international borders or for transmitting electricity from remote offshore wind farms to the mainland. HVDC systems provide better control over voltage levels, which is crucial for maintaining stable power transmission over varying distances and under different load conditions.
This control is especially important when dealing with the challenges of transmitting electricity through submarine cables. AC transmission systems can suffer from reactive power losses, which can result in higher energy consumption. HVDC transmission minimizes these losses, leading to more efficient energy transmission. HVDC systems are not affected by issues related to the synchronization of frequencies between interconnected grids, making them ideal for interconnecting grids with varying AC frequencies. HVDC cables generate lower levels of electromagnetic interference compared to their AC counterparts.
This reduced interference is crucial for sensitive electronic equipment and systems. HVDC systems have a higher load transfer capability, allowing them to transmit larger amounts of power, which is vital for high-demand areas or when connecting major power generation sources like offshore wind farms. In some cases, HVDC cables are preferred for their reduced environmental impact. They typically require narrower cable corridors and have a smaller footprint on the seabed compared to AC cables.
Based on application, The Offshore Wind Power Generation segment held the largest market share in 2022 and is projected to experience rapid growth during the forecast period. Offshore wind power generation has experienced exponential growth in recent years. Many countries are increasingly investing in offshore wind projects as a key component of their renewable energy strategies. These projects are often located far from the coast, necessitating the use of submarine DC electric cables to transmit the electricity generated by offshore wind turbines to the mainland.
Global efforts to reduce carbon emissions and combat climate change have led to a significant shift toward renewable energy sources. Offshore wind is considered a reliable and sustainable energy solution, and governments and energy companies worldwide are expanding their offshore wind portfolios. Submarine DC cables are essential for connecting these wind farms to onshore grids, making them a critical component of the offshore wind energy supply chain. Offshore wind farms are often situated in locations where the electricity generated needs to be transmitted over long distances to reach population centers.
Submarine DC electric cables, particularly high-voltage DC (HVDC) cables, excel in efficiently transmitting electricity over extended undersea routes with minimal power losses. This capability is vital for transporting large quantities of electricity from offshore wind farms to onshore substations. Ongoing technological advancements in submarine DC cable technology, including the development of materials, manufacturing techniques, and installation methods, have made these cables more efficient and cost-effective. This has further facilitated their use in offshore wind power transmission projects.
Major companies operating in the Global Submarine DC Electric Cable Market are:
- NKT A/S
- Prysmian Group
- Nexans S.A.
- Sumitomo Electric Industries Ltd.
- LS Cable & System Ltd.
- Hitachi Power Grids
- ABB Ltd.
- General Cable Technologies Corporation
- Siemens Energy AG
- Draka Cable International B.V.
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“The Global Submarine DC Electric Cable market is expected to rise in the upcoming years and register a significant CAGR during the forecast period. The global submarine DC electric cable market is primarily driven by the rapid expansion of offshore energy projects, particularly offshore wind farms. With the increasing global focus on sustainable energy sources, offshore wind farms are being developed at an unprecedented rate. These projects, often located far from the coast, rely on submarine DC electric cables to efficiently transport the electricity generated by offshore turbines to onshore grids.
As offshore wind energy gains momentum in regions like the North Sea and the East Coast of the United States, the demand for submarine DC electric cables continues to surge, making them a critical component in enabling clean energy generation and transmission. Therefore, the market of Submarine DC Electric Cable is expected to boost in the upcoming years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Submarine DC Electric Cable Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Type (High-Voltage Direct Current, Extra-High-Voltage Direct Current), By Application (Offshore Wind Power Generation, Inter-Country And Island Power Connections, Others), By Region, By Competition”, has evaluated the future growth potential of Global Submarine DC Electric Cable Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers make sound investment decisions., The report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Submarine DC Electric Cable Market.
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