In 2020-24, the compound annual growth rate of the global submarine power cable market exceeded 4%

According to the latest data released by Technavio, an international market research institution, the compound annual growth rate of the submarine power cable market will exceed 4% from 2020 to 2024, and the substantial growth in power demand is the main reason
.

According to the report, 47% of the market growth during the forecast period will come from Europe, with Italy, Denmark, and Finland being important markets
for submarine power cables in Europe.

Europe was the largest submarine power cable market in 2019, and government support and growing focus on wind energy will significantly boost the growth
of the submarine power cable market in the region during the forecast period.

Offshore wind turbines can produce more energy
using fewer turbines than conventional turbines.
As a result, Asia Pacific is expected to witness rapid growth
during the forecast period.
Due to the significant investments in offshore wind power projects over the past few years, the major share of Asia Pacific will come from China and India
during the forecast period.

According to the IEA, electricity demand will grow by 40%
by 2024.
Similarly, growing concerns about the environment will force economies to use renewable energy sources to generate electricity
.
Therefore, in most countries, the number of renewable projects such as wind and tidal energy projects is increasing, which in turn will increase the demand
for submarine power cables or submarine cables.
The growing demand for inter-country and island connectivity will be one of the major factors driving the growth of
the market.
Submarine grid interconnection projects such as France-UK, Belgium-UK and Ireland-UK are under construction
.

On the other hand, the growing demand for high-voltage direct current (HVDC) power cables will also drive the growth of this market
.
These HVDC cables are safe and reliable, and can transmit power over long distances, so they are becoming increasingly popular
compared to traditional cables.
These factors will drive the global submarine power cable market to grow
at a CAGR of over 4% during the forecast period.

From the perspective of manufacturers, Prysmann, Nexans, Sumitomo Electric, LEONI Cable, Catete Cable, Fujikura Cable, Furukawa Electric, LS Cable, and others will continue to dominate the global submarine power cable market
during the forecast period.