Submarine Power Cable Market Size and Outlook 2031

Report Description

Forecast Period	2027-2031
Market Size (2025)	USD 12.12 Billion
CAGR (2026-2031)	12.02%
Fastest Growing Segment	Offshore Wind Power Generation
Largest Market	Asia Pacific
Market Size (2031)	USD 23.95 Billion

Market Overview

The Global Submarine Power Cable Market will grow from USD 12.12 Billion in 2025 to USD 23.95 Billion by 2031 at a 12.02% CAGR. Submarine power cables are specialized transmission lines designed to transport high voltage electricity underwater by connecting land masses or linking offshore renewable energy installations to onshore networks. The market is primarily driven by the accelerating transition toward renewable energy which necessitates extensive interconnections for offshore wind farms and increased international power trading to enhance grid stability. According to the Global Wind Energy Council, in 2024, the global offshore wind industry added 8 GW of capacity. This expansion highlights the urgent and sustained demand for subsea infrastructure to achieve energy transition targets.

A significant challenge impeding market expansion is the severe supply chain bottleneck regarding manufacturing and installation capabilities. The industry faces a shortage of specialized production lines and installation vessels which leads to project delays and elevated costs. These logistical constraints create substantial barriers to meeting the rapidly growing global demand for subsea interconnections and offshore grid integration.

Key Market Drivers

The rapid expansion of offshore wind energy capacity serves as a primary catalyst for the Global Submarine Power Cable Market. As nations strive to decarbonize their energy mixes, the development of large-scale offshore wind farms necessitates substantial underwater cabling infrastructure to transmit electricity to onshore grids. This driver is intensifying as projects move further from shore, requiring longer and higher-capacity export cables to manage the increased distance and output. According to the Global Wind Energy Council, June 2025, in the 'Global Offshore Wind Report', annual offshore wind capacity installations are forecast to rise significantly to reach 34 GW by 2030. This projected growth underscores the critical reliance on advanced subsea cabling systems to support the exponentially increasing generation capacity and ensure efficient energy delivery.

Surging investments in cross-border grid interconnections are equally critical in propelling market growth. Countries are increasingly linking their power networks through subsea interconnectors to enhance energy security, balance renewable energy intermittency, and facilitate efficient international power trading. This trend drives demand for high-voltage direct current (HVDC) cables capable of transmitting power over vast distances with minimal loss. According to Prysmian S.p.A., February 2025, in the 'FY 2024 Results', the company's Transmission segment recorded a robust organic growth of 18.3%, reflecting the strong momentum in interconnection projects. Furthermore, sustained industry activity is evident in the accumulation of future work; according to NKT A/S, November 2025, in the 'Interim Report Q3 2025', the manufacturer's high-voltage order backlog reached EUR 10.4 billion, indicating a healthy long-term pipeline for submarine cable solutions.

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Key Market Challenges

The severe supply chain bottleneck regarding manufacturing and installation capabilities acts as a substantial restraint on the Global Submarine Power Cable Market. As the industry strives to support rapid offshore wind expansion, the availability of high-voltage cable production lines and specialized cable-laying vessels has failed to keep pace with demand. This scarcity creates a logistical choke point, forcing developers to face extended lead times that stretch project timelines significantly. Consequently, the competition for limited assets drives up procurement and operational costs, directly threatening the financial viability of planned subsea interconnections and delaying the integration of renewable assets.

This deficit in industrial readiness creates a tangible barrier to market scalability. The gap between aggressive government energy targets and actual execution capability is becoming increasingly distinct. According to 'WindEurope', in '2024', the existing offshore wind supply chain possessed a production capacity of approximately 7 GW annually, whereas meeting the region's 2030 targets requires an installation rate of 24 GW per year. This disparity illustrates how infrastructure shortages directly hamper growth, leading to potential project cancellations as developers struggle to secure essential cable systems within viable timeframes.

Key Market Trends

The Widespread Adoption of High-Voltage Direct Current (HVDC) Technology is fundamentally reshaping market dynamics as operators shift toward 525 kV systems to maximize transmission capacity over long distances. This technological evolution allows for the efficient transport of bulk electricity from remote offshore clusters to onshore grids, minimizing transmission losses which are critical for large-scale energy transition projects. The demand for such advanced cable systems is evident in major contract awards; according to NKT A/S, December 2024, in a press release regarding 'TenneT's 2GW Program', the company secured high-voltage cable orders for the LanWin7 and NordOstLink projects with a combined value of approximately EUR 1 billion.

Simultaneously, the Development of Dynamic Cables for Floating Offshore Wind Farms is emerging as a critical growth vector, addressing the mechanical challenges of deep-water environments where fixed foundations are unfeasible. Unlike static cables, dynamic inter-array and export cables must withstand constant mechanical stress from wave motion and floating platform movement, requiring specialized armouring and fatigue-resistant designs. This segment is poised for rapid expansion driven by a massive project pipeline; according to RenewableUK, October 2024, in the 'EnergyPulse' report, the global pipeline of floating offshore wind projects expanded significantly to reach 266 GW.

Segmental Insights

The offshore wind power generation segment represents the fastest-growing category within the global submarine power cable market. This accelerated expansion is primarily driven by the increasing implementation of renewable energy targets and decarbonization policies by international governments. As nations strive to reduce reliance on fossil fuels, regulatory support for constructing large-scale offshore wind farms has intensified. Consequently, there is a substantial demand for extensive subsea transmission infrastructure to efficiently connect these remote marine energy sources with onshore electrical grids, thereby propelling the segment's rapid development.

Regional Insights

Asia Pacific commands the leading position in the global submarine power cable market, primarily driven by substantial investments in renewable energy infrastructure. The region is witnessing a surge in offshore wind farm projects, particularly in China and Taiwan, aimed at meeting rising electricity demands and carbon reduction targets. Additionally, the archipelagic geography of Southeast Asian nations necessitates extensive inter-island grid interconnections to ensure reliable power distribution. These factors, combined with rapid urbanization and industrial growth, establish Asia Pacific as the central hub for market expansion.

Recent Developments

In December 2024, Nexans secured a significant contract with ScottishPower Renewables to supply high-voltage subsea export cables for the East Anglia TWO offshore wind farm. Under this agreement, the company committed to manufacturing and installing approximately 100 kilometers of 275kV subsea cables alongside 55 kilometers of onshore cables. This infrastructure was designed to transmit renewable energy from the southern North Sea to the United Kingdom's electricity grid. The cables were scheduled for production at the company's facilities in Norway and Belgium, reinforcing its operational capacity in the European offshore wind sector.
In December 2024, NKT was awarded two turnkey contracts by the transmission system operator TenneT for the delivery of high-voltage cable systems. The projects, known as LanWin7 and NordOstLink, involved the provision of 525 kV XLPE high-voltage direct current cables for both onshore and offshore applications in Germany. Valued at approximately €1 billion, these agreements encompassed the complete design, engineering, production, and installation of the cable systems. This collaboration reinforced the company's position in the high-voltage market and supported the operator's grid infrastructure program, which aimed to efficiently transport wind power from the North Sea to the onshore network.
In July 2024, LS Cable & System announced an investment of $681 million to construct a new submarine cable manufacturing facility in Chesapeake, Virginia. This strategic initiative aimed to address the increasing demand for power cables in the United States, particularly for upcoming offshore wind developments. The company stated that the plant would feature a 200-meter-tall production tower, which would be the tallest structure of its kind globally. This facility was intended to supply high-voltage cables directly to local projects, positioning the firm to secure a competitive role in the U.S. market as it projected significant growth over the subsequent decade.
In February 2024, Prysmian Group finalized three major contracts with the German transmission system operator Amprion for the BalWin1, BalWin2, and DC34 grid connection projects. The total value of these agreements was reported to be around $5 billion, representing the largest package awarded to the company in terms of commercial value. The scope included the supply and installation of approximately 4,400 kilometers of high-voltage direct current cables. These projects were intended to transmit renewable energy generated from offshore wind farms to consumers in Germany, marking a significant step in the country's energy transition strategies.

Key Market Players

ABB Ltd.
Furukawa Electric Co Ltd
KEI Industries Limited
LS Cable & System Ltd
Nexans SA
Ningbo Orient Wires & Cables Co., Ltd
NKT A/S
Prysmian Group
Sumitomo Electric Industries Limited
ZTT International Limited

By Type	By Voltage	By End User	By Region
Single Core Multicore	Medium Voltage High Voltage	Offshore Wind Power Generation Inter-Country & Island Connection	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Submarine Power Cable Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Submarine Power Cable Market, By Type:

Single Core
Multicore

Submarine Power Cable Market, By Voltage:

Medium Voltage
High Voltage

Submarine Power Cable Market, By End User:

Offshore Wind Power Generation
Inter-Country & Island Connection

Submarine Power Cable Market, By Region:

North America

United States
Canada
Mexico

Europe

France
United Kingdom
Italy
Germany
Spain

Asia Pacific

China
India
Japan
Australia
South Korea

South America

Brazil
Argentina
Colombia

Middle East & Africa

South Africa
Saudi Arabia
UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Submarine Power Cable Market.

Available Customizations:

Global Submarine Power Cable Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

Global Submarine Power Cable Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Product Overview

1.1. Market Definition

1.2. Scope of the Market

1.2.1. Markets Covered

1.2.2. Years Considered for Study

1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

3.1. Overview of the Market

3.2. Overview of Key Market Segmentations

3.3. Overview of Key Market Players

3.4. Overview of Key Regions/Countries

3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global Submarine Power Cable Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1. By Type (Single Core, Multicore)

5.2.2. By Voltage (Medium Voltage, High Voltage)

5.2.3. By End User (Offshore Wind Power Generation, Inter-Country & Island Connection)

5.2.4. By Region

5.2.5. By Company (2025)

5.3. Market Map

6. North America Submarine Power Cable Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Type

6.2.2. By Voltage

6.2.3. By End User

6.2.4. By Country

6.3. North America: Country Analysis

6.3.1. United States Submarine Power Cable Market Outlook

6.3.1.1. Market Size & Forecast

6.3.1.1.1. By Value

6.3.1.2. Market Share & Forecast

6.3.1.2.1. By Type

6.3.1.2.2. By Voltage

6.3.1.2.3. By End User

6.3.2. Canada Submarine Power Cable Market Outlook

6.3.2.1. Market Size & Forecast

6.3.2.1.1. By Value

6.3.2.2. Market Share & Forecast

6.3.2.2.1. By Type

6.3.2.2.2. By Voltage

6.3.2.2.3. By End User

6.3.3. Mexico Submarine Power Cable Market Outlook

6.3.3.1. Market Size & Forecast

6.3.3.1.1. By Value

6.3.3.2. Market Share & Forecast

6.3.3.2.1. By Type

6.3.3.2.2. By Voltage

6.3.3.2.3. By End User

7. Europe Submarine Power Cable Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Type

7.2.2. By Voltage

7.2.3. By End User

7.2.4. By Country

7.3. Europe: Country Analysis

7.3.1. Germany Submarine Power Cable Market Outlook

7.3.1.1. Market Size & Forecast

7.3.1.1.1. By Value

7.3.1.2. Market Share & Forecast

7.3.1.2.1. By Type

7.3.1.2.2. By Voltage

7.3.1.2.3. By End User

7.3.2. France Submarine Power Cable Market Outlook

7.3.2.1. Market Size & Forecast

7.3.2.1.1. By Value

7.3.2.2. Market Share & Forecast

7.3.2.2.1. By Type

7.3.2.2.2. By Voltage

7.3.2.2.3. By End User

7.3.3. United Kingdom Submarine Power Cable Market Outlook

7.3.3.1. Market Size & Forecast

7.3.3.1.1. By Value

7.3.3.2. Market Share & Forecast

7.3.3.2.1. By Type

7.3.3.2.2. By Voltage

7.3.3.2.3. By End User

7.3.4. Italy Submarine Power Cable Market Outlook

7.3.4.1. Market Size & Forecast

7.3.4.1.1. By Value

7.3.4.2. Market Share & Forecast

7.3.4.2.1. By Type

7.3.4.2.2. By Voltage

7.3.4.2.3. By End User

7.3.5. Spain Submarine Power Cable Market Outlook

7.3.5.1. Market Size & Forecast

7.3.5.1.1. By Value

7.3.5.2. Market Share & Forecast

7.3.5.2.1. By Type

7.3.5.2.2. By Voltage

7.3.5.2.3. By End User

8. Asia Pacific Submarine Power Cable Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Type

8.2.2. By Voltage

8.2.3. By End User

8.2.4. By Country

8.3. Asia Pacific: Country Analysis

8.3.1. China Submarine Power Cable Market Outlook

8.3.1.1. Market Size & Forecast

8.3.1.1.1. By Value

8.3.1.2. Market Share & Forecast

8.3.1.2.1. By Type

8.3.1.2.2. By Voltage

8.3.1.2.3. By End User

8.3.2. India Submarine Power Cable Market Outlook

8.3.2.1. Market Size & Forecast

8.3.2.1.1. By Value

8.3.2.2. Market Share & Forecast

8.3.2.2.1. By Type

8.3.2.2.2. By Voltage

8.3.2.2.3. By End User

8.3.3. Japan Submarine Power Cable Market Outlook

8.3.3.1. Market Size & Forecast

8.3.3.1.1. By Value

8.3.3.2. Market Share & Forecast

8.3.3.2.1. By Type

8.3.3.2.2. By Voltage

8.3.3.2.3. By End User

8.3.4. South Korea Submarine Power Cable Market Outlook

8.3.4.1. Market Size & Forecast

8.3.4.1.1. By Value

8.3.4.2. Market Share & Forecast

8.3.4.2.1. By Type

8.3.4.2.2. By Voltage

8.3.4.2.3. By End User

8.3.5. Australia Submarine Power Cable Market Outlook

8.3.5.1. Market Size & Forecast

8.3.5.1.1. By Value

8.3.5.2. Market Share & Forecast

8.3.5.2.1. By Type

8.3.5.2.2. By Voltage

8.3.5.2.3. By End User

9. Middle East & Africa Submarine Power Cable Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Type

9.2.2. By Voltage

9.2.3. By End User

9.2.4. By Country

9.3. Middle East & Africa: Country Analysis

9.3.1. Saudi Arabia Submarine Power Cable Market Outlook

9.3.1.1. Market Size & Forecast

9.3.1.1.1. By Value

9.3.1.2. Market Share & Forecast

9.3.1.2.1. By Type

9.3.1.2.2. By Voltage

9.3.1.2.3. By End User

9.3.2. UAE Submarine Power Cable Market Outlook

9.3.2.1. Market Size & Forecast

9.3.2.1.1. By Value

9.3.2.2. Market Share & Forecast

9.3.2.2.1. By Type

9.3.2.2.2. By Voltage

9.3.2.2.3. By End User

9.3.3. South Africa Submarine Power Cable Market Outlook

9.3.3.1. Market Size & Forecast

9.3.3.1.1. By Value

9.3.3.2. Market Share & Forecast

9.3.3.2.1. By Type

9.3.3.2.2. By Voltage

9.3.3.2.3. By End User

10. South America Submarine Power Cable Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Type

10.2.2. By Voltage

10.2.3. By End User

10.2.4. By Country

10.3. South America: Country Analysis

10.3.1. Brazil Submarine Power Cable Market Outlook

10.3.1.1. Market Size & Forecast

10.3.1.1.1. By Value

10.3.1.2. Market Share & Forecast

10.3.1.2.1. By Type

10.3.1.2.2. By Voltage

10.3.1.2.3. By End User

10.3.2. Colombia Submarine Power Cable Market Outlook

10.3.2.1. Market Size & Forecast

10.3.2.1.1. By Value

10.3.2.2. Market Share & Forecast

10.3.2.2.1. By Type

10.3.2.2.2. By Voltage

10.3.2.2.3. By End User

10.3.3. Argentina Submarine Power Cable Market Outlook

10.3.3.1. Market Size & Forecast

10.3.3.1.1. By Value

10.3.3.2. Market Share & Forecast

10.3.3.2.1. By Type

10.3.3.2.2. By Voltage

10.3.3.2.3. By End User

11. Market Dynamics

11.1. Drivers

11.2. Challenges

12. Market Trends & Developments

12.1. Merger & Acquisition (If Any)

12.2. Product Launches (If Any)

12.3. Recent Developments

13. Global Submarine Power Cable Market: SWOT Analysis

14. Porter's Five Forces Analysis

14.1. Competition in the Industry

14.2. Potential of New Entrants

14.3. Power of Suppliers

14.4. Power of Customers

14.5. Threat of Substitute Products

15. Competitive Landscape

15.1. ABB Ltd.

15.1.1. Business Overview

15.1.2. Products & Services

15.1.3. Recent Developments

15.1.4. Key Personnel

15.1.5. SWOT Analysis

15.2. Furukawa Electric Co Ltd

15.3. KEI Industries Limited

15.4. LS Cable & System Ltd

15.5. Nexans SA

15.6. Ningbo Orient Wires & Cables Co., Ltd

15.7. NKT A/S

15.8. Prysmian Group

15.9. Sumitomo Electric Industries Limited

15.10. ZTT International Limited

16. Strategic Recommendations

17. About Us & Disclaimer

Report Description

Table of content

Figures and Tables

Frequently asked questions

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