Global Submarine Power Cables market cagr 8.5%

Submarine Power Cables Market

Submarine Power Cables Market Scope: Industry

Analysis, Market Size, Growth, Trends Till 2031

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Submarine Power Cables Market Size and Growth

The global submarine power cables market is projected to reach $16.56 billion by 2025, with a CAGR of 6.1%. The increasing demand for reliable and efficient power transmission, especially in offshore wind farms and intercountry power connections, is driving market growth. However, high installation costs and technical challenges may hinder market expansion.

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Companies Covered

(Covid 19 Impact Covered)

◍ ABB

◍ General Cable

◍ Nexans

◍ NKT Cables

◍ Prysmian

◍ Sumitomo

The competitive landscape of the Submarine Power Cables Market includes key players such as ABB, General Cable, Nexans, NKT Cables, Prysmian, and Sumitomo. These companies provide submarine power cables for various applications such as offshore wind farms, interconnectors, and oil & gas platforms, contributing to the growth of the market.

- ABB reported sales revenue of $21.4 billion in 2020.

- General Cable had sales revenue of $3.7 billion in 2020.

- Nexans generated sales revenue of $5.6 billion in 2020.