According to the new research report titled "Submarine Power Cable Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 11,829.01 million by 2028, registering a CAGR of 6.4% from 2021 to 2028.

Europe relies heavily on offshore oil and gas production as a source of indigenous hydrocarbon energy. The majority of crude oil produced by EU member states is from the North Sea, with the UK having the largest share at 75.38%, followed by Denmark at 18.17%. Some of the significant offshore oil and gas projects in Europe include the Snohvit gas field, Troll oil and gas field, Johan Sverdrup Oil Field, Clair Ridge oil field, Ormen Lange gas field, Buzzard field, Oseberg oil and gas field, Snorre oil and gas field, Johan Castberg oil field, and Ekofisk oil and gas field. The strong growth of these projects, supported by high investment, is driving the growth of the submarine power cables market across Europe

In addition, offshore wind projects and international cross-border offshore connections are crucial for economic growth and employment in many European countries, particularly as they face supply chain disruptions and technological challenges due to the pandemic in 2020. Europe is home to the world's largest offshore wind power capacity, primarily driven by countries such as the UK and Germany, with 29% and 22% of global offshore wind power capacity, respectively, as of 2021.

In addition, the world's largest operational wind farm with 174 offshore wind turbines was launched in the UK in 2020, generating sufficient clean energy to power more than a million households. European governments have declared their intention to achieve a net-zero emissions target by 2050 and to reach 40GW of offshore wind by 2030, which is the most ambitious offshore wind objective in Europe. This objective is expected to compensate for the losses caused by the COVID-19 crisis.

The submarine power cable market is segmented based on type, conductor material, voltage, application, and geography. Based on type, the market is classified into single-core and multicore. Based on conductor material, the market share is bifurcated into copper and aluminum. Based on voltage, the market is segmented into ground high voltage and medium voltage. Based on application, the market is segmented into offshore oil and gas, offshore wind power, and inter-country & island connection. Based on geography, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America

Key Findings of Study:

The North American region is witnessing a surge in investments in offshore wind energy farms, driven by government initiatives to reduce carbon footprint and promote renewable energy sources like wind power. The US government, under the Biden administration, has set ambitious targets to increase the offshore wind capacity of the country to 30 GW by 2030. Currently, the US has a meager offshore wind energy capacity of only 42 MW, with just one operational commercial offshore wind farm. However, the potential to generate 30 GW of offshore wind power as part of the Green New Deal initiative is expected to drive demand for submarine power cables in North America. This is a major growth driver for the submarine power cable market in the region.

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