Europe Submarine Power Cable Market Set for Strong Growth Fueled by Offshore Wind Investments
? Market to Reach US$ 7.27 Billion by 2028 | CAGR of 6.0% from 2021 to 2028

The Europe submarine power cable market is on a robust growth trajectory, projected to increase from US$ 4,830.38 million in 2021 to US$ 7,268.67 million by 2028, at a CAGR of 6.0% during the forecast period. This surge is largely driven by increasing investments in offshore wind energy projects across the region.

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? Submarine Power Cables: The Backbone of Offshore Energy
Submarine power cables are critical infrastructure that transport electricity generated from offshore wind farms to onshore grids. As Europe aggressively pursues renewable energy targets, demand for these underwater cables is soaring.

? Key Growth Drivers
✔ Massive Offshore Wind Investments:
• UK Government & Private Sector invested US$ 360+ million in offshore wind manufacturing facilities in Northeast England (2021).
• According to WindEurope, US$ 31.7 billion was invested in 2020 to support 7.1 GW of upcoming offshore wind capacity.
• Humber region in the UK is set to become a hub for ‘next-generation’ wind turbines.

✔ Government Policy Support
Europe’s climate goals and commitment to carbon neutrality by 2050 are leading to supportive regulatory frameworks and financial incentives for renewable energy infrastructure, including submarine cables.

? Future Outlook: A Connected, Sustainable Europe
With continued focus on energy transition, the submarine power cable market is poised to play a pivotal role in Europe’s sustainable energy infrastructure. Advanced cable technologies, inter-country connectivity, and strategic partnerships are expected to shape the future of this market.

Europe Submarine power cable Market Overview  

The submarine power cable market in Europe is sub segmented into France, Germany, Italy, the UK, Russia, and the Rest of Europe. Europe is a globally leading generator and consumer of offshore wind, with the most operational wind farms using both bottom-fixed and floating foundation technologies. The offshore capacity of the region is sufficient to meet its growing power consumption. In 2019, Europe installed a new record-high offshore wind plant of 3.6 GW capacity; however, this will require significant infrastructure investments and higher installation rates. In their National Energy and Climate Plans, European governments have set a goal of delivering 111 GW of wind capacity by 2030, but to achieve this goal, the country needs to almost triple the delivery rates. In 2020, Europe added 2.9 GW of offshore capacity. Across 9 wind farms, 356 new offshore wind turbines will be linked to the grid. The total installed offshore wind capacity in Europe today stands at 25 GW, which is equivalent to 5,402 grid-connected wind turbines spread across 12 different countries. In four different countries, eight new offshore wind projects passed the Final Decision Investment (FID) in 2020, with construction set to begin in the next years. In order to fund 7.1 GW of increased capacity, US$ 30.08 billion was invested in new assets by the European government. Such high investments are further propelling the demand for submarine power cables across Europe in the coming years.

Strategic Insights: Europe Submarine Power Cable Market

Strategic insights into the Europe submarine power cable market deliver a data-driven evaluation of the industry's evolving landscape, highlighting emerging trends, leading players, and regional dynamics. These insights provide actionable guidance to help stakeholders—whether investors, manufacturers, or service providers—identify growth opportunities, underserved market segments, and potential competitive advantages.

By leveraging advanced data analytics, stakeholders can anticipate market transformations, adapt to regulatory and technological developments, and refine their value propositions. A forward-looking approach ensures long-term positioning and resilience in a rapidly advancing sector, particularly with the ongoing expansion of offshore wind energy projects and cross-border power transmission.

Ultimately, these insights equip decision-makers with the clarity and confidence needed to enhance profitability, drive innovation, and achieve strategic goals in the highly competitive European submarine power cable market.

Market leaders and key company profiles

  FURUKAWA ELECTRIC CO. LTD

  HENGTONG GROUP CO. LTD

  Hydro Group Plc

  KEI Industries Limited

  LS Cable & System Ltd

  NKT A/S

  Prysmian Group

  Sumitomo Electric Industries Ltd

  TELE-FONIKA Kable S.A.

  ZT International Ltd

Europe Submarine Power Cable Regional Insights
The geographic scope of the Europe Submarine Power Cable market encompasses the distinct regions where companies operate and compete. Recognizing local variations—such as differing infrastructure needs, economic conditions, and regulatory frameworks—is essential for developing market-specific strategies. By identifying underpenetrated regions or adapting products to meet localized demands, businesses can unlock new growth opportunities. A well-defined regional focus enables more efficient allocation of resources, sharper marketing efforts, and stronger positioning against local competitors, ultimately enhancing market presence and driving sustainable growth.

Europe Submarine Power Cable Market Segmentation

The Europe submarine power cable market is segmented by type, conductor material, voltage, application, and country.

• By Type:
  The market is divided into single core and multicore cables. In 2021, the single core segment held the largest market share in Europe.
• By Conductor Material:
  The two key segments include copper and aluminum. Among these, the copper segment accounted for the dominant share of the market in 2021, owing to its superior conductivity and durability.
• By Voltage:
  The market is categorized into high voltage and medium voltage cables. The high voltage segment led the market in 2021 due to its widespread use in long-distance and large-scale power transmission projects.
• By Application:
  Key application areas include offshore oil and gas, offshore wind power, inter-country and island connections, and others. The offshore wind power segment emerged as the leading application segment in 2021, driven by the region’s increasing investments in renewable energy infrastructure.
• By Country:
  The regional segmentation includes France, Germany, Italy, the UK, Russia, and the Rest of Europe. In 2021, the UK dominated the market, supported by its extensive offshore wind energy projects and advanced subsea infrastructure.

Key Market Players

Leading companies operating in the Europe submarine power cable market include:

• Prysmian Group
• NKT A/S
• Sumitomo Electric Industries Ltd.
• FURUKAWA ELECTRIC CO., LTD.
• HENGTONG GROUP CO., LTD.
• KEI Industries Limited
• LS Cable & System Ltd.
• Hydro Group Plc
• ZT International Ltd.
• TELE-FONIKA Kable S.A.

These companies are at the forefront of innovation, manufacturing, and deployment of advanced submarine cable solutions across Europe.

? Conclusion
As offshore wind becomes a cornerstone of Europe’s renewable strategy, submarine power cables will be essential for unlocking its full potential. The coming years will witness rapid technological innovation, cross-border cable projects, and rising investor confidence, positioning Europe as a global leader in clean energy infrastructure.

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Author's Bio
Akshay
Senior Market Research Expert at Business Market Insights