North America Submarine Power Cable Market Overview:
As per MRFR analysis, the North America Submarine Power Cable Market Size was estimated at 2.63 (USD Billion) in 2023. The North America Submarine Power Cable Market Industry is expected to grow from 2.73(USD Billion) in 2024 to 8.26 (USD Billion) by 2035. The North America Submarine Power Cable Market CAGR (growth rate) is expected to be around 10.589% during the forecast period (2025 - 2035).
Key North America Submarine Power Cable Market Trends Highlighted
The North America Submarine Power Cable Market is expanding at a rapid pace due to the growing demand for renewable energy sources and the necessity for improved utility connectivity. Investments in offshore wind projects and interconnections between regions are being bolstered by the commitment of governments throughout the region to ambitious renewable energy targets. This movement toward sustainable energy is a significant market driver, as there is an increasing recognition of the necessity to efficiently transport power from remote locations to urban centers and reduce carbon emissions.
Furthermore, the aging infrastructure of conventional power transmission systems necessitates contemporary solutions, which in turn encourages the implementation of submarine power cables. The North American market offers a plethora of opportunities, particularly as technological advancements continue to stimulate innovation in cable design and manufacturing processes. The efficacy and reliability of submarine cable systems can be improved through the integration of smart grid technologies and advanced materials, thereby enabling companies to capitalize on emerging projects. In addition, the expansion of interregional power exchange can facilitate energy trading, thereby generating additional opportunities for submarine power cable installations that connect a variety of energy markets. Companies have been emphasizing partnerships and collaborations in order to improve their service offerings and secure contracts for large-scale projects in recent years.
The demand for dependable transmission systems is also being supported by the proliferation of energy storage solutions, which may result in a rise in the number of applications for submarine cables. The submarine power cable market in the region is expected to experience a robust future, marked by innovations and a transition to more sustainable energy solutions, as a result of the North American government's policies that prioritize renewable energy and infrastructure development.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
North America Submarine Power Cable Market Drivers
Growing Renewable Energy Projects
The North America Submarine Power Cable Market Industry is experiencing significant growth driven by the increasing investments in renewable energy projects, particularly offshore wind energy. According to the U.S. Department of Energy, in 2021, installed offshore wind capacity in the United States reached 42 megawatts with substantial projects underway, suggesting a promising growth trajectory.
Leading companies such as rsted and Siemens Gamesa are actively participating in these projects, which necessitate state-of-the-art submarine power cables for efficient energy transmission.The transition towards sustainable energy sources is expected to result in a substantial demand for submarine power cables over the coming years.
Government Initiatives and Policies
Government initiatives promoting clean energy and infrastructure development play a crucial role in enhancing the North America Submarine Power Cable Market Industry. The Biden Administration has laid out plans to deploy renewable energy infrastructure, targeting 30 gigawatts of offshore wind energy by 2030 as per the executive orders published in 2021. This ambitious goal signals an increasing requirement for advanced submarine power cable systems, which facilitate the transition of energy from offshore turbines to onshore facilities.As a result, substantial investments from federal and state levels are driving market growth.
Rising Demand for Cross-Border Electricity Trade
The increasing need for cross-border electricity trade between the United States and Canada is another vital driver for the North America Submarine Power Cable Market Industry. The North American Electric Reliability Corporation in its 2021 report indicated that interconnections and collaborative projects are imperative for grid stability and energy security. Cables like the Maritime Link, linking Nova Scotia and Newfoundland, are examples of successful ventures that promote electricity exchanges, hence bolstering demand for submarine cables.With multiple interconnection projects planned, this aspect contributes to enhanced market growth.
North America Submarine Power Cable Market Segment Insights:
Submarine Power Cable Market Type Insights
The North America Submarine Power Cable Market, categorized by Type, encompasses crucial segments including AC and DC, each playing a pivotal role in the region's energy transmission landscape. The AC segment is widely recognized for its versatility in transmitting electricity over long distances with reduced losses, making it a preferred choice for interconnecting power grids across vast geographical areas. As renewable energy sources increase their penetration, particularly wind and solar, the demand for AC submarine cables is projected to rise, facilitating the efficient transfer of generated power from offshore locations to onshore facilities.
On the other hand, the DC segment is significant for its ability to transmit large amounts of electricity over long distances with minimal losses, especially in scenarios where the interconnection of asynchronous power systems is required. This technology is crucial for the transportation of power from remote renewable energy sites, such as offshore wind farms, to urban consumption hubs. The growing focus on integrating renewable energy with traditional grids emphasizes the importance of both AC and DC cables, fostering collaborations among utilities and enhancing grid stability.
Furthermore, various governmental initiatives in North America aimed at reducing carbon emissions are likely to further stimulate investments in both AC and DC submarine cable technologies, highlighting their relevance in future energy systems. Understanding the nuances of the Type segment provides insights into how the North America Submarine Power Cable Market will evolve as it adapts to the changing energy landscape, aimed at achieving sustainability and reliability in power transmission. This dual concentration on AC and DC segments reflects the region’s strategic approach to meet expanding electricity demands while optimizing its renewable energy resources.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Submarine Power Cable Market Core Type Insights
The Core Type segment of the North America Submarine Power Cable Market plays a pivotal role in the overall structure and functionality of submarine cables. As various projects aimed at enhancing energy transmission and connectivity gain traction, the demand for both Single Core and Multi-Core cables continues to grow. Single Core cables are often favored for their simplicity and effectiveness in specific applications where lower voltage and capacity are sufficient.
Conversely, Multi-Core cables are significant for their capability to carry greater power loads and their flexibility in a range of installation scenarios, making them vital for extensive offshore renewable energy projects and inter-island connections in North America.This region has seen increasing investments in marine energy infrastructure, which underscores the importance of robust and efficient submarine power cable solutions.
The overall trend towards renewable energy sources, alongside growing energy demands, positions the Core Type segment as a crucial aspect of the North America Submarine Power Cable Market segmentation, ensuring reliable energy transport across vast aquatic distances. Additionally, the ongoing advancements in cable technology and materials enhance performance efficiency and reliability, further driving market growth in this segment.
Submarine Power Cable Market Insulation Type Insights
The Insulation Type segment within the North America Submarine Power Cable Market plays a pivotal role in determining the efficiency and reliability of power transmission systems across bodies of water. Cross-Linked Polyethylene (XLPE) insulation is widely recognized for its superior electrical properties and resistance to thermal aging, making it a preferred choice for high voltage applications. Its ability to withstand environmental stresses significantly enhances the operational life of submarine cables.
Meanwhile, Ethylene Propylene Rubber (EPR) offers excellent flexibility and resistance to chemicals and UV exposure, positioning it as an ideal option for applications where movement and environmental factors are crucial.As infrastructure projects and renewable energy initiatives expand in North America, the demand for reliable insulation types like XLPE and EPR is expected to rise, contributing to safer and more efficient energy distribution. The market also faces challenges, including the need for innovative materials to meet increasing environmental standards and stringent regulations. Overall, the Insulation Type segment continues to evolve and adapt in response to technological advancements and market needs.
Submarine Power Cable Market Voltage Insights
The North America Submarine Power Cable Market, distinguished by its voltage categories, plays a crucial role in meeting the region's energy demands. Each category addresses specific operational needs and is significant for various applications. The segment "Up to 66 KV" is vital as it predominantly supports renewable energy projects, connecting offshore wind farms to the onshore grid, thereby enhancing sustainability initiatives.
The range of "66 KV-220 KV" stands out for facilitating medium to high-voltage transmissions, essential for urban electricity distribution and integration of diverse energy sources.Meanwhile, the "Above 220 KV" segment dominates in the transmission of bulk power over long distances, making it critical for large-scale utilities and large infrastructure projects.
As North America pivots towards greener energy solutions, the demand for advanced submarine power cables across all voltage categories is expected to rise, driven by both government investments and public-private partnerships focused on enhancing energy infrastructure and reliability. Insights suggest that innovations in cable technology will continue to support the growth of these voltage segments, addressing challenges such as installation costs and environmental considerations.
Submarine Power Cable Market Conductor Material Insights
The North America Submarine Power Cable Market is primarily defined by its conductor material segment, which includes key materials such as copper and aluminum. These materials play a critical role in the performance and efficiency of submarine cables, determining their capacity for power transmission over long distances.
Copper, known for its excellent conductivity, often dominates the market due to its superior performance in minimizing energy losses, making it a preferred choice for high-capacity applications. Conversely, aluminum offers a lighter alternative, often employed in scenarios where weight reduction is essential, such as in deeper waters or in applications looking to reduce installation costs.The North America Submarine Power Cable Market is experiencing several growth drivers, including increasing investments in renewable energy and the development of offshore wind farms, which require efficient power transmission solutions.
However, challenges such as fluctuating raw material prices and stringent regulatory standards can impact production costs and market dynamics. Amidst these challenges lie ample opportunities for innovation and development in materials technology, which can enhance the performance and durability of submarine power cables, contributing positively to the North America Submarine Power Cable Market revenue and growth potential.As the market continues to evolve, trends towards energy sustainability and technological advancement will further shape the demand and application of conductor materials in this burgeoning industry.
Submarine Power Cable Market End-Use Insights
The North America Submarine Power Cable Market presents a diverse array of end-use applications, each contributing uniquely to the sector's growth. The Offshore Wind Power Generation segment stands out as a dominant force, capitalizing on the increasing investments in renewable energy sources. Governments in North America are pushing for clean energy targets, further cementing this segment’s significance.
The Offshore Oil and Gas sector also plays a crucial role, as the need for reliable energy solutions continues to grow with the exploration and production activities in deep-water locations.Island Connection applications are vital for providing power to isolated regions, ensuring energy stability and connectivity, which is particularly important for areas relying on external energy sources.
Additionally, Wave and Tidal Power Generation are becoming attractive as emerging technologies enhance energy capture from marine sources, potentially diversifying the North America Submarine Power Cable Market landscape. Each of these segments contributes to a robust market framework, driven by increasing energy demands, technological advancements, and a focus on sustainable energy solutions.The collective growth trends and increasing investments reflect a promising outlook for the North America Submarine Power Cable Market in the coming years.
Submarine Power Cable Market Regional Insights
The North America Submarine Power Cable Market is experiencing robust growth, driven by increasing energy demands and the transition towards renewable energy sources. Within this market, the regional perspectives of both the United States and Canada play significant roles.
The U.S. is crucial due to its expansive coastline and the growing need to enhance interconnectivity between offshore wind farms and onshore grids, which creates a major opportunity for submarine cable deployment. With investments in infrastructure improvement and modernization efforts, the U.S.is positioned to dominate the market. Meanwhile, Canada stands out for its strong emphasis on sustainable energy initiatives, further driving the need for submarine power cables to connect remote communities with reliable energy sources.
The North America Submarine Power Cable Market segmentation reveals that both countries are poised to benefit from advancements in cable technology and increased government support for renewable projects. Overall, the market dynamics are conducive for growth, as both regions leverage their unique geographical advantages and policy frameworks to enhance energy reliability and efficiency.The North America Submarine Power Cable Market revenue potential is further stimulated by ongoing investments in offshore projects and the quest for intercontinental energy solutions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
North America Submarine Power Cable Market Key Players and Competitive Insights:
The competitive landscape of the North America Submarine Power Cable Market is characterized by a dynamic interplay of innovation, technological advancements, and strategic partnerships among leading players. As the demand for renewable energy sources and the need for undersea electrical connectivity continue to escalate, major companies are actively pursuing market opportunities to enhance their product offerings and expand their geographical reach. The landscape reflects a blend of established firms that possess strong market presence and emerging players that are increasingly gaining traction through differentiated technologies and specialized services.
The market is notably influenced by ongoing infrastructure developments, regulatory frameworks supporting renewable energy, and increasing investments in offshore wind projects which create a favorable environment for submarine power cable manufacturers.LS Cable & System has established a significant foothold in the North America Submarine Power Cable Market, leveraging its extensive manufacturing capabilities and commitment to innovation. The company is recognized for producing high-quality submarine cables and components that meet the stringent requirements of offshore energy projects, thereby addressing the growing demand for reliable and efficient power transmission solutions. LS Cable & System's strengths lie in its advanced R&D initiatives, which enable the development of cutting-edge cable technologies that enhance efficiency and reduce installation costs.
Furthermore, the company maintains strong collaborations with regional stakeholders, including energy companies and government agencies, which further solidifies its market presence and enables it to respond adeptly to industry trends and customer needs.Havelsan also plays a pivotal role in the North America Submarine Power Cable Market by offering a range of specialized products and services tailored to the demands of the region. The company is known for integrating advanced technologies into its submarine cable solutions, enhancing performance while ensuring resilience in challenging marine environments. Its strengths include a focus on innovation and sustainability, positioning Havelsan as a competitive player in the market.
In recent years, the company has pursued strategic partnerships and potential mergers that bolster its service capabilities and market penetration in North America. By emphasizing product development and customer-centric solutions, Havelsan is well-equipped to cater to the evolving landscape of submarine power transmission and contribute to the growth of offshore energy infrastructure in the region.
Key Companies in the North America Submarine Power Cable Market Include:
- LS Cable & System
- Havelsan
- NKT
- Southwire
- SubCom
- Kabelwerk Eupen AG
- General Cable
- Nexans
- Teleflext
- Prysmian Group
- 3M
- Eland Cables
- ABB
- W.L. Gore & Associates
- Siemens
North America Submarine Power Cable Market Industry Developments
The North America Submarine Power Cable Market has seen significant developments recently, driven by increasing investments in renewable energy projects and interconnection needs. Companies like LS Cable and System and General Cable are enhancing their production capabilities to meet the growing demand for high-capacity cables. In October 2023, Nexans announced an expansion of its submarine cable factory in Canada to cater to offshore wind energy projects, reflecting the trend towards sustainable energy solutions in the region. Notably, in September 2023, Southwire secured a contract to provide cable solutions for a major underwater project, marking a key advancement for the company.
In terms of mergers and acquisitions, 3M announced the acquisition of a subsidiary focused on specialized cable manufacturing as part of its strategy to bolster its infrastructure division in North America, with the deal finalized in August 2023. The market valuation for submarine power cables is on the rise, fueled by infrastructure development. Major happenings include the inauguration of new projects and a push towards stronger connectivity across the American and Canadian coastline, emphasizing the critical role of submarine cables in enhancing electrical grids in North America.
North America Submarine Power Cable Market Segmentation Insights
Submarine Power Cable Market Type Outlook
Submarine Power Cable Market Core Type Outlook
Submarine Power Cable Market Insulation Type Outlook
- Cross-Linked Polyethylene (XLPE)
- Ethylene Propylene Rubber (EPR)
Submarine Power Cable Market Voltage Outlook
- Up to 66 KV
- 66 KV-220 KV
- Above 220 KV
Submarine Power Cable Market Conductor Material Outlook
Submarine Power Cable Market End-Use Outlook
- Offshore Wind Power Generation
- Offshore Oil & Gas
- Island Connection
- Wave & Tidal Power Generation
Submarine Power Cable Market Regional Outlook
| Report Attribute/Metric Source: |
Details |
| MARKET SIZE 2023 |
2.63(USD Billion) |
| MARKET SIZE 2024 |
2.73(USD Billion) |
| MARKET SIZE 2035 |
8.26(USD Billion) |
| COMPOUND ANNUAL GROWTH RATE (CAGR) |
10.589% (2025 - 2035) |
| REPORT COVERAGE |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| BASE YEAR |
2024 |
| MARKET FORECAST PERIOD |
2025 - 2035 |
| HISTORICAL DATA |
2019 - 2024 |
| MARKET FORECAST UNITS |
USD Billion |
| KEY COMPANIES PROFILED |
LS Cable & System, Havelsan, NKT, Southwire, SubCom, Kabelwerk Eupen AG, General Cable, Nexans, Teleflext, Prysmian Group, 3M, Eland Cables, ABB, W.L. Gore & Associates, Siemens |
| SEGMENTS COVERED |
Type, Core Type, Insulation Type, Voltage, Conductor Material, End-Use, Regional |
| KEY MARKET OPPORTUNITIES |
Increasing renewable energy projects, Offshore wind farm expansion, Growing demand for interconnections, Technological advancements in cable materials, Government support for infrastructure upgrades |
| KEY MARKET DYNAMICS |
Growing renewable energy investments, Increasing cross-border electricity trade, Technological advancements in cable design, Rising demand for reliable energy distribution, Government policies supporting clean energy |
| COUNTRIES COVERED |
US, Canada |
Frequently Asked Questions (FAQ) :
The North America Submarine Power Cable Market is expected to be valued at 2.73 billion USD in 2024.
By 2035, the North America Submarine Power Cable Market is projected to grow to 8.26 billion USD.
The expected CAGR for the North America Submarine Power Cable Market from 2025 to 2035 is 10.589%.
The United States holds the largest market share in the North America Submarine Power Cable Market.
In 2024, the US market for submarine power cables is valued at 1.64 billion USD.
By 2035, the market size for Canada in the North America Submarine Power Cable Market is anticipated to reach 3.23 billion USD.
The two types of submarine power cables segmented in this market are AC and DC.
The projected market size for AC submarine power cables in 2035 is 3.7 billion USD.
Some key players in the market include LS Cable & System, NKT, Prysmian Group, and Siemens.
The market size for DC submarine power cables is expected to be 1.53 billion USD in 2024.
