South Korea Submarine Power Cable Market Overview
As per MRFR analysis, the South Korea Submarine Power Cable Market Size was estimated at 460.63 (USD Million) in 2023. The South Korea Submarine Power Cable Market Industry is expected to grow from 477.75 (USD Million) in 2024 to 1,652 (USD Million) by 2035. The South Korea Submarine Power Cable Market CAGR (growth rate) is expected to be around 11.939% during the forecast period (2025 - 2035).
Key South Korea Submarine Power Cable Market Trends Highlighted
Significant trends are being influenced by the country's growing emphasis on offshore wind initiatives and renewable energy in the South Korean submarine power cable market. Investing in infrastructure development is a critical market driver, as a result of government initiatives to improve the country's energy composition. By 2030, the South Korean government intends to source a significant portion of its energy from renewable sources, which includes the development of offshore wind farms. The deployment of submarine power cables to connect these renewable energy sources to the national infrastructure is a necessary component of this transition, which has stimulated market demand. As local manufacturers and suppliers investigate partnerships to drive innovation in cable technology and production efficiency, opportunities are arising.
Companies are increasingly investing in research to create submarine cables that are both enduring and high-capacity, capable of withstanding the harsh underwater environment. In order to satisfy the government's operational standards and expedited project timelines, the emphasis is also on reducing installation costs and enhancing the reliability of these systems. In the manufacturing of submarine cables, there has been a recent trend toward sustainable practices. South Korean companies are striving to reduce their carbon footprint by employing environmentally favorable materials and processes.Furthermore, the country's emphasis on the development of smart grids is reflected in the increased investment in digital technologies, which enables the more effective monitoring and maintenance of submarine power cables. Consequently, the submarine power cable market in South Korea is anticipated to be significantly influenced by the continuous development of technology and regulatory support.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
South Korea Submarine Power Cable Market Drivers
Rising Investment in Offshore Renewable Energy Projects
The South Korea Submarine Power Cable Market Industry is experiencing significant growth driven by rising investments in offshore renewable energy projects, particularly wind energy. The South Korean government has set ambitious targets for renewable energy, aiming to increase the share to 20% by 2030. The Ministry of Trade, Industry, and Energy has announced funding of over 16 billion USD for renewable initiatives including offshore wind projects.This strategy aligns with global trends as countries shift towards sustainable energy. The construction of offshore wind farms, such as the 8.2 GW project planned by the state-owned Korea Electric Power Corporation and private players, further emphasizes the need for a robust submarine power cable infrastructure that can reliably connect these energy sources to the grid, thus bolstering the market's growth.
Increasing Demand for Electrical Interconnectivity
The South Korea Submarine Power Cable Market Industry is being propelled by the increasing demand for electrical interconnectivity between islands and the mainland. As South Korea works to build more sustainable energy pathways, the need for high-capacity submarine power cables has surged. According to the Korea Electric Power Corporation's recent assessments, the development of interconnection cable projects is expected to increase by over 30% by 2030 due to the need for reliable energy transmission channels.This demand is fueled by encouraging developments in regional energy exchanges, aimed at enhancing grid stability and optimizing energy distribution capabilities.
Technological Advancements in Cable Manufacturing
Another critical driver for the South Korea Submarine Power Cable Market Industry is the technological advancements in cable manufacturing processes. The introduction of innovative materials and manufacturing techniques to produce high-voltage direct current (HVDC) cables enables longer distance energy transportation with reduced losses. A report from Korea's Advanced Institute of Science and Technology indicates that new production technologies have improved the efficiency and lifespan of these cables by more than 15%.These innovations are crucial, considering South Korea's strategic objective to expand its electricity grid interconnections with neighboring countries, enhancing the market position of local cable manufacturers.
South Korea Submarine Power Cable Market Segment Insights:
Submarine Power Cable Market Type Insights
The South Korea Submarine Power Cable Market is witnessing significant developments categorized primarily into AC (Alternating Current) and DC (Direct Current) types. The growing emphasis on renewable energy sources, paired with government initiatives to integrate such innovations, is driving the notable demand for submarine power cables. As South Korea moves towards ambitious energy transition goals, the need for robust and efficient transmission networks has increased, leading to growing investments in the submarine power cable infrastructure.Among these types, AC cables primarily facilitate local and regional energy transmission, playing a pivotal role in connecting offshore wind farms to the mainland grid, a crucial aspect given South Korea's focus on expanding its offshore wind energy capabilities.
On the other hand, DC cables have gained traction in recent years due to their efficiency in long-distance transmission, particularly as South Korea looks to enhance interconnection between islands and the mainland, thereby reducing transmission losses and improving energy reliability.The growing electric vehicle infrastructure and associated charging networks further propel the necessity for strong DC transmission systems, creating additional opportunities within the South Korea Submarine Power Cable Market. In this context, the classification of submarine cables into AC and DC types adds layers of specialization, aligning with the broader trends of decarbonization and electrification. The market segmentation plays a vital role in meeting the rising domestic and international demand for power through sustainable methods, enabling significant advancements in the power transmission domain, required for support in both public and private energy projects throughout the region.
Furthermore, the dynamic landscape of energy production and consumption in South Korea underscores the importance of a diversified approach that includes both AC and DC technologies, ensuring resilience and efficiency within the overall energy network. As challenges such as installation costs and technological complexities exist, they are offset by substantial opportunities for technological advancement, regulatory support, and an increasing need for energy transmission solutions that emphasize sustainability and reliability, further shaping the South Korea Submarine Power Cable Market trajectory in the years ahead.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Submarine Power Cable Market Core Type Insights
The South Korea Submarine Power Cable Market is characterized by its Core Type segmentation, which includes Single Core and Multi-Core categories. Single Core cables are widely utilized due to their simplicity and effectiveness in transmitting power across short distances. Their advantages make them ideal for various applications, particularly in scenarios requiring straightforward designs. On the other hand, Multi-Core cables dominate the market as they offer enhanced flexibility and the capability to transmit multiple signals simultaneously, which is crucial for extensive power networks in South Korea's expanding renewable energy sector.
The rising investments in offshore wind farms and undersea interconnections significantly amplify the demand for these types of cables, emphasizing their importance in supporting the nation's energy transition. As South Korea continues to focus on developing its renewable energy infrastructure, the Core Type segment remains vital, aligning with the government's objectives of improving energy efficiency and promoting sustainable practices. The South Korea Submarine Power Cable Market data suggests a growing reliance on these cable types, which is essential for facilitating energy security and supporting technological advancements in the industry.
Submarine Power Cable Market Insulation Type Insights
The South Korea Submarine Power Cable Market is notably substantial, with segments categorized by Insulation Type playing a crucial role in the overall landscape. Among these, Cross-Linked Polyethylene (XLPE) stands out due to its superior thermal and electrical properties, making it a preferred choice for various underwater applications. XLPE cables are designed to handle higher voltage levels and harsh marine conditions, resulting in a growing adoption rate in South Korea’s energy infrastructure, where offshore wind farms and interconnection projects are on the rise.
On the other hand, Ethylene Propylene Rubber (EPR) offers excellent flexibility, and resistance to moisture and chemicals, making it well-suited for environments prone to temperature fluctuations and corrosive elements. These characteristics enhance the longevity and reliability of submarine power cables, essential for maintaining efficient energy transmission. The increasing investments in renewable energy sources in South Korea drive demand for robust insulation materials, ensuring that the country's energy grid remains resilient and adaptive to modern challenges.As a result, the Insulation Type segment represents a pivotal component of the South Korea Submarine Power Cable Market, contributing significantly to the growth and stability of the industry.
Submarine Power Cable Market Voltage Insights
The Voltage segment of the South Korea Submarine Power Cable Market is crucial in facilitating efficient electricity transmission over long distances. The range of voltage classes, including Up to 66 KV, 66 KV-220 KV, and Above 220 KV, caters to various energy demands within the region. The Up to 66 KV segment is significant for connecting renewable energy sources like offshore wind farms to the grid, supporting South Korea's shift towards sustainable energy. The 66 KV-220 KV segment plays a vital role in regional power distribution and is well-suited for substantial project developments, thereby enhancing energy reliability.
Meanwhile, the Above 220 KV segment dominates the market by enabling large-scale electricity transfer, facilitating the interconnection of different power grids, and supporting the growing demand for electricity in urbanized areas. The increasing investment in renewable energy infrastructures and advancements in technology drive growth in this segment, presenting numerous opportunities while also facing challenges like the need for skilled labor and high installation costs. Overall, the Voltage segment is instrumental in shaping the future of South Korea's energy landscape, aligning with national energy policies and market demands.
Submarine Power Cable Market Conductor Material Insights
The Conductor Material segment within the South Korea Submarine Power Cable Market plays a crucial role in the efficiency and reliability of underwater electrical transmission systems. This segment primarily comprises materials such as Copper and Aluminum, which are known for their excellent conductivity and mechanical properties. Copper, recognized for its superior conductivity, dominates the segment due to its ability to transmit electrical power with minimal losses. South Korea's strategic focus on renewable energy and offshore wind farms contributes to the rising demand for high-performance submarine cables, making Copper a preferred choice in projects requiring optimal power transmission efficiency.
Conversely, Aluminum serves as a cost-effective alternative with a lower weight, making it an appealing option for long-distance applications, particularly in extensive cable networks. The trend toward integrating advanced materials in these cables has led to innovations that enhance the durability and performance of the products. With the growing emphasis on sustainable energy solutions, the Conductor Material segment stands poised for significant advancements, driven by technological improvements and increasing investments in infrastructure development in South Korea.This progress aligns with the country’s commitment to enhancing its energy resilience and expanding its undersea connectivity capabilities.
Submarine Power Cable Market End-Use Insights
The South Korea Submarine Power Cable Market, particularly in the End-Use segment, showcases substantial advancements with a focus on critical applications such as Offshore Wind Power Generation, Offshore Oil and Gas, Island Connection, and Wave and Tidal Power Generation. Offshore Wind Power Generation is expected to play a pivotal role, aligning with South Korea's commitment to increase renewable energy sources, thereby driving the demand for advanced submarine cables that can efficiently transmit electricity from remote offshore facilities to the mainland.
Similarly, the Offshore Oil and Gas sector requires robust submarine cables for reliable energy transfer and operational efficiency, as it supports the country's energy needs. Island Connection serves as a significant driver, ensuring that isolated areas remain connected to the national grid, promoting energy accessibility and sustainability. Additionally, the potential of Wave and Tidal Power Generation highlights an emerging focus on harnessing marine energy resources, thereby diversifying the energy mix. The increasing investment in these areas reflects not only market growth but also the government's strategic push towards a greener future for South Korea.These segments together reinforce the importance of submarine power cables in supporting both traditional and renewable energy frameworks within the region.
South Korea Submarine Power Cable Market Key Players and Competitive Insights:
The South Korea Submarine Power Cable Market is experiencing significant growth due to increasing demand for energy transition and renewable energy sources. This market is characterized by a mix of established players and emerging companies, each vying for market share through innovations and advancements in cable technology. The competitive environment is shaped by the ongoing development of offshore wind farms and the urgent need to strengthen electricity transmission networks. As energy needs evolve, companies are investing heavily in research and development to enhance their product offerings and improve operational efficiencies, allowing them to maintain a competitive edge in this dynamic market.
Samsung Heavy Industries has positioned itself as a formidable player in the South Korea Submarine Power Cable Market. This company is known for its exceptional engineering capabilities and has a strong reputation for delivering high-quality, reliable submarine cables. With extensive experience in manufacturing and laying submarine cables, Samsung Heavy Industries benefits from advanced infrastructure and technology, which significantly bolsters productivity and efficiency. Moreover, the company's strategic focus on innovation enables it to develop cutting-edge cable solutions that meet the diverse requirements of energy projects.
Leveraging its extensive network and established relationships within the industry, Samsung Heavy Industries is able to secure contracts for large-scale projects, thus enhancing its market presence within South Korea.LS Cable & System is another key contender in the South Korea Submarine Power Cable Market, recognized for its comprehensive range of products and services tailored to the energy sector. The company specializes in manufacturing submarine power cables that support the infrastructure for offshore wind farms and other energy-related projects.
LS Cable & System has demonstrated strong market presence through its commitment to quality, delivering products that meet stringent international standards. The company has also pursued growth through strategic mergers and acquisitions, which have enabled it to expand its portfolio and enhance its technological capabilities. With a focus on sustainability and innovation, LS Cable & System continues to strengthen its position in the market by adapting to the evolving energy landscape, thereby solidifying its role as a significant player in South Korea's submarine power cable domain.
Key Companies in the South Korea Submarine Power Cable Market Include:
- Samsung Heavy Industries
- LS Cable & System
- Iljin Electric
- Tsubaki
- Korea Electric Power Corporation
- Daewoo Shipbuilding & Marine Engineering
- SK Innovation
- General Cable
- Nexans
- Kabelschlepp
- Prysmian Group
- Hyundai Heavy Industries
- Sumitomo Electric
- Hanhwa Q CELLS
- Mitsubishi Electric
South Korea Submarine Power Cable Market Industry Developments
Recent developments in the South Korea submarine power cable market have been significant, with Samsung Heavy Industries and LS Cable and System leading advancements in underwater technology. In August 2023, Korea Electric Power Corporation announced a partnership with Daewoo Shipbuilding and Marine Engineering to develop eco-friendly submarine cables, responding to the growing demand for renewable energy solutions. Additionally, the market has seen notable activity from Nexans and Prysmian Group, which are expanding production capacities to meet increasing orders for offshore wind power connections.
Recent mergers and acquisitions have shaped the landscape, particularly with Iljin Electric acquiring a majority stake in a local competitor in September 2023, symbolizing consolidation in the industry. Market valuations are trending upward due to the growing investment in offshore energy projects, with Hyundai Heavy Industries reporting a 20% increase in their submarine cable segment revenues from Q2 2022 to Q2 2023. Furthermore, government initiatives to enhance the country’s power grid infrastructure have provided strong support for growth in this sector. These developments reflect the dynamic environment in South Korea's submarine power cable market, driven by both technological innovation and strategic partnerships.
South Korea 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
- Copper
- Aluminum
- Submarine Power Cable Market End-Use Outlook
- Offshore Wind Power Generation
- Offshore Oil & Gas
- Island Connection
- Wave & Tidal Power Generation
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| Report Attribute/Metric Source: |
Details |
| MARKET SIZE 2018 |
460.63(USD Million) |
| MARKET SIZE 2024 |
477.75(USD Million) |
| MARKET SIZE 2035 |
1652.0(USD Million) |
| COMPOUND ANNUAL GROWTH RATE (CAGR) |
11.939% (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 Million |
| KEY COMPANIES PROFILED |
Samsung Heavy Industries, LS Cable & System, Iljin Electric, Tsubaki, Korea Electric Power Corporation, Daewoo Shipbuilding & Marine Engineering, SK Innovation, General Cable, Nexans, Kabelschlepp, Prysmian Group, Hyundai Heavy Industries, Sumitomo Electric, Hanhwa Q CELLS, Mitsubishi Electric |
| SEGMENTS COVERED |
Type, Core Type, Insulation Type, Voltage, Conductor Material, End-Use |
| KEY MARKET OPPORTUNITIES |
Renewable energy integration, Grid interconnections expansion, Offshore wind projects growth, Investment in energy infrastructure, Government incentives for cable projects |
| KEY MARKET DYNAMICS |
increased renewable energy investments, government regulations and incentives, technological advancements in cables, growing demand for offshore wind farms, expansion of cross-border interconnections |
| COUNTRIES COVERED |
South Korea |
Frequently Asked Questions (FAQ) :
The projected market value of the South Korea Submarine Power Cable Market in 2024 is approximately 477.75 million USD.
The estimated market size of the South Korea Submarine Power Cable Market by 2035 is expected to reach around 1652.0 million USD.
The expected CAGR for the South Korea Submarine Power Cable Market from 2025 to 2035 is 11.939%.
In 2035, the DC type of submarine power cable is projected to hold a larger market share at approximately 992.0 million USD.
The anticipated market value for AC submarine power cables in 2035 is around 660.0 million USD.
Major players in the South Korea Submarine Power Cable Market include Samsung Heavy Industries, LS Cable & System, Iljin Electric, and Hyundai Heavy Industries.
The growth of the South Korea Submarine Power Cable Market is driven by increasing demand for renewable energy and advancements in submarine cable technology.
The South Korea Submarine Power Cable Market reflects global trends by focusing on renewable energy sources and interconnecting energy grids.
Challenges in the South Korea Submarine Power Cable Market include high installation costs and environmental regulations affecting cable laying activities.
Ongoing regional developments are likely to enhance infrastructure projects, boosting the South Korea Submarine Power Cable Market's growth.
