South Korea Submarine Power Cable Market

South Korea's submarine power cable market is undergoing substantial growth, driven by the country's goal to expand its renewable energy infrastructure and establish regional power interconnections. South Korea’s dependence on imported energy has propelled its focus on developing offshore wind farms, necessitating submarine cables to connect these projects to the mainland grid. The government has announced significant plans to boost renewable energy production, specifically offshore wind, which requires efficient and reliable transmission systems like submarine cables.

South Korea’s cable market is characterized by advancements in HVDC cable technology, which offers superior efficiency for long-distance power transmission. The market is supported by both government initiatives and private sector investments, making it a dynamic segment in the nation’s broader energy transition strategy. Additionally, South Korea’s submarine cable industry is gaining traction internationally, with Korean companies exporting advanced cable technology to other countries in Asia and beyond.

The expenses for the establishment and complex administration are hindering the market recently the number of submarines is increasing as it requires exports from tide, wind and wave. Submarine wide cables are used to transfer power with high voltage. Due to the focus on the environmental issue, the submarine power cable market size is gaining exposure.

A submarine power cable is a type of transmission cable used for carrying electric power under the water's surface. It is also called submarine cable because it usually carries electric power under saltwater such as arms of the sea, straits and oceans.

The oil and gas industries are replacing the local system on platforms with power feeding systems. It is expected that the Submarine Power Cable Market will register USD 12.03 billion, and by 2022, the market will gain 31.55 billion with a CAGR of 9.4%. Due top pandemic, many ventures have declined, but with the situation getting controlled, the market will show promising development.

The effect of the pandemic was negative for the market. The expanding interest between the country and island are driving the market. The increasing interest among the county associated with the request from the seaward oil and gas area is propelling the market growth. The market players have been going with the ongoing market trends and finding ways to develop the market.

Key Companies in the submarine power cable market includes

• Prysmian Group
• NKT A/S
• Nexans SA
• Sumitomo Electric Industries Limited
• ABB Ltd., among others

Market segmentation

The Submarine Power Cable Market is segmented by insulation type, voltage, conductor material, and end-user. Based on the type, the market is classified into single-core and multicore. The single-core segment is dominating the market and is expected to grow quickly in the upcoming years due to the affordable and straightforward sending combined with multicore links.

The subsegments of the end-user are Offshore Wind Power Generation, Offshore Oil & Gas, Island Connection, and Wave & Tidal Power Generation. the offshore market segment will increase the growth rate of the market, and the submarine power cable carries out an important role in the connection of the offshore substation and adjacent offshore turbines. Up to 66 kV, 66 kV-220 VK and Above 220 VK are the variables of the Submarine Power Cable Market voltage segments. Above 220 VK will dominate the market due to the rapid expansion of ultra-high-tension transmission lines for long-lasting electric supply.

Regional analysis

Based on the region, the Underwater Power Cables Market share is analysed in North America, Europe, Asia Pacific and other parts of the world. Europe is expected to dominate the market due to the increasing wind industry in the region, propelling the market's demand.

The growing demand for the offshore oil and gas industry boosts the market. Asia Pacific region is also increasing as the government is imposing several orders and promoting ways to develop renewable infrastructure to reduce pollution and power generation. all other regions that are a part of the development of the market are growing significantly and will rise the market in the forecast period

Industry news

An Italian cable manufacturer, the Prysmian group, secured 47 acres of land to develop a submarine power cable plant in somerset.

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