Europe Submarine Power Cable Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The Report Covers Europe Submarine Power Cables Manufacturers and the market is segmented by Type of Current (HVDC and HVAC) and Geography (UK, Germany, Norway, France, and the Rest of Europe).

Europe Submarine Power Cable Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Europe Submarine Power Cable Market Size

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Power Cables Market
Study Period 2020 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
Historical Data Period 2020 - 2023
CAGR 6.50 %
Market Concentration Medium

Major Players

Europe Submarine Power Cables Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Europe Submarine Power Cable Market Analysis

The Europe Submarine Power Cables Market is expected to register a CAGR of greater than 6.5% during the forecast period.

  • High-Voltage Direct Current (HVDC) cables is expected to account for the largest market share in submarine power cables market as HVDC cables are used for power transmission over longer distances and for system interconnection. For transmission purpose, AC is converted to DC through cables, and back to AC at the other end.
  • The increasing demand for HVDC cables for offshore oil rigs, renewable energy generation is expected to act as opportunity for submarine power cables market over the forecast period.
  • United Kingdom is likely to dominate the market owing to the increasing offshore wind installations during the forecast period.

Europe Submarine Power Cable Industry Overview

The Europe submarine power cables market is partially consolidated, due to the small number of companies operating in the industry. The key players in this market include Prysmian Group, NKT A/S, Nexans SA, Sumitomo Electric Industries Limited and Hitachi Energy among others.

Europe Submarine Power Cable Market Leaders

  1. NKT A/S

  2. Prysmian Group

  3. Nexans SA

  4. Sumitomo Electric Industries Limited

  5. Hitachi Energy

  6. *Disclaimer: Major Players sorted in no particular order
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Europe Submarine Power Cable Market News

  • In April 2022, Siemens Energy have been awarded a contract of approximately USD 1.95 billion for the NeuConnect project to lay undersea power cables between United Kingdom and Germany that is likely to enable 1.4 gigawatts of electricity to pass in both directions between the U.K. and Germany.
  • In October 2021, TenneT started the tender for the platform and HVDC system for the offshore Dutch IJmuiden Ver projects and will start the project by the end of 2022 for the offshore IJmuiden Ver wind area. In addition, the project is expected to be commissioned by 2028.
  • In September 2021, Greece and Egypt are in talks with each other to lay 2 gigawatts of HVDC submarine interconnectors on the bottom of the Mediterranean Sea and link their electricity systems.

Europe Submarine Power Cable Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Study Deliverables
  • 1.2 Study Assumptions
  • 1.3 Scope of the Study

2. EXECUTIVE SUMMARY

3. RESEARCH METHODOLOGY

4. MARKET OVERVIEW

  • 4.1 Introduction
  • 4.2 Market Size and Demand Forecast in USD billion, until 2027
  • 4.3 Recent Trends and Developments
  • 4.4 Government Policies and Regulations
  • 4.5 Market Dynamics
    • 4.5.1 Drivers
    • 4.5.2 Restraints
  • 4.6 Supply Chain Analysis
  • 4.7 Industry Attractiveness - Porter's Five Force Analysis
    • 4.7.1 Bargaining Power of Suppliers
    • 4.7.2 Bargaining Power of Consumers
    • 4.7.3 Threat of New Entrants
    • 4.7.4 Threat of Substitute Products and Services
    • 4.7.5 Intensity of Competitive Rivalry

5. MARKET SEGMENTATION

  • 5.1 Type of Current
    • 5.1.1 HVDC
    • 5.1.2 HVAC
  • 5.2 Geography
    • 5.2.1 United Kingdom
    • 5.2.2 Germany
    • 5.2.3 Norway
    • 5.2.4 France
    • 5.2.5 Rest of Europe

6. COMPETITIVE LANDSCAPE

  • 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
  • 6.2 Strategies Adopted by Leading Players
  • 6.3 Company Profiles
    • 6.3.1 Nexans S.A.
    • 6.3.2 Sumitomo Electric Industries, Ltd.
    • 6.3.3 Hitachi Energy
    • 6.3.4 Prysmian S.p.A.
    • 6.3.5 LS Cable & System Ltd
    • 6.3.6 TFKable
    • 6.3.7 NKT A/S
  • *List Not Exhaustive

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Europe Submarine Power Cable Industry Segmentation

The Europe Submarine Power Cables Market include:

Type of Current HVDC
HVAC
Geography United Kingdom
Germany
Norway
France
Rest of Europe
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Europe Submarine Power Cable Market Research FAQs

What is the current Europe Submarine Power Cables Market size?

The Europe Submarine Power Cables Market is projected to register a CAGR of greater than 6.5% during the forecast period (2025-2030)

Who are the key players in Europe Submarine Power Cables Market?

NKT A/S, Prysmian Group, Nexans SA, Sumitomo Electric Industries Limited and Hitachi Energy are the major companies operating in the Europe Submarine Power Cables Market.

What years does this Europe Submarine Power Cables Market cover?

The report covers the Europe Submarine Power Cables Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Europe Submarine Power Cables Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Europe HVAC Cables Industry Report

Statistics for the 2025 Europe Submarine Power Cables market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Europe Submarine Power Cables analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.