Submarine Power Cable Market Segmentation:
Type Segment Analysis
The AC (Alternating Current) segment is projected to account for a market share of 68.1% by the end of 2037, owing to the rising demand for renewable energy sources. AC submarine power cables are highly compatible with wind energy farms. The consumption of this type of submarine power cable is expected to increase, with the growing adoption of offshore wind energy projects by governments. In October 2025, the Press Information Bureau of India reported that the PM GatiShakti – Offshore project was initiated in the form of a digital platform launch. The platform is enabled with a geospatial interface consolidating crucial data sets from ministers and administrative departments. The platform is likely to help the government make data-driven decisions regarding projects, including offshore wind farms.
Material Segment Analysis
The copper segment is expected to acquire a revenue share of 78.9% between 2026 and 2037, owing to its high tensile strength, electrical conductivity, and reliability in tough underwater environments. The shift of the market towards HVDC is influencing the adoption of submarine power cables made of copper. Strategic partnerships between key suppliers and wind farms are also boosting the consumption of copper-based submarine power cables. The growing need to transmit power over longer distances, driven by the rising number of offshore wind energy projects, is also projected to fuel the consumption of submarine power cables made of copper.
Application Segment Analysis
The offshore oil and gas segment is set to hold a market share of 47.3% during the forecast period, owing to growing demand for submarine power cables for reliable power transmission, driven by the growing oil and gas production. As reported by the International Energy Agency in October 2025, oil supply globally surged by 760 kb/d m-o-m in September, leading to a total oil supply of 108 mb/d. The global utility industry is also keen to use advanced submarine cables to enhance deep-water operations related to oil and gas extraction. The need to reduce operating costs in the global utility industry is estimated to boost the adoption of submarine power cables.
Our in-depth analysis of the submarine power cable market includes the following segments:
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