The Global Submarine Electricity Transmission Systems Market was valued at USD 11.4 billion in 2024 and is projected to reach USD 16.0 billion by 2030, growing at a CAGR of 5.6% during the forecast period. The market's growth is primarily driven by the rising deployment of offshore renewable energy projects, particularly offshore wind farms, which require reliable underwater power transmission infrastructure. The shift toward clean energy and efforts to reduce carbon emissions are prompting increased adoption of submarine cables. Technological advancements in high-voltage direct current (HVDC) systems are improving transmission efficiency over long distances, enhancing system reliability and reducing energy losses. Interconnection of regional power grids through submarine cables is further supporting energy security and cross-border electricity exchange. Government policies and incentives for renewable energy expansion, along with growing investments in offshore infrastructure by emerging economies, are also fueling demand. Together, these factors are significantly advancing the development of submarine electricity transmission systems worldwide.

Market Overview
Forecast Period	2026-2030
Market Size 2024	USD 11.4 Billion
Market Size 2030	USD 16.0 Billion
CAGR 2025-2030	5.6%
Fastest Growing Segment	HVDC System
Largest Market	North America

Key Market Drivers

Expansion of Offshore Renewable Energy Projects

A major factor driving the global submarine electricity transmission systems market is the continued growth of offshore renewable energy initiatives, particularly offshore wind farms. With the global push to curb carbon emissions and transition away from fossil fuels, countries are increasingly investing in offshore energy sources like wind, tidal, and wave power. These installations are often located far from shore, requiring robust transmission systems to connect them to onshore grids. Submarine electricity transmission systems-both HVAC and HVDC-are critical to this infrastructure. In 2024, Prysmian Group's USD 4 billion acquisition of Encore Wire exemplified strategic moves to strengthen high-voltage cable capabilities, particularly in the U.S. Concurrently, EU targets for 300 GW of offshore wind by 2050 and China's initiatives under its 14th Five-Year Plan underscore the growing need for submarine cable systems. Companies like Nexans are also expanding their capabilities through acquisitions, such as the purchase of Reka Kaapeli Oy, to meet escalating global demand.

Key Market Challenges

High Installation and Maintenance Costs

A key obstacle to the expansion of the submarine electricity transmission systems market is the substantial cost associated with installation and maintenance. These projects require significant capital for the production of high-voltage cables and the execution of complex marine operations, including planning, seabed surveying, environmental assessments, and cable laying. Installation costs are particularly high due to the need for specialized vessels and marine equipment that can manage undersea challenges. Terrain factors such as ocean depth, seabed composition, and environmental regulations further complicate project design and execution. Maintenance introduces additional complications. Submarine cables face risks from abrasion, marine activity, corrosion, and geological events. When faults occur, locating and repairing them demands advanced tools and costly undersea interventions. These high costs can deter investment and slow project deployment, especially in budget-sensitive regions.

Key Market Trends

Increasing Adoption of High-Voltage Direct Current (HVDC) Technology

A prevailing trend in the submarine electricity transmission systems market is the growing preference for HVDC technology over HVAC. HVDC systems are ideal for long-distance, high-capacity transmissions due to their superior efficiency and reduced energy losses. These benefits are particularly critical for intercontinental and remote offshore projects. HVDC systems also enhance grid stability and offer better control over power flow, making them well-suited for integrating renewable energy sources. Furthermore, HVDC enables asynchronous grid connections, allowing power exchange between countries with differing grid standards. This feature supports cross-border projects such as the Viking Link and EuroAsia Interconnector, both relying on HVDC submarine transmission. As such, HVDC is rapidly becoming the backbone of large-scale offshore and interregional energy initiatives.

Key Market Players

ABB Ltd
Sumitomo Electric Industries Ltd
Siemens AG
LS Cable & System
Nexans SA
NKT AS
Norddeutsche Seekabelwerke GmbH (NSW)
Prysmian SpA

Report Scope:

In this report, the Global Submarine Electricity Transmission Systems Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Submarine Electricity Transmission Systems Market, By System Type:

HVDC System
HVAC System

Submarine Electricity Transmission Systems Market, By Application:

Offshore Wind Turbine
Offshore Oil & Gas Platform
Intercountry & Island Connectors
Others

Submarine Electricity Transmission Systems Market, By Region:

North America
- United States
- Canada
- Mexico
Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
South America
- Brazil
- Colombia
- Argentina
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Submarine Electricity Transmission Systems Market.

Available Customizations:

Global Submarine Electricity Transmission Systems Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

1. Product Overview

1.1. Market Definition
1.2. Scope of the Market
- 1.2.1. Markets Covered
- 1.2.2. Years Considered for Study
- 1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations

3. Executive Summary

3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, and Trends

4. Voice of Customer

5. Global Submarine Electricity Transmission Systems Market Outlook

5.1. Market Size & Forecast
- 5.1.1. By Value
5.2. Market Share & Forecast
- 5.2.1. By System Type (HVDC System, HVAC System)
- 5.2.2. By Application (Offshore Wind Turbine, Offshore Oil & Gas Platform, Intercountry & Island Connectors, Others)
- 5.2.3. By Region (North America, Europe, South America, Middle East & Africa, Asia Pacific)
5.3. By Company (2024)
5.4. Market Map

6. North America Submarine Electricity Transmission Systems Market Outlook

6.1. Market Size & Forecast
- 6.1.1. By Value
6.2. Market Share & Forecast
- 6.2.1. By System Type
- 6.2.2. By Application
- 6.2.3. By Country
6.3. North America: Country Analysis
- 6.3.1. United States Submarine Electricity Transmission Systems Market Outlook
  - 6.3.1.1. Market Size & Forecast
    - 6.3.1.1.1. By Value
  - 6.3.1.2. Market Share & Forecast
    - 6.3.1.2.1. By System Type
    - 6.3.1.2.2. By Application
- 6.3.2. Canada Submarine Electricity Transmission Systems Market Outlook
  - 6.3.2.1. Market Size & Forecast
    - 6.3.2.1.1. By Value
  - 6.3.2.2. Market Share & Forecast
    - 6.3.2.2.1. By System Type
    - 6.3.2.2.2. By Application
- 6.3.3. Mexico Submarine Electricity Transmission Systems Market Outlook
  - 6.3.3.1. Market Size & Forecast
    - 6.3.3.1.1. By Value
  - 6.3.3.2. Market Share & Forecast
    - 6.3.3.2.1. By System Type
    - 6.3.3.2.2. By Application

7. Europe Submarine Electricity Transmission Systems Market Outlook

7.1. Market Size & Forecast
- 7.1.1. By Value
7.2. Market Share & Forecast
- 7.2.1. By System Type
- 7.2.2. By Application
- 7.2.3. By Country
7.3. Europe: Country Analysis
- 7.3.1. Germany Submarine Electricity Transmission Systems Market Outlook
  - 7.3.1.1. Market Size & Forecast
    - 7.3.1.1.1. By Value
  - 7.3.1.2. Market Share & Forecast
    - 7.3.1.2.1. By System Type
    - 7.3.1.2.2. By Application
- 7.3.2. France Submarine Electricity Transmission Systems Market Outlook
  - 7.3.2.1. Market Size & Forecast
    - 7.3.2.1.1. By Value
  - 7.3.2.2. Market Share & Forecast
    - 7.3.2.2.1. By System Type
    - 7.3.2.2.2. By Application
- 7.3.3. United Kingdom Submarine Electricity Transmission Systems Market Outlook
  - 7.3.3.1. Market Size & Forecast
    - 7.3.3.1.1. By Value
  - 7.3.3.2. Market Share & Forecast
    - 7.3.3.2.1. By System Type
    - 7.3.3.2.2. By Application
- 7.3.4. Italy Submarine Electricity Transmission Systems Market Outlook
  - 7.3.4.1. Market Size & Forecast
    - 7.3.4.1.1. By Value
  - 7.3.4.2. Market Share & Forecast
    - 7.3.4.2.1. By System Type
    - 7.3.4.2.2. By Application
- 7.3.5. Spain Submarine Electricity Transmission Systems Market Outlook
  - 7.3.5.1. Market Size & Forecast
    - 7.3.5.1.1. By Value
  - 7.3.5.2. Market Share & Forecast
    - 7.3.5.2.1. By System Type
    - 7.3.5.2.2. By Application

8. Asia Pacific Submarine Electricity Transmission Systems Market Outlook

8.1. Market Size & Forecast
- 8.1.1. By Value
8.2. Market Share & Forecast
- 8.2.1. By System Type
- 8.2.2. By Application
- 8.2.3. By Country
8.3. Asia Pacific: Country Analysis
- 8.3.1. China Submarine Electricity Transmission Systems Market Outlook
  - 8.3.1.1. Market Size & Forecast
    - 8.3.1.1.1. By Value
  - 8.3.1.2. Market Share & Forecast
    - 8.3.1.2.1. By System Type
    - 8.3.1.2.2. By Application
- 8.3.2. India Submarine Electricity Transmission Systems Market Outlook
  - 8.3.2.1. Market Size & Forecast
    - 8.3.2.1.1. By Value
  - 8.3.2.2. Market Share & Forecast
    - 8.3.2.2.1. By System Type
    - 8.3.2.2.2. By Application
- 8.3.3. Japan Submarine Electricity Transmission Systems Market Outlook
  - 8.3.3.1. Market Size & Forecast
    - 8.3.3.1.1. By Value
  - 8.3.3.2. Market Share & Forecast
    - 8.3.3.2.1. By System Type
    - 8.3.3.2.2. By Application
- 8.3.4. South Korea Submarine Electricity Transmission Systems Market Outlook
  - 8.3.4.1. Market Size & Forecast
    - 8.3.4.1.1. By Value
  - 8.3.4.2. Market Share & Forecast
    - 8.3.4.2.1. By System Type
    - 8.3.4.2.2. By Application
- 8.3.5. Australia Submarine Electricity Transmission Systems Market Outlook
  - 8.3.5.1. Market Size & Forecast
    - 8.3.5.1.1. By Value
  - 8.3.5.2. Market Share & Forecast
    - 8.3.5.2.1. By System Type
    - 8.3.5.2.2. By Application

9. Middle East & Africa Submarine Electricity Transmission Systems Market Outlook

9.1. Market Size & Forecast
- 9.1.1. By Value
9.2. Market Share & Forecast
- 9.2.1. By System Type
- 9.2.2. By Application
- 9.2.3. By Country
9.3. Middle East & Africa: Country Analysis
- 9.3.1. Saudi Arabia Submarine Electricity Transmission Systems Market Outlook
  - 9.3.1.1. Market Size & Forecast
    - 9.3.1.1.1. By Value
  - 9.3.1.2. Market Share & Forecast
    - 9.3.1.2.1. By System Type
    - 9.3.1.2.2. By Application
- 9.3.2. UAE Submarine Electricity Transmission Systems Market Outlook
  - 9.3.2.1. Market Size & Forecast
    - 9.3.2.1.1. By Value
  - 9.3.2.2. Market Share & Forecast
    - 9.3.2.2.1. By System Type
    - 9.3.2.2.2. By Application
- 9.3.3. South Africa Submarine Electricity Transmission Systems Market Outlook
  - 9.3.3.1. Market Size & Forecast
    - 9.3.3.1.1. By Value
  - 9.3.3.2. Market Share & Forecast
    - 9.3.3.2.1. By System Type
    - 9.3.3.2.2. By Application

10. South America Submarine Electricity Transmission Systems Market Outlook

10.1. Market Size & Forecast
- 10.1.1. By Value
10.2. Market Share & Forecast
- 10.2.1. By System Type
- 10.2.2. By Application
- 10.2.3. By Country
10.3. South America: Country Analysis
- 10.3.1. Brazil Submarine Electricity Transmission Systems Market Outlook
  - 10.3.1.1. Market Size & Forecast
    - 10.3.1.1.1. By Value
  - 10.3.1.2. Market Share & Forecast
    - 10.3.1.2.1. By System Type
    - 10.3.1.2.2. By Application
- 10.3.2. Colombia Submarine Electricity Transmission Systems Market Outlook
  - 10.3.2.1. Market Size & Forecast
    - 10.3.2.1.1. By Value
  - 10.3.2.2. Market Share & Forecast
    - 10.3.2.2.1. By System Type
    - 10.3.2.2.2. By Application
- 10.3.3. Argentina Submarine Electricity Transmission Systems Market Outlook
  - 10.3.3.1. Market Size & Forecast
    - 10.3.3.1.1. By Value
  - 10.3.3.2. Market Share & Forecast
    - 10.3.3.2.1. By System Type
    - 10.3.3.2.2. By Application

11. Market Dynamics

11.1. Drivers
11.2. Challenges

12. Market Trends and Developments

12.1. Merger & Acquisition (If Any)
12.2. Product Launches (If Any)
12.3. Recent Developments

13. Company Profiles

13.1. ABB Ltd
- 13.1.1. Business Overview
- 13.1.2. Key Revenue and Financials
- 13.1.3. Recent Developments
- 13.1.4. Key Personnel
- 13.1.5. Key Product/Services Offered
13.2. Sumitomo Electric Industries Ltd
13.3. Siemens AG
13.4. LS Cable & System
13.5. Nexans SA
13.6. NKT AS
13.7. Norddeutsche Seekabelwerke GmbH(NSW)
13.8. Prysmian SpA