In a recent interview with Reuters, Prysmian energy projects head and board member Massimo Battaini said that the submarine power cable market would grow, in terms of dollars of new contracts, by 14%-to-20% in 2015 over 2014. 

At SubCableWorld, we forecast the market based on kilometers of cable in new contracts as reported in our NewsFeed and Radar Screen Report.  Based on this, we are seeing higher growth so far in 2015 than Prysmian’s forecast.  If the pace continues as it was in the first quarter of the year, the demand for new submarine power cable in 2015 will be 33% higher than in 2014. 

This is not likely, however, as the first quarter included the award for Nordlink, which at 700 kilometers would be the longest submarine power cable to date.  As contracts of that size (representing well over half of the entire amount of cable awarded for the quarter) are not common, 2015’s full-year growth in terms of kilometers of cable is unlikely to continue at the 33% pace and will more likely be in the 20%-to-25% range. 

Regardless of the criteria, by any standard the submarine power cable market is booming, with Battaini telling Reuters that Prysmian currently is in the running for 13 new projects in Europe alone.  With the contracts already awarded in the first quarter, this would equal the total number of contract awards announced in 2014, without including any upcoming awards outside of Europe.