The cable industry is accelerating its push into the submarine cable market. As offshore wind projects and cross-border power grid connection projects expand domestically and internationally, demand for submarine cables is growing rapidly. Major domestic cable manufacturers are strengthening their sales networks and expanding production capacity to respond to global bidding competitions.
According to global market research firm Grand View Research on September 27, 2026, the global submarine power cable market is expected to expand from 17.8 billion dollars in 2025 to 19.3 billion dollars in 2026. Growth is projected to continue thereafter, reaching 35.9 billion dollars by 2033. The compound annual growth rate stands at 9.2 percent.
Expansion of offshore wind power is cited as a major factor behind the growing submarine cable market. As demands for carbon neutrality intensify, construction of offshore wind farms is increasing worldwide, and submarine cables are essential for transmitting the generated power to land, leading to expanded orders for related projects.
Submarine power grid projects connecting power networks between countries are also driving demand. There is a growing trend of expanding power grid construction using submarine cables to enable efficient power sharing based on each country's power supply and demand conditions. This movement is particularly accelerating in Europe.
Additionally, as power demand surges due to the spread of data centers and artificial intelligence industries, the possibility of expanded investment in efficiently connecting power grids is increasing.
Domestically, submarine cable demand is expected to arise from the construction of the West Sea Energy Corridor. The West Sea Energy Corridor is a large-scale power grid construction project designed to transmit power generated through offshore wind and other sources to major demand centers. Submarine cables will be utilized in this project as well, with contractor selection planned for next year.
Expansion Moves at Home and Abroad
Domestic cable manufacturers are responding to the expanding submarine cable demand by expanding their production capacity.
LS Cable has expanded its submarine cable production capacity centered on its Donghae facility in Gangwon Province. Last year it completed its fifth factory, increasing submarine cable production capacity more than fourfold from previous levels.
It is also focusing on expanding production capacity overseas. LS Greenlink, its U.S. production subsidiary, is constructing a submarine cable production factory in Chesapeake, Virginia. It will be the largest submarine cable production base in the United States, with completion targeted for the second half of 2027 and commercial production beginning in the first quarter of 2028.
Once the factory begins full operation, it will secure a production base capable of targeting not only the North American market but also the European market, which is expected to significantly enhance global bidding competitiveness.
Taihan Cable & Solution is also expanding production facilities to grow its submarine cable business. It is constructing a second factory in Dangjin, South Chungcheong Province, to expand submarine cable production capacity and establish a foundation to respond to large-scale project orders. The strategy is to secure increasing project volumes domestically and internationally by utilizing existing production facilities and new equipment, thereby enhancing competitiveness in the submarine cable business.
When the Dangjin second factory begins full operation in 2027, Taihan's submarine cable production capacity is expected to expand more than fivefold compared to its first factory.
An industry official said, "Domestic cable manufacturers are proactively securing production bases necessary for winning large-scale domestic and international project orders through production capacity expansion. The intention is to simultaneously strengthen production capacity and technological competitiveness as the submarine cable market enters a full growth phase, thereby expanding order opportunities."
The industry views the submarine cable market as entering a medium to long-term growth phase rather than experiencing only short-term demand increases. Accordingly, domestic cable manufacturers are also focusing on expanding their sales networks. Since it is important to establish cooperative relationships with clients and local developers from the early stages of projects in this market, they are concentrating on broadening contact points to secure order opportunities.
They are also expanding networks with potential customers while promoting their technological capabilities through participation in domestic and international exhibitions, thereby discovering new business opportunities. In fact, Taihan Cable & Solution participated in CIGRE 2026 held in Paris, France last month to showcase its submarine cable capabilities. LS Cable also participated in WindEnergy Hamburg 2026 held in Hamburg, Germany this month to present offshore wind power grid solutions.
Another industry official said, "Submarine cables require not just cable production but comprehensive execution capabilities including submarine construction and installation. Securing experience with large-scale projects and building a global network will be important factors in future bidding competition."
Original Korean article: mediapen.com
English brief by Korea Wind Intelligence, koreawindintel.com
