The submarine cable is an important part of the construction of offshore wind power projects. As the "blood vessel" of offshore wind power, it undertakes the function of transmitting electricity to the onshore power grid.
It is estimated that the cost of submarine cables accounts for about 8%-15% of the total investment in offshore wind power projects. The rapid development of the offshore wind power industry has simultaneously boosted the demand for submarine cables.
China's high-voltage submarine cable market is highly concentrated. The top three companies are: NBDF Submarine Cable Technology Corporation, JSZT Cable Technology Corporation, and JSHT Photoelectric Technology Corporation.
Among them: JSZT's market share is 37%, NBDF's market share is 33% and JSHT's market share is 17%, and the three together occupy about 90% of the market;
QDHL and JSBS have continued to expand their own scale through production expansion and orders in recent years, and their current market share is 7% and 5% respectively.
From the perspective of project engineering experience, the three companies have strong scientific research and project engineering experience in ultra-high voltage AC submarine cable, high-voltage flexible DC submarine cable, and soft joint technology, and have strong competition in subsequent bidding for such projects. Advantage.
NBDF: As of the end of the first quarter, the company’s orders in hand were 9.187 billion yuan, including 5.464 billion yuan for submarine cable systems, 2.884 billion yuan for land cable systems, and 839 million yuan for marine engineering; since 2022, the company has announced that the amount of orders related to submarine cables has exceeded 50 million yuan billion.
Recently, NBDF successfully won the bid for the offshore wind power project of the Netherlands National Grid, with a bid amount of 530 million yuan. The bid for this project means that the company has taken an important step in the international market.
JSZT: By the end of 2021, the supply performance of Zhongtian submarine cable covers six continents except Antarctica, with a total mileage of over 20,000 kilometers.
JSHT: The company is one of the three leading manufacturers in China that can provide more than 500KV submarine cable, and has passed the ±535kV flexible DC submarine cable type test. The company currently has a total of 8 ships for offshore engineering and submarine cable laying, and has the ability to install and construct wind turbines above 8MW.