Submarine Power Cable Market is expected to grow at a robust CAGR
Global
Submarine Power Cable Market is expected to grow owing to increasing demand
from offshore wind power sector throughout the forecast period.
According
to TechSci Research report, “Submarine
Power Cable Market - Global Industry Size, Share, Trends, Opportunity,
and Forecast 2018-2028”, the Global Submarine Power Cable Market is
expected to register robust growth during the forecast period. The combination
of private and government sectors, along with strict regulations for
energy-efficient operations in the industry, is driving the growth of the
market. Furthermore, the expansion of inter-country transmission networks for
underwater electric supply has significantly contributed to the growth of the
Submarine Power Cable Market. Moreover, the increasing concerns regarding grid
stability and security due to peak load demand for power worldwide, coupled
with the rise in funding for the development of sustainable electrical
infrastructure to integrate renewable systems, are expected to accelerate
market growth. Additionally, the growing demand for electricity, driven by
rising per capita income, improved access to electricity, and rapid urbanization
worldwide, has led many energy generation companies to focus on renewable
electricity generation, thereby fuelling the growth of the Submarine Power
Cable Market.
The rapid global
expansion of offshore wind energy projects presents a significant opportunity
for the submarine power cable market. These projects require submarine power
cables to connect offshore wind turbines to onshore grids. As countries strive
to achieve ambitious renewable energy targets, the demand for submarine power
cables in the offshore wind sector is expected to experience substantial
growth.
The development
of cross-border electricity interconnection projects is on the rise, with
submarine power cables playing a critical role in facilitating the exchange of
electricity between countries or regions. As governments aim to enhance energy
security and promote market integration, the prospects for submarine power
cable installations will continue to expand.
Browse
over XX market data Figures spread through XX Pages and an in-depth TOC on the "Global Submarine
Power Cable Market."
Based
on type, the Single Core segment is projected to dominate the market throughout
the forecast period. The installation of single core submarine power cables can
be relatively less complex compared to multi-core cables due to the presence of
a single conductor. However, it is important to consider additional layers of
insulation and protection to ensure the safety and reliability of these cables.
Factors such as water depth, seabed conditions, and the presence of marine life
can influence the selection between single core and multi-core submarine power
cables. The choice of cable type depends on the specific requirements and
challenges of the project. The cost of single core submarine power cables may
vary based on factors such as cable length, voltage requirements, and project
complexity. It is crucial to assess the cost-effectiveness of single core
cables compared to multi-core alternatives for each specific application. In
summary, single core submarine power cables are designed with simplicity,
featuring a single central conductor. These cables are commonly utilized in
high voltage and HVDC applications, including interconnectors and offshore wind
farms, where efficient power transmission over long distances is of utmost
importance.
Based
on voltage, High Voltage segment is projected to dominate the market throughout
the forecast period. High voltage direct current (HVDC) submarine power cables
fall within the high voltage segment. HVDC technology is utilized for
long-distance power transmission, enabling efficient electricity transmission
across international borders. These robust cables are designed with insulation,
shielding, and armoring to ensure durability and reliability in harsh marine
environments. Interconnectors and HVDC cables play a vital role in enhancing
grid reliability by facilitating electricity exchange between regions, reducing
the risk of energy shortages and improving grid stability. Furthermore, high
voltage submarine power cables promote global energy trading, enabling
countries to import and export electricity, thereby fostering energy market
integration and economic benefits. The high voltage segment in the Global
Submarine Power Cable Market encompasses cables designed for transmitting
electricity at elevated voltage levels. These cables are crucial for various
applications such as interconnectors, offshore wind farms, and long-distance
HVDC transmission projects. Their contribution to efficient, long-distance
power transmission and integration of renewable energy sources makes them an
indispensable component of modern electrical grids.
Key
market players in the Global Submarine Power Cable Market are:-
- ABB
Ltd.
- Furukawa
Electric Co Ltd
- KEI
Industries Limited
- LS
Cable & System Ltd
- Nexans
SA
- Ningbo
Orient Wires & Cables Co., Ltd
- NKT
A/S
- Prysmian
Group
- Sumitomo
Electric Industries Limited
- ZTT
International Limited
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“Asia
Pacific is expected to be the dominating region during the forecast period. Asia-Pacific
countries are increasingly exploring cross-border electricity interconnectors
to facilitate the exchange of electricity. These interconnectors often involve
the installation of submarine power cables, promoting energy security, market
integration, and efficient use of renewable energy resources. Many countries in
the Asia-Pacific region are actively seeking to diversify their energy sources
and enhance energy security. Submarine power cables play a crucial role in
providing access to offshore renewable energy resources, thereby reducing
dependence on fossil fuels and strengthening energy security.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Submarine
Power Cable Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast Segmented By Type (Single Core, Multicore), By Voltage (Medium
Voltage, High Voltage), By End User (Offshore Wind Power Generation,
Inter-Country & Island Connection), By Region, By Competition Forecast
& Opportunities, 2018-2028F,” has
evaluated the future growth potential of Global Submarine Power Cable Market
and provides statistics & information on market size, structure, and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Submarine Power
Cable Market.
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