Home > Pressrelease > Submarine Power Cable Market size to exceed $3bn by 2025
Submarine Power Cable Market size to exceed $3bn by 2025
- Published Date: July 4, 2019
Submarine Power Cable Market size is expected to exceed USD 3 Billion by 2025, as reported in the latest study by Global Market Insights Inc.
Rapid development of offshore oil and gas platforms coupled with growing installation of offshore wind turbines will boost the overall submarine power cable industry share. Ongoing fund flow from government and private participants positively influenced by strict regulatory schemes to develop an energy efficient environment will complement the industry landscape. Furthermore, rising intercountry transmission infrastructure for subsea power supply has infused a favorable business outlook.
Increasing peak load demand across the globe, has been imposing serious concerns in reference to security of supply & grid stability. Rising investments to create a sustainable electrical network along with favorable regulatory reforms toward the integration of renewable grid systems will stimulate the overall submarine power cable market growth.
Long distance power transmission, minimal line losses coupled with effective high voltage power supply are some of the key factors favoring the installation of single core wires. Although, poor heat dissipation and high initial installation cost may hamper the product deployment. However, overall operational cost, ability to bear harsh weather conditions and flexible product specifications will energize the submarine power cable market statistics.
Browse key industry insights spread across 390 pages with 719 market data tables & 26 figures & charts from the report, “Submarine Power Cable Market Forecasts By Core (Single, Multi Core), Voltage (Medium {> 66 kV}, High {66 kV to 220 kV}, Extra High {> 220 kV to 400 kV}, Ultra High {> 400 kV}), Conductor (Copper, Aluminum), End User (Offshore Windfarm, Offshore Oil & Gas Production), Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/submarine-power-cable-market
High demand across offshore developments along with low installation cost have favored the deployment of medium voltage (MV) lines. Although, these incur high maintenance cost and transmission losses when compared to high voltage lines. However, rising dependency on renewable generation technologies in line with government initiatives & reforms towards energy efficiency will augment the overall submarine power cable market statistics.
High electrical ductility and conductivity coupled with non-magnetic specifications are the key factors driving the product demand. Copper wires will observe an upsurge owing to their capability to endure heavy load surges, higher strength, and corrosion resistance. Furthermore, rapid integration of safe and reliable power transmission network coupled with energy efficient devices will escalate the market expansion.
Europe submarine power cable market surpassed USD 2.5 billion in 2018. The industry is determined by rapid enhancements toward an efficient transmission infrastructure favored by rising electricity consumption across emerging regions. As per IEA, the global energy demand, in 2018, escalated by 4%, infusing a value-added proposition across the subsea business portfolio. In addition, strict norms subject to efficient electricity transmission along with growing cross-border power trade will thrust the business scenario.
Eminent submarine power cable market participants include ZTT, Nexans, Kelani cables, KEI Industries, Prysmian, Furukawa, NKT, LS Cable & Systems, TF Kable, Sumitomo Electric, ABB, Intertek Group, Ningbo Orient wires and Hengtong Marine Cable Systems.