NEWARK, Del, Sept. 07, 2023 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI) report, the global subsea power grid systems market is estimated to secure a valuation of US$ 1.6 Billion in 2023 and US$ 5.2 Billion by 2033. The market is anticipated to capture a CAGR of 12.5% by 2033.
Opportunities in the Global Subsea Power Grid Systems Market
The global market presents several opportunities for companies operating in the industry. Here are some key opportunities:
Offshore Wind Energy: The continued expansion of offshore wind farms presents significant opportunities for subsea power grid systems. Offshore wind projects are being developed globally in various regions, providing a growing subsea power transmission and distribution solutions market. Companies involved in subsea power cables, connectors, and other related components have opportunities to supply and install their products for offshore wind projects.
Interconnector Projects: Developing interconnector projects, enabling electricity transmission between different countries or regions, offers subsea power grid systems opportunities. These projects aim to enhance cross-border power exchange, renewable energy integration, and energy security. Companies specializing in subsea power transmission technologies and interconnector systems can benefit from the growing demand for these projects.
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Technological Advancements: The market is driven by continuous technological advancements. There are opportunities for companies to develop innovative solutions, such as advanced insulation materials, connectors, and high-voltage transmission technologies, to improve system efficiency, reliability, and performance. Investing in research and development can help companies stay competitive and capitalize on emerging technologies.
Decommissioning and Repowering: As offshore installations reach the end of their operational life, there is a growing need for decommissioning activities. Subsea power grid systems are involved in decommissioning, including removing and disposing of subsea cables and other components. Additionally, repowering existing offshore wind farms with new and more efficient turbines creates opportunities for upgrading subsea power grid systems.
Emerging Markets: The subsea power grid systems market expands beyond traditional markets. Emerging markets, such as Asia-Pacific, Latin America, and Africa, are increasingly exploring offshore energy resources and investing in subsea infrastructure. Companies that can establish a presence and offer their expertise in these emerging markets have the opportunity to capture new business and contribute to the market's growth.
Integration of Renewable Energy Sources: Integrating various renewable energy sources, such as offshore wind, tidal energy, and wave energy, into the subsea power grid systems offers opportunities for companies in the market. Developing solutions enabling efficient integration and power transmission from diverse renewable sources can contribute to the market's growth.
Subsea Infrastructure Expansion: The expansion of subsea infrastructure, including oil and gas platforms, offshore substations, and underwater data centres, provides opportunities for subsea power grid systems. These infrastructure projects require reliable and efficient power transmission solutions, creating a demand for subsea power cables, connectors, and associated equipment.
Key Takeaways from Subsea Power Grid Systems Market Report:
- The subsea power grid systems market is estimated to capture a valuation of US$ 5.2 Billion with a CAGR of 12.5% by 2033.
- The United States is estimated to register a CAGR of 12.5% in the global market by 2033.
- With a CAGR of 12.3%, the United Kingdom is securing a share of the global market during the forecast period.
- Japan is estimated to capture a CAGR of 12.4% of the global market by 2033.
- With a CAGR of 12.4%, China is anticipated to drive the market size during the forecast period.
“Expanding electrification of subsea processes, such as subsea processing and compression, is creating opportunities for subsea power grid system providers.” - Insights shared by our research analyst.
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How are the Prominent Players Adopting Strategic Innovation in the Global Market?
Key Players significantly drive the global market through various marketing tactics. These marketing methodologies include mergers, acquisitions, collaborations, and product launches. Through these, key players boost their sales volume to expand the market at the international level.
Recent Developments in the Global Subsea Power Grid Systems Market
- In 2021, ABB secured a contract to provide subsea power cable systems for the UK Seagreen offshore wind farm project. The project involves the installation of subsea power cables to transmit electricity from the wind farm to the mainland.
- Siemens Gamesa Renewable Energy, a division of Siemens AG, has been involved in various offshore wind projects worldwide. For example, in 2020, Siemens Gamesa was selected to supply turbines and provide maintenance services for the 1,075 MW Seagreen offshore wind project in the United Kingdom.
Key Players Profiled in Subsea Power Grid Systems Market Report:
- ABB Ltd.
- Siemens AG
- General Electric Company
- Prysmian Group
- Nexans SA
- Subsea 7 S.A.
- JDR Cable Systems Ltd.
- Hengtong Group
- L.S. Cable & System Ltd.
- NKT A/S
- T.E. Connectivity Ltd.
- Parker Hannifin Corporation
- Vos Prodect Innovations B.V.
- Aker Solutions ASA
- TechnipFMC plc
- C-Kore Systems Ltd.
- Hydro Group Plc
- Prysmian Powerlink S.r.l.
- Wärtsilä Corporation
- Oceaneering International, Inc.
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Subsea Power Grid Systems Market Segmentation:
By Power Supply:
- Wind Power
- Captive Generation
- Others
By Products:
- Cables
- Variable Speed Drivers
- Transformers
- Switchgears
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil and gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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