NEWARK, Del., Sept. 07, 2023 (GLOBE NEWSWIRE) — According to a report by Future Market Insights (FMI), the global subsea power grid systems market is expected to gain a rating of 1.6 USD one billion in 2023 and 5.2 USD one billion By 2033. The market is expected to have a CAGR of 12.5% by 2033.
Opportunities in the global subsea power grid systems market
The global market presents many opportunities for companies operating in this industry. Here are some of the key opportunities:
offshore wind power: The continued expansion of offshore wind farms provides significant opportunities for subsea power grid systems. Offshore wind projects are being developed globally in different regions, providing a growing market for subsea power transmission and distribution solutions. Companies involved in subsea power cables, connectors and other related components have opportunities to supply and install their products for offshore wind projects.
Link projects: The development of interconnection projects, which enable transmission of electricity between different countries or regions, presents opportunities for undersea power grid systems. These projects aim to promote cross-border energy exchange, renewable energy integration, and energy security. Companies specializing in subsea power transmission technologies and interconnection systems can benefit from the growing demand for these projects.
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Technological advances: The market is driven by continuous technological advancement. There are opportunities for companies to develop innovative solutions, such as advanced insulation materials, conductors and high-voltage transmission technologies, to improve system efficiency, reliability and performance. Investing in research and development can help companies stay competitive and take advantage of emerging technologies.
Shutdown and restart: As offshore facilities reach the end of their operational lives, there is an increased need for decommissioning activities. Subsea power grid systems participate in the decommissioning process, including the removal and disposal of subsea cables and other components. In addition, restarting existing offshore wind farms with new, more efficient turbines creates opportunities for upgrading subsea power grid systems.
Developing markets: The subsea power grid systems market is expanding far beyond the 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 themselves and offer their expertise in these emerging markets have the opportunity to obtain new business and contribute to the growth of the market.
Integration of renewable energy sources: The integration of various renewable energy sources, such as offshore wind, tidal and wave energy, into subsea power grid systems presents opportunities for companies in the market. Developing solutions that enable effective integration and transmission of energy from diverse renewable sources can contribute to the growth of the market.
Subsea infrastructure expansion: The expansion of subsea infrastructure, including oil and gas platforms, offshore substations, and underwater data centers, presents opportunities for subsea power grid systems. These infrastructure projects require reliable and efficient power transmission solutions, which creates a demand for subsea power cables, connectors and associated equipment.
main sockets from Subsea power grid systems market report:
- Undersea power grid systems market is estimated to gain a valuation American dollar 5.2 Bmillion With a compound annual growth rate of 12.5% by 2033.
- The United States is estimated to have a compound annual growth rate of 12.5% in the global market by 2033.
- With a compound annual growth rate of 12.3%the United Kingdom secures a share of the global market during the forecast period.
- Japan is estimated to have a compound annual growth rate of 12.4% global market by 2033.
- With a compound annual growth rate of 12.4%China is expected to lead the market volume during the forecast period.
Expanding the electrification of subsea operations, such as subsea processing and pressure, It is creating opportunities for subsea power grid system providers.– IInsights shared by our research analyst.
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How are leading players embracing strategic innovation in the global market?
The major players are driving the global market largely through different marketing approaches. These marketing methodologies include mergers and acquisitions, collaborations, and product launches. Through this, the major players are boosting their sales volume to expand the market internationally.
Recent developments in the world Subsea power grid systems market
- In 2021, ABB was awarded a contract to provide subsea power cable systems for the UK’s Seagreen offshore wind farm project. The project involves installing 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 numerous offshore wind projects around the world. For example, in 2020, Siemens Gamesa was selected to supply turbines and provide maintenance services for the 1,075MW Seagreen offshore wind project in the United Kingdom.
Profile of the major players in Subsea power grid systems Market report:
- ABB Limited
- Siemens AG
- General Electric Company
- Prismian Group
- Nexans S.A
- Under the Sea 7 SA
- GDR Cable Systems Limited
- Hengtung Group
- LS Cables & Systems Limited
- NKTA/S
- TE Connectivity Limited.
- Parker Hanvin Company
- Voss Product Innovations BV
- Acker Solutions ASA
- Technip fmc plc
- C Core Systems Ltd
- Hydro Group Company
- Prysmian PowerLink Srl
- Wärtsilä Company
- Oceans International Corporation
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Subsea power grid systems Market Segmentation:
by power source:
- wind power
- captive generation
- others
By products:
- cables
- Variable speed drivers
- transformers
- switchgear
- others
By region:
- north america
- latin america
- Europe
- Asia Pacific
- Middle East and Africa
author:
Nikhil Kaitwadi (Associate Vice President, Future Market Insights, Inc.) has over ten years of experience in market research and business advisory. He has successfully delivered over 1,500 client assignments, mostly in the Automotive, Chemical, Industrial Equipment, Oil & Gas and Service industries.
His core competency revolves around research methodology development, creation of a unique analysis framework, statistical data models for price analysis, competition mapping, and market feasibility analysis. His experience also extends broadly beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decisions.
Nikhil has an MBA in Marketing and Information Technology and a graduate in Mechanical Engineering. Nikhil has authored numerous publications and has been quoted in EMS Now, EPR Magazine and EE Times.
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About the Industrial Automation division of Future Market Insights (FMI):
Future Market Insights (FMI) is a highly experienced industrial automation team that helps companies around the world meet their specific business intelligence needs with professional research, actionable insights, and strategic recommendations. With a library of more than 1,000 papers and more than 1 million data points, the team has spent more than a decade analyzing the industrial automation field in more than 50 countries. From start to finish, the company provides unparalleled research and advisory services. Please get in touch with us to see how we can help.
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