Subsea Power Grid Systems Market Growth Opportunities and Forecast till 2030
The Global Subsea Power Grid Systems Market Size valued for USD 3.1 Billion in 2021 and is anticipated to reach USD 6.6 Billion by 2030 with a CAGR of 9% from 2022 to 2030.
In order to connect power from offshore renewable energy sources, such wind and wave power, to onshore power grids, elaborate networks of electrical infrastructure are erected on the ocean floor. These systems often include undersea cables, transformers, and switchgear that are made to survive the extreme maritime environment, which includes high pressure, corrosive saltwater, and powerful ocean currents. These undersea cables carry the electricity produced by offshore renewable energy sources to onshore power systems, where it can be used to power buildings like homes and offices.
As the world shifts to more sustainable energy sources, subsea power grids are becoming more and more crucial. For instance, offshore wind farms are anticipated to contribute significantly to supplying the world's energy needs in the years to come, and undersea power networks are necessary for distributing this power to consumers.
One of the main benefits of subsea power grids is that they enable the construction of massive offshore wind and wave farms, which are capable of producing far more electricity than individual, smaller turbines or wave energy converters. Also, because subsea power grids are often more effective than conventional overhead power lines, they can aid in reducing energy losses during transmission.
Subsea Power Grid Systems Market
Subsea Power Grid Systems Market Size in 2021
US$ 3.1 Billion
Subsea Power Grid Systems Market Forecast By 2030
US$ 6.6 Billion
Subsea Power Grid Systems Market CAGR During 2022 – 2030
Subsea Power Grid Systems Market Analysis Period
2018 - 2030
Subsea Power Grid Systems Market Base Year
Subsea Power Grid Systems Market Forecast Data
2022 - 2030
By Component, By Power Supply, and By Region
Subsea Power Grid Systems Market Regional Scope
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Companies Profiled
ABB, Aker Solutions, General Electric Company, JDR Cable Systems Ltd., Nexans S.A., Oceaneering International, Inc., Prysmian Group, Siemens AG, Schlumberger Limited, and TechnipFMC plc.
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
Subsea Power Grid Systems Market Dynamics
The increased need for crude oil and natural gas from various economies, particularly emerging economies around the world, is what drives the global market for subsea power grids. Rising offshore oil and gas exploration activities have had a beneficial effect on the global subsea power grid industry in the coming years due to the increasing depletion of fossil fuel reserves and onshore oil reserves. The market expansion may be constrained globally due to expensive installation and operating hazards as well as technological problems such transmission losses during long-distance power transfer.
Global market expansion is anticipated to be fueled by the rising demand for energy coming from various economies around the world, particularly developing economies. Additionally, it is predicted that technical developments in the power and energy sectors would stimulate an increase in worldwide demand. Pumping energy would increase the requirement for undersea electrical grid systems since reserves that are already on the verge of depletion need more power to achieve compression. As a result, the anticipated expansion of the global subsea power grid systems is influenced by the rising demand for subsea power grid systems.
The business for subsea power grids is anticipated to have significant growth over the next seven years due to the expansion of oil exploration in Latin America and Africa. Offshore renewable energy development and rising energy demand from developing nations like China and India are driving up electricity output from new energy sources. Compressors, pumps, steam, and CO2 are necessary for the start of production in unconventional oil and gas-based energy generation, which increases consumer demand. To meet the primary energy demand, new fields must be thoroughly explored, which has expanded offshore exploring activity.
Subsea Power Grid Systems Market Insight
The subsea power grid systems market is divided into component, power supply, and geographic markets. Based on component, the segment is categorized cables, variable speed drives, transformers, switchgears, and others. Power supply is categorized into captive generation, wind power, and others. North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa comprise the region sector.
Global Subsea Power Grid Systems Market Geographical Competition
It is anticipated that the development of demand in North America will be slowed by the region's focus on exploring its shale reserves. The demand for the European subsea power grid system is anticipated to rise as a result of increasing investment in promising abroad regions like Norway and the government's increased efforts to produce wind power. The CSA and MEA countries are likely to have tremendous growth over the projected period due to the increased depth of the oil and gas exploration operations in the countries. Large coastal areas and increased energy consumption are expected to have beneficial effects on regional demand in the Asia-Pacific region.
Major nations and businesses throughout the world are focusing on adopting renewable energy since it can supply clean energy as energy demand rises. The technology used in offshore wind energy adoption enticed nations and businesses to substantial investment.
China's offshore wind energy capacity was 27.68 GW in 2021, up 16.9 GW from the year before, according to data from the World Wind Energy Council.
Global Subsea Power Grid Systems Industry Segment Analysis
Market By Component
· Variable Speed Drives
Market By Power Supply
· Captive Generation
· Wind Power
Subsea Power Grid Systems Market Leading Companies
The players profiled in the report are ABB, Aker Solutions, General Electric Company, JDR Cable Systems Ltd., Nexans S.A., Oceaneering International, Inc., Prysmian Group, Siemens AG, Schlumberger Limited, TechnipFMC plc, and others.
Subsea Power Grid Systems Market Regions
· Rest of Europe
· Rest of Latin America
· South Korea
· Rest of Asia-Pacific
Middle East & Africa
· South Africa
· Rest of Middle East & Africa