A type of electrical transmission cable called a submarine power cable is used to transport electricity below the ocean's surface. A submarine cable gets its name from the fact that it frequently transports power below saltwater, such as oceans, ports, and sea arms. In recent decades, submarine power cables have grown in significance. The emergence of offshore renewable energy has increased demand for submarine power cables because export lines from wind, wave, and tidal facilities are required to transport renewable energy to land.
According to SPER market research, ‘Submarine Power Cable Market Size- By Type, By Voltage, By End User, By Conductor Material- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Submarine Power Cable Market is predicted to reach USD 52.14 billion by 2033 with a CAGR of 14.54%.
Firstly, as people around the world become more aware of environmental issues, there is a growing need for cleaner, renewable energy sources. Submarine power cables help to transmit electricity from renewable energy sources like offshore wind farms to cities and towns on land. This lessens our reliance on polluting fossil fuels and contributes to the greening of the planet.
Furthermore, as more people use electronic devices and gadgets in their daily lives, so does our demand for electricity. Submarine power cables enable us to carry large amounts of electricity over long distances while connecting countries and regions.
One main challenges is the high cost of creating and maintaining these underwater links. It's similar to constructing a specific road beneath the ocean, which requires a significant amount of money, supplies, and knowledge. These costs can frequently make it difficult for countries or enterprises to invest in such projects.
Another issue is the brittle nature of these cables. They are placed on the ocean floor, where the underwater environment can be harsh, with strong currents, waves, and even underwater earthquakes. Repairing these wires deep underwater can be challenging because divers cannot easily access them.
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Impact of COVID-19 on Submarine Power Cable Market
COVID-19's widespread adoption has had a considerable impact on the submarine power cable business, posing both challenges and opportunities. As a result of the epidemic, the submarine power cable industry encountered project delays and dangers, causing significant disruptions in worldwide supply chains, manufacturing operations, and construction activities. Travel restrictions and lockdown measures hampered labor movement, creating logistical issues in cable installation and maintenance duties. Furthermore, the pandemic's economic slump created questions about project funding and interest in future undersea power connection initiatives.
Global Submarine Power Cable Market Key Players:
Furthermore, Prysmian developed submarine power cable linkages for Hornsea Project Two in the United Kingdom in February 2018, which was recognized as a new contract by Orsted Wind Power A/S to supply undersea inter-array cables for the country's largest offshore wind farm.
LS Cable & System announced an 185.9 billion won investment in July 2021 to develop its submarine cable manufacturing facility, which involves the construction of an additional factory at its second Donghae Plant. Additionally, some of the market key players are Nexans, Prysmian, NKT, LS Cable & System, Furukawa Electric, Sumitomo Electric, General Cable Corporation, Hydro Group, KEI Industries, Tele-Fonika Kable, and ZTT.
Submarine Power Cable Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Type: Based on the Type, Global Submarine Power Cable Market is segmented as; Single Core, Multicore.
By Voltage: Based on the Voltage, Global Submarine Power Cable Market is segmented as; Medium Voltage, High Voltage.
By End User: Based on the End User, Global Submarine Power Cable Market is segmented as; Offshore Wind Power Generation, Inter-Country and Island Connection, Offshore Oil & Gas.
By Conductor Material: Based on the Conductor Material, Global Submarine Power Cable Market is segmented as; Copper, Aluminium.
By Region: This research also includes data for Middle East and Africa, Asia-Pacific, Latin America, Europe, North America.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Submarine Power Cable Market Future Opportunity
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The global submarine power cable market was valued at US$ 5,141.8 Mn in 2018 and is anticipated to register a stable CAGR of 11.3% from 2019 to 2027, according to a new research report published by Transparency Market Research (TMR) titled ‘Submarine Power Cable Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027.’ Growing number of offshore wind generation capacity additions, increasing demand for grid interconnections and island connections, and rising demand from offshore oil & gas sector have augmented the global submarine power cable market.
Request a Sample for extensive research insights - https://www.transparencymarketresearch.com/sample/sample.php?flag=S_id=26633Growth in Offshore Wind Power Generation to Drive the Submarine Power Cable MarketSubmarine power cable systems are laid under the water for communication and electric transmission.
These cables carry signals over long distances and they are primarily used to connect the mainland with large islands.
Increasing investments in the renewable energy sector, technology advancements and favorable government initiatives are major factors driving the global submarine power cable market.
Furthermore, the increasing demand to generate electricity from offshore oil and gas facilities is another factor that propels the global submarine power cable market.
These cables are also employed by various telecom carrier providers and private companies, such as Google, Facebook, and Microsoft, to provide their services across the globe.
