Mexico Submarine Power Cable Market To Expand with Significant CAGR During 2022-2031
Submarine Power Cable Market Outlook 2031
The global submarine power cable market was valued over US$ 6.9 Bn in 2021
It is estimated to expand at a CAGR of 12% from 2022 to 2031
The global submarine power cable market is expected to surpass the value of US$ 21.7 Bn by the end of 2031
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Submarine Power Cable Market: Overview
Submarine power transmission cables carry electrical power through the sea and below the surface. These cables are designed to withstand specific pressure and temperatures. Moreover, if required, these cables can be used in lake beds or river beds to transmit electricity across cities. The use of submarine cable usage for inter country and island connection is expected to increase energy trade and power supply to remote locations. These cables are employed in inter-country and island connection, offshore oil rings, offshore wind power generation, and other areas.
The demand for high-performance submarine power cables is expected to increase, as an increasing number of offshore wind parks are being installed, and the national electric grid is being interconnected. Submarine power cables are installed for the highest voltages and power to transport electric energy under the sea between islands, countries, and even continents. A submarine power cable is a vital component of offshore renewable energy projects such as wind farms. However, installation and operation of submarine power cables are much different from land cables and require more sophisticated technologies.
Rise in Demand for Cross-border Interconnected Grid to Drive Global Submarine Power Cables Market
International power grid interconnections provide links between electricity transmission systems of two or more adjoining countries and thus, interconnections enable those countries to share power generation resources. The demand for submarine power cables is increasing in cross-border power grid connections in order to improve reliability of power network and reduce investment.
The longest subsea interconnector cable in the world runs for 590 kilometers between the Netherlands and Norway. The U.K. has four subsea cable interconnectors linking with France, the Netherlands, Ireland, and Northern Ireland with several more proposed or under development. The presence of a permanent cable connection between countries in Europe enables increased security in supply to the U.K. and the opportunity for countries on both sides of the interconnector to benefit from lower cost energy supply afforded by different energy markets at various times in the year.
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Major Players Analysis
The global submarine power cable market is consolidated with a small number of large-scale vendors controlling majority of the market share. Several firms are spending significant sums of money on absolute research & development, primarily to develop environment-friendly products. Expansion of product portfolios and mergers & acquisitions are key strategies adopted by major players. ABB Ltd, General Cable Corp, Nexan SA, NKT SpA, Prysmian Group, Sumitomo Corp, Furukawa Electric Group, LS Cable & System, Hengton Group Co. Ltd., KEI industries Ltd., and Hydro Group plc. are prominent entities operating in the market.
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