LONDON–According to the latest market study released by Technavio, the global submarine power cable market is expected to grow at a CAGR of more than 5% during the forecast period.
This research report titled ‘Global Submarine Power Cable Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the global submarine power cable market into the following type of end-users. They are:
- Offshore wind
- Island connection and inter-country
- Offshore oil
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The top three revenue-generating segments are discussed below:
Global submarine power cable market by offshore wind
The global submarine power cable market by offshore wind accounted for around 47% of the total market share in 2016. Offshore wind turbines produce more energy using fewer turbines when compared with conventional turbines. More than 80% of the world's offshore wind power generation capacity is installed in Europe. European countries have set a target that they will have more than 20% of their energy demand from renewables by 2030. To achieve this target, all these countries worked together and installed huge capacity offshore wind turbines in 2016. Countries such as Spain, Italy, Germany, and the UK are spending their major share of revenues for building up power generation plants.
According to Gaurav Mohindru, a lead analyst at Technavio for unit operations research, “APAC is also witnessing rapid growth in the global submarine power cable market and is expected to register a CAGR of more than 6% during the period 2017-2021. The major share in APAC will come from China and India owing to the huge amount of investments in offshore wind power generation projects over the past few years.”
Global submarine power cable market by island connection and inter-country
In 2016, the global submarine power cable market by island connection and inter-country occupied for more than 37% of the total market share. Around the IEA, more than 1 billion people lack access to electricity of which more 95% living without electricity are from sub-Saharan Africa and developing Asia. Offering access to these unserved population is expected to increase the demand for electricity. India government has planned to cater to the growing demand for electricity and lay more emphasis on renewable energy sources. Also, there are even programs in Africa to create a mini-grid using only renewable sources of energy.
“The increasing demand for electric power is expected to drive power imports and trigger more demand for submarine power cables. Access to affordable and reliable electricity is important for businesses. This has led to rely more on self-supply to counter the weak electricity supply in developing islands,” says Gaurav.
Global submarine power cable market by offshore oil
The global submarine power cable market by offshore oil accounted for close to 10% of the total market share in 2016. The depletion of onshore reserves has compelled companies to focus on deep and remote locations for finding new reserves. This has been driving the offshore drilling services. Offshore drilling takes longer time compared to onshore drilling. This is resulting in long-term contracts for rigs. The shift toward offshore and ultra-deep drilling increases the complexity of the entire process, thereby enabling rig owners to command higher rates.
The prominent sellers highlighted by Technavio’s market research analysts in this report are:
- General Cable Technologies
- NKT Group
- Prysmian Group
- Sumitomo Electric Industries
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