Global Submarine Power Cable Market 2017-2021
About Submarine Power Cable
Submarine power cables are used to transmit electricity below the ocean, that is, deep under the sea bed. These cables are used to transfer electricity from offshore wind turbines, tidal power projects, and onshore locations to oil rigs as well as to transmit electricity across countries or islands. Countries such as the UK and Germany that generate huge amounts of renewable energy through wind turbines use submarine power cables to export it to neighboring countries having less energy generation capacity.
Technavio’s analysts forecast the global submarine power cable market to grow at a CAGR of 5.12% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global submarine power cable market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Submarine Power Cable Market 2017-2021
Technavio recognizes the following companies as the key players in the global submarine power cable market: General Cable Technologies, Nexans, NKT Group, Prysmian Group, and Sumitomo Electric Industries.
Other Prominent Vendors in the market are: Belden, Hangzhou Cable, Hengtong Marine Cable System, KEI Industries, LS Cable & System, Southwire, and ZTT.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is bladeless wind turbines. Offshore wind turbine is one of the major end-user segments of the submarine power cable market as the energy generated from offshore wind farms is transported using these cables. With the change in trend toward renewable energy projects, wind turbines have become one of the main sources of renewable energy in both onshore and offshore segments.”
According to the report, one driver in the market is increasing inter-country and island connections. According to the IEA, there will be a 40% rise in power demand, with most of the power satisfied with the help of renewable sources of energy owing to increasing environmental concerns. As a result, most of the countries are trying to invest on renewable projects such as wind and tidal energy projects that will increase the demand for submarine power cables. However, there are many countries or islands that are not able to generate electricity according to their demand.
Further, the report states that one challenge in the market is damages caused to cables by human interventions. Cables are easily exposed to damages owing to the manufacturing material used in them. Also, in the case of submarine cables, damages can occur due to several reasons. The major reason for the damages in submarine power cables is owing to the accidental issues created by fishing boats or ships. To reduce this risk, cables are laid deep under the seabed by taking trenches. However, accidents still happen as the anchor of the ships gets hooked to these cables.
General Cable Technologies, Nexans, NKT Group, Prysmian Group, Sumitomo Electric Industries, Belden, Hangzhou Cable, Hengtong Marine Cable System, KEI Industries, LS Cable & System, Southwire, and ZTT.