Subsea Power Grid Market Overview
According to a recent survey conducted by ChemView Consulting, the Global Subsea Power Grid Market grew at a CAGR of 9.5% between 2017-2021 and is estimated to be US$ 7,912.3 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 11.0% and is expected to reach a valuation of US$ 22,466.4 Mn by 2032 end.
Throughout the projected period, the market is anticipated to grow in response to rising demand for dependable and continuous power supply from end-use industries such as industrial, telecom, data centers, maritime, and medical
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ChemView Consulting has analyzed that Subsea power grid systems are gaining momentum as oilfield operators move toward deep and ultra-deepwater levels for exploring oil and gas reserves. Wind power is also one of the prominent applications for subsea power grid systems.
Favorable government policies for offshore renewable power production, especially wind energy, and the urgent need to reduce carbon emissions and improve grid reliability and efficiency are expected to drive the demand for subsea power grid systems.
Segments Covered in Report
By Component:
- Cables
- Variable Speed Drives
- Transformers
- Switchgears
- Others (connectors, actuators, sensors, and penetrators)
By Application:
- Captive Generation
- Wind Power
- Others (tidal power, solar power, and diesel & gas based floating power plants)
By Depth:
- Shallow Water
- Deepwater
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
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Key Takeaways from the Subsea Power Grid Market
- Based on the depth, shallow water had the greatest revenue share. The market in shallow water is anticipated to lead the subsea as major oil and gas exploration, and production activities are performed in shallow waters. The Asia Pacific is likely to lead the market in subsea for the shallow water segment during the review period, followed by the Middle East.
- Based on the application, the Captive Generation application market will rule. The subsea captive generating electric grid is a system that acts as a medium for supplying and distributing electricity from various sources in the deep sea, located within 500 meters of the shoreline.
- Based on Region, the North American market held a sizeable revenue share of 28.9% in 2021. North America is expected to hold a significant market share in the forecast period. In this Region, governments have taken measures to promote renewable energy and limit emissions of greenhouse gases. North American countries are keen on utilizing renewable sources such as solar and wind, which has significantly increased demand for these sources over the past few years.
Competition Summary
Key companies covered in the market study are General Electric, Hitachi Energy, Intertek Group, J+S Subsea, ABB, Aker Solutions ASA, LS Cable & System, Nexans, NKT, Oceaneering International, Prysmian Group, Apar Industries, Baker Hughes, Deep C, DEME, Furukawa Electric Co., Ltd.,
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
About ChemView Consulting
ChemView Consulting is a leading information, market intelligence, and business consulting firm serving clients worldwide in Chemical & Materials, Food & Beverage, Oil & Gas, Clean Energy & Power, and Packaging domains. In their business transformation journey, we have been collaborating with global enterprises, including 70% of the largest Forbes 1000 enterprises, helping them deliver on their business ambitions. ChemView Consulting serves clients in approximately 100 countries, with its office in New York, U.S., and Pune, India.
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