Acumen research and consulting estimates that the global subsea power grid systems market is anticipated to grow at a CAGR of around 9% in terms of revenue during the forecast period 2020 – 2027.
The idea of the method of producing distributed energy is not unique and differs across countries around the world. The increasing demand of the oil and gas companies for power systems to manage the numerous equipment fuels development in the subsea power grid system market. Moreover, the development of the market for subsea energy grid services booms in the discovery of oil and gas in deep and ultra-depth oceans. Furthermore, the growth of the subsea power system industry is driven by a increasing emphasis on producing electricity from renewable sources such as ocean wind, solar and tidal power.
It is projected that the global demand for subsea power grid systems is increasing significantly due to the extreme rising oil and gas exploration activities around the world. The ever increasingly declining availability of fossil fuels and onshore oil supplies also contributed to an growing number of offshore oil and gas systems, and thus increased competition for sub-sea power grid systems, which is projected to boost the increasingly competitive market in sub-sea power systems. The increasing demand for energy from different economies around the world, especially developing economies, is expected to fuel global market growth. It is also projected that technical advances in the power and energy sectors will fuel global demand growth. In fact, reserves which are already on the edge of depletion require more power to produce compression, so pumping energy would boost the need for underwater electrical grid systems. Therefore, high demand for subsea power grid systems contributes to the development over the projected period of global subsea power grid systems.
The market research study on “Subsea Power Grid Systems Market (By Component: Cables, Variable Speed Drives, Transformers, Switchgears, Others; By Power Supply: Captive Generation, Wind Power, Others; By Application: Captive Generation, Wind Power, Others) - Global Industry, Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers detailed insights on the global subsea power grid systems market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report provides insights on global subsea power grid systems market are offering technology, application, end-users and major geographic regions. The subsea power grid systems market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
The focus on exploring shale deposits in the region is projected to slow demand development in North America. As a result of growing investment in prospective overseas areas such as Norway and the government's rising efforts at wind power production, the European subsea power grid system demand is expected to expand. Due to the enhanced depth of the oil and gas exploration operations in the countries, CSA and MEA countries are anticipated to show tremendous development over the projected period. Increased energy demand and large coastal areas in the Asia-Pacific region are projected to have positive impacts on regional demand. Due to the expansion of gas and oil explorations in tandem with increased compatible infrastructural growth in the region, the Middle East market is also expected to grow at a strong CAGR over the projected period.
Major players included in this report Aker Solutions, ABB, General Electric Company, Nexans S.A., JDR Cable Systems Ltd., Oceaneering International, Inc., Prysmian Group, Schlumberger Limited, Siemens AG, TechnipFMC plc, and others. Market players conduct R&D activities aimed at implementing production processes which reduce the cost of production. They also aim to develop long-lived structures and lower maintenance costs. In order to track stability and to anticipate unsafe conditions, market participants implement automated condition management systems to prevent unexpected disruptions and to assess improvements. They also use advertising strategies to reach low penetrated markets. Many industry players are preparing these measures to raise the demand for products during the projected period.
The global subsea power grid systems market is segmented as below:
Subsea Power Grid Systems Market By Component
Subsea Power Grid Systems Market By Power Supply
Subsea Power Grid Systems Market By Geography
Middle East & Africa
The subsea power grid systems market is anticipated to grow around 9% CAGR amid the forecast period 2020-2027.
Increasing depletion of fossil fuel reserves and onshore oil reserves have resulted in increasing offshore oil and gas exploration processes, which has subsequently increasing demand for power grid systems at subsea is the major drivers for the growth of the subsea power grid systems market.
A high-risk factor associated with such operations and technological criticality related to grid systems are a major factor expected to restraint the growth of the market.
Major players included in subsea power grid systems market such as Aker Solutions, ABB, General Electric Company, Nexans S.A., JDR Cable Systems Ltd., Oceaneering International, Inc., Prysmian Group, Schlumberger Limited, Siemens AG, TechnipFMC plc, and others.
Europe held maximum share in 2019 for subsea power grid systems market.
Asia Pacific is projected to grow at a fast pace during forecast period from 2020-2027.
Cables, Variable Speed Drives, Transformers, Switchgears and Others are the components of subsea power grid systems market.