Submarine Power Cable Market To Witness Increase In Revenues By 2030
Submarine Power Cable Market
Overview:
The global Submarine
Power Cable Market is expected to reach USD 19,071.3 million
by 2027 with CAGR of 12.5% during the forecast period of 2021 to 2027. Rising
number of offshore wind farms is expected to drive global market.
The increase in offshore
wind farms and the growing preference for offshore oil and petrol operational
processes are the main causes of the expansion. Throughout the anticipated
term, there should be chances for buyers and sellers in undersea electric lines
due to the rising need for islands and transborder energy interconnections.
Submersible powerline industry development is expected to be constrained during
the projected timeframe by the high installation costs and repair complexities.
COVID-19 has had a
significant influence on all global businesses. Authorities all over the world
have implemented stronger measures for the functioning of industrial plants and
offices, resulting in tighter shutoffs, as a result of the fast proliferation.
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The lockdown had a
notable impact on the power sector overall as power demand had decreased majorly
in the commercial and industrial sectors. Because of worker shortages and plant
closures, the infection also had a substantial impact on the factories that
made electrified barbed wire and components. The result was a drop in sales and
a difficult scenario for the enterprises to manage their working capital.
In addition, India's
weekly electricity usage has decreased by 28% since the countrywide shutdown
started in March 2020. This is a result of businesses in the commercial and
industrial sectors closing their headquarters and facilities. Because the
T&D losses suffered are more than what was first anticipated, distributing
firms have had to incur higher aggregate commercial and technological
(AT&C) losses than the thresholds established by the regulations.
The market for submarine
power cables is anticipated to expand gradually over the projected timeframe as
a result of the continued worldwide growth in energy consumption. The main
factors driving the rise in power consumption worldwide are growing income,
more access to electricity, and urbanization.
In 2019, the world’s
largest electricity consumption increased by 2.3% compared to 2018, mostly as a
result of rising temperatures and conditioning demands. To reduce carbon
emissions and encourage sustained development worldwide, power-producing
businesses have been concentrating on the production of alternative power. In
addition, there is a need to expand the proportion of sustainable sources of
energy in the power grid due to growing worries about increasing carbon
pollution and measures to reduce them.
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Market segmentation:
This market is segmented
into five major groups that are type, type of insulation, voltage, conductor
material, and end-use.
Based on the type of this
market is segmented into the single-core and multi-core. Based on the type of
insulation this is divided into cross-linked polyethylene (Xlpe) and Ethylene
Propylene rubber (Epr).
Based on voltage this is
divided into the up to 66Kv, 66Kv to 220 Kv, and above 220 kV. Based on the conductor
material is divided into Copper and Aluminium. And in last based on the end-use
of the product, this is divided into Offshore wind power generation, offshore
Oil & gas, island connection, and Wave & tidal power generation.
Regional classification:
This market is classified
into five major regions that are south America, Asia-Pacific, Europe, North
America, and Middle East & Africa.
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Key Players
- Prysmian Group
- NKT A/S
- Nexans SA
- Sumitomo Electric Industries Limited
- ABB Ltd.
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