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The global submarine electrical system market size is experiencing significant growth and is expected to grow considerably in the next few years. Marine transportation is one of the fastest-growing sectors, owing to the rise in world trade demand for container ships, fighter ships, submarines, and cruise. Power supply requirement in these ships is met by submarine electrical systems that can provide high voltage direct current via power transmission systems, which can use direct current for huge power transmission over long routes. Such submarine electrical power systems allow carrying power between countries via submarine cables to offshore installations, for example, ocean science observatories and oil/gas platforms.
COVID-19 scenario analysis:
The global submarine electrical system market is likely to grow in the near future due to the development of overseas power transmission networks. The development of power generation infrastructure results in an increased requirement of power evacuation system. The submarine power system has been in use for more than a century. Earlier, it was broadly used for isolated offshore facilities and lighthouses. Though, in recent times, the usage has become widespread, covering offshore wind, long-distance power transmission, network interconnections, and increased number of islands connected to the mainland grid. Furthermore, the power trading between countries is likely to grow, which requires the development of electricity transmission systems between the concerned countries. The submarine transmission of DC electricity can be economically more beneficial than overhead transmission, as break-even distance is 50 kilometers. Therefore, the long-distance power transmission via submarine transmission infrastructure results in economies of scale. Attributed to technological innovation and increasing M&A activities, many regional and local vendors are proposing exact application products for diverse end-users, thereby driving the submarine electrical system market growth. However, new players in the market are finding it firm to contend with international vendors based on innovations in technology, reliability, and quality.
The wind turbine power generation sector, which is witnessing an increasing share of the offshore wind generation capacity and decrease in the cost of offshore wind power generation are anticipated to drive the submarine electrical system market. Furthermore, the growing oil & gas activity in the offshore sector leads to growth in offshore infrastructure, where submarine cables are being deployed for connecting the onshore power generation grid to offshore installations. Though, high frequency of maintenance & repair work needed for submarine cables is expected to act as constrain for the submarine electrical system market growth.
The submarine transmission of electricity is gaining importance on account of growing focus on power trading between countries. The HVDC submarine power transmission system is considered as a major technology for the development of future power transmission networks. It is also the solitary solution available for the transfer of high power across long subsea distances. For these reasons, HVDC lines are chosen for interconnecting offshore wind plants worldwide. In HVDC transmission system, the submarine power cables can be less costly, particularly on a long link where the capacitance of the cable requires too much additional charging current. Factors, such as rising number of offshore wind farms and inter-connections between countries through submarine cables, are expected to increase the demand for submarine transmission systems over the forecast period.
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