Submarine Power Transmission Cable Market Outlook 2030 -
An electric power transmission system connects generators and loads by providing multiple paths between them. Submarine electricity transmission allows the transfer of energy beneath the surface of the water. Submarine power cables are large transmission cables that carry electric power beneath the water surface. These are referred to as "submarines" because they usually transport electric power beneath salt water (arms of the ocean, seas, and straits) but submarine power cables can also be used beneath freshwater (large lakes and rivers). Alternating current (AC) is used in majority of electrical power transmission systems as transformers can easily change voltages as needed. High-voltage direct current transmission requires a converter at each end of a direct current line to interface to an alternating current grid.
COVID-19 Impact Analysis
The governments have shut down day-to-day business operations by implementing a full-scale lockdown to combat the spread of the COVID–19. Labor unavailability and project completion delays are a few factors causing a decline in production, hampering the global submarine power transmission cable industry. The outbreak has led to significant impact on the global submarine power transmission cable market. New projects across the globe have come to a halt. The global factories have struggled to manufacture and assemble new devices as workers have remained at home, and even the already available devices in various warehouses cannot be transported due to current rules & regulations, which has disturbed the global supply chains. The impact of COVID-19 on the submarine power transmission cable market is temporary as only the production and supply chain are halted. The production, supply chains, and demand for these products is anticipated to increase once the situation improves. This is expected to provide opportunities for companies to consider ways of increasing production, research new technologies, and improve existing products. Companies take the initiative to launch a new type of production line that adheres to social distancing.
Top Impacting Factors
- The surge in demand for inter-country and island power connections as well as increase in demand from the offshore wind power sector drive the growth of the market.
- High frequency of submarine cables maintenance and repair work is expected to limit the submarine power transmission cables market.
- The ongoing expansion of offshore oil & gas platforms and rapid investments from government & private players can be seen as an opportunity for the market investments.
The Submarine Transmission Power Cable Market Trends are as Follows:
HVDC System to Witness Significant Growth
The submarine transmission of power is gaining importance on account of the increasing focus on power trading between countries. The HVDC submarine power transmission cable is considered as a critical technology for the development of future power transmission networks. It is also the only solution for transferring high power over long subsea distances. For these reasons, HVDC lines are preferred for connecting offshore wind plants globally. Submarine power cables can be less expensive in the HVDC transmission system, especially on a long links where the capacitance of the cable requires too much additional charging current. As a result, the transmission systems market will be promulgated g during the forecast period. For instance, Sumitomo Electric Industries Ltd., completed the connection of a high-voltage direct current (HVDC) interconnector cable system between the UK and Belgium, after the high voltage test. This system uses cross-linked polyethylene (XLPE) insulated DC cable to transmit a voltage of 400 kV. Factors, such as the increase in the number of offshore wind farms along with inter-connections between countries through submarine cables, are expected to increase the demand for submarine power transmission cable market during the forecast period.
Increasing Demand form Offshore Wind Power Sector
The Indian offshore wind power market is still in its early stages with a potential of around 60 GW. The potential areas for offshore wind power in the country are located along the coasts of Gujarat and Tamil Nadu. The Ministry of New and Renewable Energy is focusing on offshore wind power development. In early 2019, Ministry of New and Renewable Energy announced a draft offshore wind energy policy. The aforementioned scenario has fueled the demand for the submarine power cables to connect offshore wind farms to the grid.
Key Benefits of the Report:
- This study presents the analytical depiction of the submarine transmission power cable market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with challenges of the submarine transmission power cable market.
- The current market is quantitatively analyzed to highlight the growth scenario of the submarine transmission power cable market.
- The report provides a detailed submarine transmission power cable market analysis based on competitive intensity and the competition that will take shape in coming years
Questions Answered in the Submarine Transmission Power Cable Market Research Report:
- Who are the leading market players active in the submarine transmission power cable market?
- What would be the detailed impact of COVID-19 on the market?
- What are the current trends that would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the submarine transmission power cable market?
- What are the future projections that would help in taking further strategic steps?
Submarine Power Transmission Cable Market Report Highlights
By Conductor Material
By End User
Key Market Players
KEI Industries Limited, HENGTONG GROUP CO., LTD, TELE-FONIKA Kable S.A., Jiangsu Zhongtian Technology Co. Ltd. (ZTT), LS Cable & System Ltd., Furukawa Electric Co., Ltd, Prysmian Group, Nexans SA, NKT A/s, Sumitomo Electric Industries, Ltd