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3. Submarine Power Cable Industry - Emerging Trends Making Great Impact

The global submarine power cable market is projected to reach USD 22.3 billion by 2028 from an estimated USD 12.9 billion in 2023, at a CAGR of 11.5% during the forecast period. The submarine power cable market refers to the industry that manufactures, installs, and maintains power cables meant to carry energy underwater. These cables are used for a variety of purposes, including connecting power grids across countries or regions separated by water, connecting offshore renewable energy sources like wind farms or tidal turbines to onshore power grids, and supplying power to offshore oil and gas platforms.

Here are some emerging trends making a significant impact on the submarine power cable industry:

• Renewable Energy Expansion
• Technological Advancements
• Interconnection Projects
• Energy Transition Initiatives
• Deepwater Projects
• Demand for HVDC Technology
• Focus on Reliability and Resilience

These emerging trends collectively shapes the global future of submarine power cable market

To know about the assumptions considered for the study download the pdf brochure

Renewable Energy Expansion:

The growing number of offshore wind farms and other renewable energy projects is pushing up demand for undersea power lines. These cables are critical for transporting electricity from offshore renewable energy sources to onshore systems, thereby accelerating the transition to sustainable energy.

Technological Advancements:

Continuous improvements in cable design, materials, and manufacturing methods improve the efficiency, dependability, and longevity of underwater power cables. Higher voltage ratings, improved insulation materials, and improved cable protection systems are among the innovations that are improving submarine cable system performance.

Interconnection Projects:

The expansion of interconnection projects between nearby countries or regions is driving up demand for undersea power cables. These initiatives seek to improve energy security, facilitate cross-border electricity commerce, and maximize the use of renewable energy sources.

Energy Transition Initiatives:

Government policies and initiatives to reduce carbon emissions and promote renewable energy are pushing investment in undersea power cable infrastructure. As governments work to meet their climate commitments, there is rising support for increasing offshore renewable energy production and connecting offshore wind farms to onshore systems.

Deepwater Projects:

Advances in offshore technology are allowing the development of deepwater energy projects in places with difficult seabed conditions. Submarine power cables that can operate at higher depths are necessary to connect these projects to onshore grids, creating new opportunities for cable makers and installers.

Demand for HVDC Technology:

High Voltage Direct Current (HVDC) transmission is gaining popularity for long-distance submarine power cable projects due to its superior efficiency and lower transmission losses as compared to standard Alternating Current (AC) transmission. The use of HVDC technology is likely to increase, notably for intercontinental undersea power lines.

Focus on Reliability and Resilience:

With the critical role that submarine power cables play in energy infrastructure, there is a heightened emphasis on ensuring the reliability and resilience of these systems. This includes robust cable design, rigorous testing procedures, and the implementation of preventive maintenance strategies to minimize the risk of cable failures and downtime.

Related Reports

Submarine Power Cable Market by Core Type (Single-core, Multi-core), Voltage (Medium, High), Conductor Material (Copper, Aluminium), End Use (Offshore Wind, Inter-Country & Island Connection, Offshore Oil & Gas), Type and Region - Global Forecast to 2028