Power Grid System Market

Market Leaders - Power Grid System Market in Subsea

The global power grid system market in subsea is projected to reach USD 14.8 billion by 2027 from an estimated USD 9.1 billion in 2022, at a CAGR of 10.2% during the forecast period. The increased deepwater oil and gas exploration activities due to depleting onshore fossil fuel reserves and favorable government policies for offshore renewable power production, especially using wind energy is expected to drive the demand for global power grid system market in subsea. According to the BP Statistical Review of 2021, the top countries with the most untapped oil reserves include the US, Saudi Arabia, and Russia. Discoveries of such reserves will lead to increased well drilling and production activities. This will support the growth of the power grid system market in subsea.

The global power grid system market in subsea is served by a mix of large international players with operational presence across the globe and local players commanding a strong supply network in the domestic market. The leading players in the global power grid system market in subsea include Prysmian Group (Italy), Nexans (France), TechnipFMC (UK), General Electric (US) Baker Hughes (US), ABB (Switzerland), and Siemens Energy (Germany).

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Prysmian Group is one of the leading manufacturers of underground and submarine cables and systems for power transmission and distribution, as well as medium- and low-voltage cables for the construction and infrastructure sectors. The company also produces a comprehensive range of optical fibers, copper cables, and connectivity systems for voice, video, and data transmission in the telecommunications vertical. Prysmian Group operates through three business segments: Energy, Projects, and Telecom. It offers subsea power grid cables through its submarine power business, which is part of the Projects business division. The Projects segment incorporates high-voltage underground, submarine power, submarine telecom, and offshore specialties projects and their execution. The company engineers, produces, and installs high- and extra-high-voltage cables for electricity transmission from power plants and transmission and distribution grids. The company also offers laying and post-laying services, grid monitoring and preventive maintenance services, power line repair and maintenance services, and emergency services. In addition, Prysmian Group engineers, produces, and installs “end-to-end” submarine cable solutions for power transmission and distribution applications. The products offered include cables with different types of insulation: cables insulated with layers of oil or fluid-impregnated paper for AC and DC transmission up to 700 kV; cables insulated with extruded polymer for AC transmission up to 400 kV and DC transmission up to 600 kV. The Group uses specific technological solutions for power transmission and distribution applications in underwater environments, satisfying the strictest international standards. Prysmian Group has its presence in over 50 countries, with a network of 104 plants and 25 R&D centers. The company operates 23 plants in North America, 13 in Latin America, 48 in Europe, 13 in Asia Pacific, and 7 in the Middle East & Africa. As of December 2020, the company held about 5,581 patents, including patent applications undergoing evaluation covering 806 inventions. The company focuses on adopting strategies such as sales contracts and agreements. For instance, in December 2021, Prysmian Group was awarded two new offshore wind farm projects by Vineyard Wind in the US for a total of approximately USD 900 million. The first cabling project, worth around USD 300 million, will connect the 804 MW Park City offshore wind farm to the electricity grid in Connecticut. .  The Commonwealth Wind cabling project is worth USD 580 million. Prysmian Group will design, supply, install, and commission three export submarine power cable links and supply HVAC 275 kV three-core cables with XLPE insulation and single-wire armoring to connect the Commonwealth Wind to the electricity grid in Massachusetts.

Nexans manufactures copper, aluminum, polyvinyl chloride (PVC), and lead cables for various industries, including building and construction, marine, oil & gas, and communications. It also provides a range of cables and cabling systems for power transmission and distribution applications, as well as for energy resources. Its global consumers include telecommunication operators, cable installers, digital giants, and energy producers. The company operates through five business segments: High Voltage & Projects, Industry & Solutions, Building & Territories, Telecom & Data, and Other Activities. The company offers subsea power grid systems through its High Voltage & Projects business segment. Nexans is a world leader in high-voltage submarine applications. The company facilitates clean energy production to meet growing worldwide demand. The High Voltage & Projects business segment provides support to customers in finding, designing, engineering, deploying, and commissioning the right cable systems, as well as in asset management. Nexans offers turnkey solutions useful in varieties of applications, ranging from designing cables to their commissioning. Its solutions are also used for robotically burying cables in the sea to protect them from damage. It serves markets such as offshore wind farms, subsea interconnections, land high-voltage, and smart solutions for the oil & gas sector for direct electric heating and subsea heating cables. Prysmian Group has its presence in the Americas, Africa, Asia, Europe, and Oceania. The company has its production capacities in Norway and Japan. It owns one of the world’s most powerful and best-equipped cable-laying vessels. The company focuses on adopting strategies such as sales contracts. For instance, in January 2022, Nexans received a contract under the frame agreement to manufacture approximately 110 km of high-voltage subsea cables to South Fork Wind, a joint venture between Ørsted and Eversource. The three-phase 138 kV high-voltage alternative current (HVAC) subsea export cables will be integrated with two fiber-optic cables and transmit 132 MW of electricity to Long Island, New York.

Related Reports:

Power Grid System Market in Subsea by Component (Cables, Variable Speed Drives, Transformers, Switchgears), Application (Captive Generation, Wind Power), Depth (Shallow Water and Deepwater) and Region - Global Forecast to 2027

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Power Grid System Market Size,  Share & Growth Report
Report Code
EP 1554
RI Published ON
3/29/2022
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