Market Overview:
The global subsea power grid market is expected to grow at a CAGR of XX% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing demand for electricity, rising investments in renewable energy sources and technological advancements. Based on type, the cable segment is expected to hold the largest share of the global subsea power grid market during the forecast period. This can be attributed to its ability to transmit large amounts of electricity over long distances without any loss in transmission quality. Based on application, industrial electricity is expected to hold the largest share of the global subsea power grid market duringthe forecast period.
Product Definition:
A subsea power grid refers to a network of submarine cables and related infrastructure used to distribute electric power from shore-based generating plants to coastal communities and offshore industrial facilities. The importance of a subsea power grid lies in its ability to provide a reliable, secure, and cost-effective source of electric power for coastal communities and offshore industrial facilities.
Cable:
Cable is an electrical transmission medium used for the distribution of electric power. It consists of a metallic conductor wire that is enclosed in a protective jacket, called as the cable sheath. The total number of wires in a cable depends on its application; for instance, high voltage (HV) cables have more than 1000 wires while low-voltage (LV) cables usually have around 100 wires.
Variable Speed Drive:
The variable speed drive (VSR) is a power electronic device that controls the speed of the subsea pumps. It varies the flow of oil from one pump to another as per requirement. The VSRs are used in offshore drilling activities for efficient extraction and transportation of crude oil at different levels in the wellbore.
Application Insights:
The industrial electricity segment dominated the global subsea power grid market in terms of revenue share in 2017. The application is projected to witness significant growth over the forecast period due to rising demand for efficient and flexible power solutions from various industries such as oil & gas, petrochemicals, pulp & paper, aluminum production and steel manufacturing.
Industrial applications include utilities along with chemical plants that require a large amount of energy for their operations. These types of applications need a stable supply of electricity without any interruptions which is where subsea power grids come into play as they can provide continuous supply throughout the day. This factor is expected to have a positive impact on industry growth during the forecast period.
Residential electricity also has considerable growth prospects owing to increasing urbanization coupled with rising disposable income levels among developing countries like India.
Regional Analysis:
Asia Pacific region accounted for the largest revenue share in 2017 and is expected to continue its dominance over the forecast period. The growth of this region can be attributed to increasing demand for electricity from developing countries such as China, India, Indonesia, Malaysia and Thailand. Moreover, rising investments by governments in subsea power grid technologies are also contributing towards market growth across this region. For instance; In July 2018; Government of India announced USD X billion investment plan for development of renewable energy projects including wind farms and solar photovoltaic plants with an aim to reduce carbon footprint while simultaneously meeting growing energy demand across the country.
Europe is anticipated to witness significant growth over the forecast period owing to increased focus on offshore wind farms along with other forms of renewable energy generation such as wave power.
Growth Factors:
- Increasing demand for energy due to population growth and industrialization
- Rising concerns over climate change and its impact on the environment
- Proliferation of renewable energy sources such as wind and solar, which need to be integrated into the grid for efficient operation
- Development of new technologies that make it easier and more cost-effective to install and operate subsea power grids
- Growing interest from investors in this sector due to the potential for high returns
Scope Of The Report
Report Attributes
Report Details
Report Title
Subsea Power Grid Market Research Report
By Type
Cable, Variable Speed Drive, Transformer, Switch Cabinet, Others
By Application
Industrial Electricity, Residential Electricity
By Companies
Siemens AG, ABB Ltd, Aker Solutions ASA, Bandak Group AS, Cameron International Corp, Dril-Quip Inc., Expro International Group Holdings Limited, FMC Technologies Inc., General Electric Co., JDR Cable Systems (Holdings) Ltd, Siemens AG, Norddeutsche Seekabelwerke Gmbh (NSW), Oceaneering International Inc., Parker Hannifin Corporation, Prysmian Group, Schlumberger Limited, SIEM Offshore Contractors, Technip SA
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
129
Number of Tables & Figures
91
Customization Available
Yes, the report can be customized as per your need.
Global Subsea Power Grid Market Report Segments:
The global Subsea Power Grid market is segmented on the basis of:
Types
Cable, Variable Speed Drive, Transformer, Switch Cabinet, Others
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Industrial Electricity, Residential Electricity
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Siemens AG
- ABB Ltd
- Aker Solutions ASA
- Bandak Group AS
- Cameron International Corp
- Dril-Quip Inc.
- Expro International Group Holdings Limited
- FMC Technologies Inc.
- General Electric Co.
- JDR Cable Systems (Holdings) Ltd
- Siemens AG
- Norddeutsche Seekabelwerke Gmbh (NSW)
- Oceaneering International Inc.
- Parker Hannifin Corporation
- Prysmian Group
- Schlumberger Limited
- SIEM Offshore Contractors
- Technip SA
Highlights of The Subsea Power Grid Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Cable
- Variable Speed Drive
- Transformer
- Switch Cabinet
- Others
- By Application:
- Industrial Electricity
- Residential Electricity
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Subsea Power Grid Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
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- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Subsea power grid is a network of cables and turbines that send electricity from offshore wind farms to the mainland.
Some of the major companies in the subsea power grid market are Siemens AG, ABB Ltd, Aker Solutions ASA, Bandak Group AS, Cameron International Corp, Dril-Quip Inc., Expro International Group Holdings Limited, FMC Technologies Inc., General Electric Co., JDR Cable Systems (Holdings) Ltd, Siemens AG, Norddeutsche Seekabelwerke Gmbh (NSW), Oceaneering International Inc., Parker Hannifin Corporation, Prysmian Group, Schlumberger Limited, SIEM Offshore Contractors, Technip SA.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Subsea Power Grid Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Subsea Power Grid Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Subsea Power Grid Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Subsea Power Grid Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Subsea Power Grid Market Size & Forecast, 2018-2028
4.5.1 Subsea Power Grid Market Size and Y-o-Y Growth
4.5.2 Subsea Power Grid Market Absolute $ Opportunity
Chapter 5 Global Subsea Power Grid Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Subsea Power Grid Market Size Forecast by Type
5.2.1 Cable
5.2.2 Variable Speed Drive
5.2.3 Transformer
5.2.4 Switch Cabinet
5.2.5 Others
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Subsea Power Grid Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Subsea Power Grid Market Size Forecast by Applications
6.2.1 Industrial Electricity
6.2.2 Residential Electricity
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Subsea Power Grid Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Subsea Power Grid Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Subsea Power Grid Analysis and Forecast
9.1 Introduction
9.2 North America Subsea Power Grid Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Subsea Power Grid Market Size Forecast by Type
9.6.1 Cable
9.6.2 Variable Speed Drive
9.6.3 Transformer
9.6.4 Switch Cabinet
9.6.5 Others
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Subsea Power Grid Market Size Forecast by Applications
9.10.1 Industrial Electricity
9.10.2 Residential Electricity
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Subsea Power Grid Analysis and Forecast
10.1 Introduction
10.2 Europe Subsea Power Grid Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Subsea Power Grid Market Size Forecast by Type
10.6.1 Cable
10.6.2 Variable Speed Drive
10.6.3 Transformer
10.6.4 Switch Cabinet
10.6.5 Others
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Subsea Power Grid Market Size Forecast by Applications
10.10.1 Industrial Electricity
10.10.2 Residential Electricity
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Subsea Power Grid Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Subsea Power Grid Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Subsea Power Grid Market Size Forecast by Type
11.6.1 Cable
11.6.2 Variable Speed Drive
11.6.3 Transformer
11.6.4 Switch Cabinet
11.6.5 Others
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Subsea Power Grid Market Size Forecast by Applications
11.10.1 Industrial Electricity
11.10.2 Residential Electricity
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Subsea Power Grid Analysis and Forecast
12.1 Introduction
12.2 Latin America Subsea Power Grid Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Subsea Power Grid Market Size Forecast by Type
12.6.1 Cable
12.6.2 Variable Speed Drive
12.6.3 Transformer
12.6.4 Switch Cabinet
12.6.5 Others
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Subsea Power Grid Market Size Forecast by Applications
12.10.1 Industrial Electricity
12.10.2 Residential Electricity
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Subsea Power Grid Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Subsea Power Grid Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Subsea Power Grid Market Size Forecast by Type
13.6.1 Cable
13.6.2 Variable Speed Drive
13.6.3 Transformer
13.6.4 Switch Cabinet
13.6.5 Others
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Subsea Power Grid Market Size Forecast by Applications
13.10.1 Industrial Electricity
13.10.2 Residential Electricity
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Subsea Power Grid Market: Competitive Dashboard
14.2 Global Subsea Power Grid Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Siemens AG
14.3.2 ABB Ltd
14.3.3 Aker Solutions ASA
14.3.4 Bandak Group AS
14.3.5 Cameron International Corp
14.3.6 Dril-Quip Inc.
14.3.7 Expro International Group Holdings Limited
14.3.8 FMC Technologies Inc.
14.3.9 General Electric Co.
14.3.10 JDR Cable Systems (Holdings) Ltd
14.3.11 Siemens AG
14.3.12 Norddeutsche Seekabelwerke Gmbh (NSW)
14.3.13 Oceaneering International Inc.
14.3.14 Parker Hannifin Corporation
14.3.15 Prysmian Group
14.3.16 Schlumberger Limited
14.3.17 SIEM Offshore Contractors
14.3.18 Technip SA
