Subsea Power Grid System Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 8.00 % |
| Fastest Growing Market | Middle-East and Africa |
| Largest Market | Europe |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Subsea Power Grid System Market Analysis
Subsea Power Grid System Market is poised to grow at a CAGR of 8% during the forecast period.
COVID-19 moderately impacted the market in 2020. Currently. The market has reached pre-pandemic levels.
- With depleting onshore hydrocarbon reserves, the petroleum market is shifting towards offshore exploration, which will create considerable market demand in the forecast period. With advancements in renewable energy in the offshore environment, the market is expected to grow in the near future.
- On the other hand, with declining investments in the oil and gas market in 2020, and the COVID-19 pandemic, the demand for the offshore power grid is likely to be restrained in the forecast period.
- An increase in offshore oil and gas exploration projects, especially deepwater projects, is estimated to create massive opportunities in the untapped areas for the subsea power grid system market.
- Middle-East and Africa is expected to witness significant growth owing to the offshore oil and gas activities and plans to develop offshore wind energy.
Subsea Power Grid System Market Trends
This section covers the major market trends shaping the Subsea Power Grid System Market according to our research experts:
Wind Energy to Witness Significant Growth
- As energy demand is rising, major countries and companies across the globe are turning toward the adoption of renewable energy as it can provide clean energy. The adoption of offshore wind energy with advanced technology attracted countries and companies to high investment.
- According to data from the Global Wind Energy Council, China's offshore wind energy capacity was 27.68 GW in 2021, a rise of 16.9 GW compared to the previous year.
- Moreover, in November 2022, In East China, the nation's first 16-megawatt offshore wind turbine rolled off the assembly line. A single unit can fulfill the annual electricity needs of more than 36,000 urban families, and also could create clean electricity at a rate of 66 million kilowatt-hours annually. Thus, with the increasing wind power capacity, the development of projects, and technological improvements in wind turbine technology, wind energy is expected to grow in the forecast period.
- A homegrown resource that supports the United States economic expansion is wind electricity. In 2021, more than 9% of the net energy produced in the nation was produced by wind turbines operating in all 50 states. The U.S. economy gained USD 20 billion from investments in new wind projects that same year.
- With further growth anticipated in the offshore wind energy installed capacity during the forecast period, wind energy is expected to drive the subsea power grid system market.
Middle-East and Africa to Witness Significant Growth
- The increasing rate of exploration and production of offshore oil wells and thriving investment in oil field developments in deeper waters is the major driving factor for the subsea power grid system market.
- In December 2021, Hitachi Energy was awarded a contract that has a high-voltage, direct current (HVDC-VSC) subsea power transmission system in the Middle East and North Africa (MENA) region. The transfer of cleaner and more effective power from the mainland to power ADNOC's offshore production facilities will be made possible by the HVDC Light technology and MACHTM digital control platform, resulting in a carbon footprint reduction of more than 30%.
- In August 2022, the Hail and Ghasha Gas Development Project announced drilling contracts. The project is the world's largest offshore sour gas development and a crucial component of ADNOC's efforts to make the United Arab Emirates gas self-sufficient. The drilling contract will also increase the demand for subsea power.
- In 2022, the Bul Hanine field renovation (Qatar Petroleum's largest project to be carried out) plans call for an investment of USD 11 billion which is located 120 km east of Qatar's coastline and currently produces with a rate of 40,000 barrels per day. The project is likely to drive the subsea power market in the forecast period.
- The increasing number of offshore projects combined with the increasing share of offshore oil production is expected to drive the need for offshore power supply also.
Subsea Power Grid System Industry Overview
The Subsea Power Grid System Market is moderately consolidated. Some of the major companies (not in a particular order) include Aker Solutions ASA, ABB Ltd, General Electric Company, Siemens Gamesa Renewable Energy S.A, and MHI Vestas Offshore Wind A/S.
Subsea Power Grid System Market Leaders
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ABB Ltd
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General Electric Company
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Aker Solutions ASA
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Siemens Gamesa Renewable Energy S.A.
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MHI Vestas Offshore Wind A/S
*Disclaimer: Major Players sorted in no particular order
Subsea Power Grid System Market News
- In February 2023, Prysmian Group completed the cable laying and burial operations for the submarine power interconnection between Ibiza and Formentera in Spain. The system comprises around 27 kilometers of submarine cables and 10 kilometers of land cables, both manufactured at the company's plant in Arco Felice in Naples, Italy.
- In April 2022, Subsea cable manufacturer XLCC announced that the company would build a factory in Hunterston, Scotland, and its first output will be for the Xlinks Morocco-UK Power Project. The project is a 10.5 GW solar and wind farm developed in the Guelmim-Oued Noun region of Morocco. It will deliver sustainable energy to the United Kingdom via undersea cables.
Subsea Power Grid System Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of Study
1.2 Market Definiton
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Power Generation Type
5.1.1 Captive Generation
5.1.2 Wind Energy
5.1.3 Others
5.2 Geogrpahy
5.2.1 North America
5.2.2 Europe
5.2.3 Asia-Pacific
5.2.4 South America
5.2.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 ABB Ltd
6.3.2 General Electric Company
6.3.3 Aker Solutions ASA
6.3.4 Siemens Gamesa Renewable Energy S.A.
6.3.5 MHI Vestas Offshore Wind A/S
6.3.6 Abu Dhabi National Energy Co PJSC
6.3.7 TechnipFMC plc
6.3.8 Siemens AG
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Subsea Power Grid System Industry Segmentation
A network of power cables and related machinery used to transport and distribute electricity over a subsea area is known as a subsea power grid.
The Subsea Power Grid System Market is segmented by power generation type and geography. By power generation type, the market is segmented into captive generation, wind energy, and others. The report also covers the market size and forecasts for the subsea power grid system market across the major regions. For each segment, the market sizing and forecasts are based on the revenue (USD Billion).
| Power Generation Type | |
| Captive Generation | |
| Wind Energy | |
| Others |
| Geogrpahy | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Subsea Power Grid System Market Research FAQs
What is the current Subsea Power Grid System Market size?
The Subsea Power Grid System Market is projected to register a CAGR of greater than 8% during the forecast period (2024-2029)
Who are the key players in Subsea Power Grid System Market?
ABB Ltd , General Electric Company , Aker Solutions ASA , Siemens Gamesa Renewable Energy S.A. and MHI Vestas Offshore Wind A/S are the major companies operating in the Subsea Power Grid System Market.
Which is the fastest growing region in Subsea Power Grid System Market?
Middle-East and Africa is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Subsea Power Grid System Market?
In 2024, the Europe accounts for the largest market share in Subsea Power Grid System Market.
What years does this Subsea Power Grid System Market cover?
The report covers the Subsea Power Grid System Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Subsea Power Grid System Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Subsea Power Grid System Industry Report
Statistics for the 2024 Subsea Power Grid System market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Subsea Power Grid System analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
