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    Home > Chemicals Industry > International Chemical > From 2019 to 2027, the global submarine power cable will increase by 11.3% per year

    From 2019 to 2027, the global submarine power cable will increase by 11.3% per year

    • Last Update: 2023-01-02
    • Source: Internet
    • Author: User
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    "From 2019 to 2027, the global submarine power cable market will reach a compound annual growth rate of 11.
    3%", the international market research institute TMR revealed in its latest report, "By 2027, this market size will exceed 13.
    3 billion US dollars
    .
    " ”

    Increasing offshore wind power capacity, increasing demand for grid interconnection and off-grid island connectivity, and increasing demand from the offshore oil and gas industry will stimulate the growing
    market.

    Based on the above reasons, the European market is growing at a significant rate and will expand at a compound annual growth rate of 10.
    8% during the forecast period, especially in countries
    with developed offshore wind power such as the United Kingdom and Germany.
    In addition, North America and Asia Pacific will also grow rapidly during
    the forecast period.

    The submarine power cable system is laid underwater for power transmission
    .
    These cables transmit power over long distances and are mainly used to connect continents and isolated islands
    .
    Therefore, in order to optimize the use of renewable energy sources (such as offshore wind) and promote regional energy interconnection, submarine power cables are growing to meet demand
    .
    Increasing investments in the renewable energy sector, technological advancements, and favorable government initiatives are the major factors
    driving the development of the global submarine power cable market.
    In addition, the increasing demand for power generation from offshore oil and gas facilities is another factor
    driving the global submarine power cable market.

    From the perspective of cable manufacturers, Prysmian, Nexans, Anchor, Sumitomo Electric, Furukawa Electric and LS Cable will become the world's leading manufacturers
    of submarine power cables.
    At the same time, Hengtong Optoelectronics, KEI Industries and Hydro Group will also become major market players
    in the region.

    "From 2019 to 2027, the global submarine power cable market will reach a compound annual growth rate of 11.
    3%", the international market research institute TMR revealed in its latest report, "By 2027, this market size will exceed 13.
    3 billion US dollars
    .
    " ”

    Submarine power cables

    Increasing offshore wind power capacity, increasing demand for grid interconnection and off-grid island connectivity, and increasing demand from the offshore oil and gas industry will stimulate the growing
    market.

    Based on the above reasons, the European market is growing at a significant rate and will expand at a compound annual growth rate of 10.
    8% during the forecast period, especially in countries
    with developed offshore wind power such as the United Kingdom and Germany.
    In addition, North America and Asia Pacific will also grow rapidly during
    the forecast period.

    The submarine power cable system is laid underwater for power transmission
    .
    These cables transmit power over long distances and are mainly used to connect continents and isolated islands
    .
    Therefore, in order to optimize the use of renewable energy sources (such as offshore wind) and promote regional energy interconnection, submarine power cables are growing to meet demand
    .
    Increasing investments in the renewable energy sector, technological advancements, and favorable government initiatives are the major factors
    driving the development of the global submarine power cable market.
    In addition, the increasing demand for power generation from offshore oil and gas facilities is another factor
    driving the global submarine power cable market.

    From the perspective of cable manufacturers, Prysmian, Nexans, Anchor, Sumitomo Electric, Furukawa Electric and LS Cable will become the world's leading manufacturers
    of submarine power cables.
    At the same time, Hengtong Optoelectronics, KEI Industries and Hydro Group will also become major market players
    in the region.

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