Global Submarine Power Cable Market – Analysis and Forecast (2018-2024)

Global Submarine Power Cable Market Industry Overview Submarine power cable is a transmission cable which is used to carry electric power below the water surface. These are known as submarine, as they carry electric power beneath salt water. These cables can

also

be

used

beneath

fresh

water

such

as

lakes

and

rivers.

The

global

submarine power cable market is registering a significant growth in the recent years and expected to witness an exponential growth during the forecast period. The growing demand for power generation from renewable energy sources along with increasing number of offshore wind farms, and increasing power generation facilities are the major factors fueling the growth of the submarine power cable market.

Global Submarine Power Cable Market Growth Drivers The advent of offshore renewable energy, increasing environmental concerns, and growing demand from offshore oil and gas operations are the major factors driving the growth of the submarine power cable market. The growing environmental concerns are encouraging various countries to focus on power generation from renewable sources, hence the number of renewable projects which includes wind and tidal energy projects, has increased significantly in the recent years in various parts of the world, resulting in increasing demand of these cables in the market.

Global Submarine Power Cable Market Geographic Overview: Globally, Europe is the key region in the submarine power cable market, owing to the major shift in the region towards the renewable energy. For instance, The European Union (EU) has agreed to the proposal related to investing in energy security by strengthening the cross border energy infrastructure, which can create ample opportunities in the regionâ&#x20AC;&#x2122;s market. Also, countries such as Spain, Germany, and the U.K. are investing significantly in wind power generation projects lately, as these countries are focusing on producing surplus energy which can be transmitted to other countries using inter-country and island connections, which in turn will boost the demand of these cables in the market.

Global Submarine Power Cable Market Competitive Insight The major players in the submarine power cable market are competing against each other on the basis of various factors such as quality, price, range of products, service, delivery time, and others. General Cable Technologies, Nexans, Furukawa Electric, LS Cable & System, Hydro Group, NKT Group, Prysmian Group, Sumitomo Electric Industries, Hengtong Marine Cable Systems, AEI Cables, JDR Cables, ABB, and TE Subcom are some of the major players operating in the submarine power cable industry. Explore

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