Lucintel Forecasts the Global Subsea Power Grid Systems Market to Reach $3 Billion by 2030
Lucintel Forecasts the Global Subsea Power Grid Systems Market to Reach $3 Billion by 2030
Blog Article
According to a market report by Lucintel, the future of the global subsea power grid systems market looks promising with opportunities in the captive generation and wind power markets. The global subsea power grid systems market is expected to reach an estimated $3 billion by 2030 from $2 billion in 2024 at a CAGR of 10.5% from 2024 to 2030. The major drivers for this market are quick construction of subsea infrastructure to support the rise in offshore exploration activities, rising oil & gas exploration activities in deep waters across the globe, and technological advancements in renewable energy in the offshore environment.
A more than 150-page report to understand trends, opportunity and forecast in global subsea power grid systems market to 2030 by depth (shallow water and deepwater), component (cables, variable speed drives, transformers, switchgears, and others), application (captive generation, wind power, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World).
Lucintel forecast that cables is expected to witness the highest growth over the forecast period because these cables are used to transmit power to offshore oil and gas platforms, along with the increasing exploration and production of offshore oil and gas.
Through this market, captive generation will remain the largest segment due to growing number of subsea activities, expanding use of satellite wells for subsea fields advances, rising amount of deepwater drilling operations, as well as, growing need for a subsea electric grid system is continually developing in the captive generating applications.
Europe is expected to witness the highest growth over the forecast period due to the significant desire for sources of renewable energy and the favorable government regulations in these regions.
ABB, Aker solution, Apar Industries, Baker Hughes, Furukawa Electric, General Electric, Hitachi Energy are the major suppliers in the subsea power grid systems market.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or write us at [email protected]. To get access of more than 1000 reports at fraction of cost visit Lucintel's Analytics Dashboard.
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Contact:
Roy Almaguer
Lucintel
Dallas, Texas, USA
Email: [email protected]
Tel. +1-972-636-5056