Selbyville, Delaware, United States, October 13 2020 (Wiredrelease) Global Market Insights, Inc –:Mounting demand for electricity in Europe along with strict policies established by the governments in the region to control carbon emission will support offshore wind development. In the year 2017, the total electricity generation was recorded at 3.1 million GWh in the EU and is expected to grow at a rapid rate owing to constant infrastructural developments in both commercial and residential spaces.
Constant advancements in the offshore oil and gas industry coupled with groundbreaking subsea cable technology, submarine power cable market size is poised to achieve remarkable growth in the coming years. Today, various leading power suppliers and governments across the globe are shifting their preference towards renewable sources of energy such as offshore wind power with an aim to reduce carbon footprint, improve efficiency and reduce the overall cost.
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Increasing number of offshore renewable energy projects across the globe due to increasing level of carbon dioxide coupled with rising penetration across other submarine applications will render a considerable boost to submarine power cable manufacturers. Reportedly, in 2017, greenhouse gas emission by gas in the U.S. was recorded at 6,457 million metric tons of CO2e, indicating the robust renewable power sector in the future, including offshore wind farms.
Growing number of offshore wind farms along with electrification of offshore oil and gas networks has fueled research activities and tremendous progress has been made with respect to the quality of power cables. With the introduction of subsea cables, for instance, it has become easy to connect oil platforms to mainland power grids.
Additionally, it also assures monitoring and surveillance to strengthen business development and manage activities in the ocean. Proliferating energy sector across the globe will positively influence the revenue graph of submarine power cable market forecast.
Wind power will be responsible for a significant share of the total power consumption in the region in the coming years, suggesting momentous expansion of submarine power cable market share from offshore wind applications.
In November 2019, Montenegro and Italy invested towards undersea power cable project investing nearly EUR 1.15 billion. The project allows Montenegro to emerge as an energy hub for the Balkan nations. The 423 km long cable encompasses the Adriatic seabed at depth of over 1,000 meters.
For the record, the Montenegrin Electricity Transmission System has generated more than €3 million in revenues to date and will witness subsequent rise in the coming years. Such developments will create abundant opportunities for oil and gas industry players along with other suppliers attracting considerable investments in the energy sector for renewable sources and digitization.
Prominent submarine power cable manufactures outlining the global competitive dynamics of the market share include KEI Industries, ZTT, LS Cable & Systems, ABB and Kelani Cables ,among several others.
Rising deployment of HVDC cables
Extra high voltage lines carry voltage between 300 kV to 765 kV and have gained widespread recognition as they ensure continuous supply of electricity along with the stability of line. The power handling capacity of the line gradually increases with the rise in transmission voltage along with reducing the cost of line.
The operation of EHV AC systems is reliable, simple and can be easily extended and deployed. High voltage direct current (HVDC) power systems are extremely helpful in the transmission of bulk power over long distances. They require a smaller number of conductors and insulators leading to a significant reduction in the cost of the overall system. Moreover, loss of power is reduced since fewer lines are required for power transmission.
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