Submarine Power Cable Market 2020 | Major Key Companies are Nexans, KEI Industries, Prysmian, Furukawa, TF Kable, Ningbo Orient wires, Sumitomo Electric, ABB,
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Charts / Figures: 26
Companies covered: 14
Countries covered: 30
With continuous developments in the offshore oil and gas sector along with groundbreaking subsea cable technologies, submarine power cable market is poised to witness a remarkable growth over the coming years. Today, several power suppliers and governments are shifting their preferences toward renewable energy sources like offshore wind power and even oil & gas companies are adopting new procedures to improve efficiency, reduce costs, and exploit new fields. Growing number of renewable energy projects and escalating penetration across other submarine applications will offer considerable boost to submarine power cable industry outlook.
Expanding number of offshore wind farms and electrification of offshore oil and gas platforms has led to augmented research activities and tremendous progress has been made in quality of power cables. With the advent of subsea cables, it becomes extremely easy to connect oil platforms to mainland power grids. It also enables timely monitoring and surveillance to reinforce the business development and management of almost all activities in the ocean. Booming energy sector worldwide will immensely propel the revenue graph of submarine power cable industry from the demand of advanced and more reliable subsea cables.
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Over the past decade, novel technologies are being utilized to perform better maintenance and repair of underwater cables for reducing the overall cost of operations in the offshore energy segment. Oil companies are extensively using high-speed fiber networks to vastly enhance their remote field operations, improve field safety records and to take full advantage of real-time information. Operators are rapidly gaining installation expertise in ultra-deep waters and are aiming to advance the array of energy and telecom cables for offshore production. Increasing adoption of such products will considerably influence submarine power cable industry outlook.
LS Cable & System, a Korea-based industrial corporation and cable manufacturer, has inked an agreement in July 2019 worth $100 million worth with Orsted, a state energy firm from Denmark, to build a submarine power grid in Taiwan. The Taiwanese government is planning to invest nearly $23 billion to increase the volume of renewable energy generated in the country, from existing 5% to 20% by 2025. Growing number of submarine power grid projects will substantially impact submarine power cable industry trends.
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