Press release
Power Grid System Market in Subsea Size to Hit $14.8 billion in 2027 | Stringent Energy Eefficiency Mandates in Europe to Stoke Demand
The Power Grid System Market in Subsea is expected to grow from an estimated USD 9.1 billion in 2022 to USD 14.8 billion in 2027, at a CAGR of 10.2% during the forecast period.View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/subsea-power-grid-offshore-supply-market-1100.html
Power grid systems in subsea play an important role in the offshore power supply network. Subsea power grid comprise of several components such as cables, transformers, variable speed drives, switchgears, and others used for various applications. The subsea power grid system is gaining traction as oilfield operators are moving toward deep and ultra-deepwater levels for exploring oil and gas reserves. Moreover, offshore wind power is also one of the prominent applications for subsea power grid systems. Favorable government policies for offshore renewable power production, especially using wind energy along with urgent need to reduce carbon emissions and improve grid reliability and efficiency is expected to drive the demand for subsea power grid systems.
Download PDF Brochure - https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1100
The cables segment, by component, is expected to be the most significant power grid system market in subsea during the forecast period
The power grid system market in subsea, on the basis of component, has been segmented into cables, transformers, switchgears, variable speed drives, and others. The others segment includes connectors, actuators, sensors, and penetrators. The cables segment, by component, is expected to dominate the power grid system market in subsea during the forecast period. The adoption of subsea power cables has been mainly driven by the HV power transmission and offshore oil & gas industries. Subsea power cables are widely used to link shore-based power grids. These cables carry power from one country to another, as well as from one offshore platform to another, and transfer power from offshore renewable energy generation plants, which use wind, wave, and tidal energy to generate electricity; regional electrical transmission networks; etc.
The captive generation segment, by application, is expected to be the largest power grid system market in subsea during the forecast period
The power grid system market in subsea, by application, has been broadly classified into wind power, captive generation, and Others. The others segment includes solar power, tidal power and diesel & gas based floating power plants. The captive generation segment held the largest market in 2021. The subsea power grid supplies and distributes power to various components. Subsea power grid systems enable long-distance subsea tie-back developments for energy-intensive oil & gas processing activities on the seafloor. The demand for subsea power grid systems is continuously increasing in captive generation applications owing to the rising number of subsea operations, growing use of satellite wells for subsea field developments, and an increasing number of deepwater drilling activities.
Make an Inquiry - https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=1100
The deepwater segment, by end user, is expected to witness the highest CAGR during the forecast period
The power grid system market in subsea, by depth, has been segmented into shallow water and deepwater. The deepwater segment of the power grid system market in subsea, by depth, is expected to witness the highest CAGR during the forecast period. The depletion of shallow water reserves (maturing shallow water basins) has made E&P companies shift their focus on deepwater areas. Deepwater activities would continue to be a key avenue for oil production and, thus, it would generate substantial demand for power grid system market in subsea.
Europe is expected to dominate the global power grid system market in subsea during the forecast period
In this report, the power grid system market in subsea has been analyzed for 5 regions, namely Asia Pacific, North America, Europe, Middle East & Africa, South America. Europe is estimated to be the largest market for power grid systems in subsea during the forecast period. Countries such as Norway, the UK, and the Netherlands are witnessing heightened construction of offshore wind farms due to stringent energy efficiency mandates, and the strong focus of most European countries on utilizing renewable energy sources for power generation propels European market growth.
Request Sample Pages - https://www.marketsandmarkets.com/requestsampleNew.asp?id=1100
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the power grid system market in subsea. These include ABB (Switzerland), General Electric (US), Siemens Energy (Germany), Prysmian Group (Italy), Nexans (France), TechnipFMC (UK), and Baker Hughes (US). The leading players are trying to establish themselves in the markets of developed countries and are adopting various strategies to increase their respective market shares.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Power Grid System Market in Subsea Size to Hit $14.8 billion in 2027 | Stringent Energy Eefficiency Mandates in Europe to Stoke Demand here
News-ID: 2732364 • Views: …
More Releases from MarketsandMarkets

Laser Interferometer Market Set to Grow at the Fastest Rate- Time to Grow your R …
The global laser interferometer market is expected to be valued at 315 million in 2024 and is projected to reach USD 447 million by 2029, at a CAGR of 7.2% from 2024 to 2029. Emerging applications in industries push the market's growth due to the growing demand for precision in the manufacturing sector. However, challenges such as higher initial investments and maintenance costs cause problems. Despite these, opportunities arise for…

With 19.6% CAGR, Battery Testing, Inspection, and Certification Market Growth to …
The battery testing, inspection, and certification market is projected to reach USD 36.7 billion by 2029 from USD 14.9 billion in 2024 at a CAGR of 19.6% during the forecast period. Increasing adoption of EVs and energy storage systems, rising enforcement of stringent standards to ensure battery safety, thriving portable electronics industry, and rapid advances in battery technology are the major factors contributing to the market growth.
Download PDF Brochure @…

Real-Time Location Systems Revolutionize Healthcare: Insights from MarketsandMar …
The global RTLS market for healthcare is projected to grow from USD 2.3 billion in 2024 to USD 5.7 billion by 2029, at a compound annual growth rate of 19.6% from 2024 to 2029. As it attracts more and more players who enter this market with innovative RTLS features for customers, the market for RTLS technology is rapidly increasing. Top companies in this market focus on healthcare, retail, and manufacturing…

Offsite Data Center Power Infrastructure Market Size to Reach $35.4 billion by 2 …
According to a research report "Offsite Data Center Power Infrastructure Market by Component (Solutions and Services), Vertical (BFSI, Media & Entertainment, Government & Defence, Healthcare, Manufacturing, IT & Telecom, Retail) and Region - Global Forecast to 2030" published by MarketsandMarkets, the market size for global offsite data center power infrastructure market is projected to reach approximately USD 35.4 billion by the year 2030, as compared to the estimated value of…
More Releases for Subsea
Subsea Market Set for Strong Growth USD 20.2Bn by 2031 | One Subsea, Balmoral Of …
The Global Subsea Market reached USD 17 billion in 2022 and is expected to reach USD 20.2 billion by 2031 growing with a CAGR of 2.2% during the forecast period (2024-2031).
The Subsea Market Report by DataM Intelligence delivers comprehensive insights into key market trends, growth drivers, and emerging challenges. With a focus on providing actionable intelligence, DataM Intelligence enables businesses to make informed strategic decisions and maintain a competitive edge.…
Subsea Market | Advancing Offshore Energy Infrastructure & Technologies | Most K …
The Global Subsea Market reached USD 17 billion in 2022 and is expected to reach USD 20.2 billion by 2031 growing with a CAGR of 2.2% during the forecast period (2024-2031).
The Subsea Market receives exhaustive analysis from DataM Intelligence, delivering stakeholders essential market data, emerging industry patterns, and strategic business intelligence. This in-depth research explores the competitive landscape in detail, evaluating market leaders across multiple dimensions including their innovative product…
Global Subsea Industry Outlook: Growth to USD 20.2 Billion by 2031 | TechnipFMC …
Latest Market Study On Subsea Industry
The Global Subsea Market reached USD 17 billion in 2022 and is expected to reach USD 20.2 billion by 2031 growing with a CAGR of 2.2% during the forecast period (2024-2031).
Subsea Market report, published by DataM Intelligence, provides in-depth insights and analysis on key market trends, growth opportunities, and emerging challenges. Committed to delivering actionable intelligence, DataM Intelligence empowers businesses to make informed decisions and…
Subsea Inspection Services Market Booming Worldwide from 2023 to 2030 |Subsea Gl …
Worldwide Market Reports announces the publication of its most recently generated research report titled, "Subsea Inspection Services Market - Forecast to 2030", which offers a holistic view of the Subsea Inspection Services market through systematic segmentation that covers every aspect of the target market. Subsea Inspection Services with 100+ market data Tables, Pie Chat, Graphs, and Figures spread through Pages and easy-to-understand detailed analysis. The information is gathered based on…
Subsea System Market Report to 2028 - Industry Analysis, Size, Share, Trends and …
𝐔𝐒𝐀, 𝐍𝐞𝐰 𝐉𝐞𝐫𝐬𝐞𝐲- The Global Subsea System Market research contains a detailed examination of major geographical trends, market dynamics, and global market size estimates for the market industry. The Global Subsea System market has many participants, each with their own product description, classification, and industrial structure. The market research includes numbers from the previous time, as well as the future term and % CAGR evaluated for each segment and geographic…
Global Subsea Systems Market 2018 - Subsea 7, Technip, GE Oil Gas
Apex Market Research, recently published a detailed market research study focused on the "Subsea Systems Market" across the global, regional and country level. The report provides 360° analysis of "Subsea Systems Market" from view of manufacturers, regions, product types and end industries. The research report analyses and provides the historical data along with current performance of the global Subsea Systems industry, and estimates the future trend of Subsea Systems market…