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Offshore Substation Market is Expected to Grow at a CAGR of 5.9% Over the 2025-2032, Reaching USD 10.96 Billion | General Electric Company, Aker Solutions, Envision Group, Petrofac Limited, Burns & McDonnell, Hitachi Energy

02-18-2025 01:15 PM CET | Energy & Environment

Press release from: DataM Intelligence 4 Market Research LLP

Offshore Substation Market

Offshore Substation Market

Offshore Substation 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 stay ahead of the competition. Through a combination of qualitative and quantitative research methods, it offers comprehensive reports that help clients navigate complex market landscapes, drive strategic growth, and seize new opportunities in an ever-evolving global market.

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Global Offshore Substation Market reached US$ 6.93 billion in 2024 and is expected to reach US$ 10.96 billion by 2032, growing with a CAGR of 5.9% during the forecast period 2025-2032.

An offshore substation is a vital component of offshore energy infrastructure, particularly for offshore wind farms and oil and gas platforms. It is designed to collect and convert electricity generated by offshore wind turbines or other energy sources, typically through high-voltage transmission systems, before transmitting it to the mainland grid. Offshore substations house electrical equipment like transformers, switchgear, and control systems, which help ensure the efficient and safe delivery of power. These substations are built to withstand harsh marine conditions and are often located far from the coast, either floating or mounted on the seabed.

List of the Key Players in the Offshore Substation Market:

General Electric Company, Aker Solutions, Envision Group, Petrofac Limited, Burns & McDonnell, Hitachi Energy, HSM Offshore Energy BV, SLPE, Hollandia and Siemens

Industry Development:

In December 2024, SLPE secured a contract to develop foundation designs for HVDC offshore substations for the Centre Manche 1 and 2 offshore wind projects in France. Each substation will have a capacity of 1.25 GW, with jacket structures estimated to weigh around 7,000 tonnes.

Also, in December 2024, Aker Solutions and ABB will conduct the first-phase FEED for the 560-MW GreenVolt floating offshore wind project in the central UK North Sea, located 80 km from Peterhead, eastern Scotland. Aker Solutions will lead the design of the high-voltage offshore substation (HVAC) and oversee the system design, as well as work on the onshore HV equipment.

In September 2024, the Revolution Wind offshore wind farm project, featuring 65 Siemens Gamesa 11 MW turbines, will generate 704 MW of renewable energy-400 MW for Rhode Island and 304 MW for Connecticut-enough to power over 350,000 homes. The project will also involve the installation of two offshore substations, with construction supported by union workers, three Northeast ports, and multiple vessels.

In August 2024, GE Vernova, in collaboration with Seatrium, successfully completed the installation of the Offshore Converter Platform (OCP) for RWE's North Sea wind project. The 13,000-tonne platform, equivalent in height to an eleven-story building, was installed using the Sleipnir heavy-lift vessel by Heerema Marine Contractors onto its jacket structure.

Growth Forecast Projected:

The Global Offshore Substation Market is anticipated to rise at a considerable rate during the forecast period, between 2025 and 2032. In 2023, the market is growing at a steady rate, and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.

Offshore Substation Cost Structure Analysis in 2024
Offshore substation: 2,04,000 US$/MW
HVAC electrical system: 61,200 US$/MW
Auxiliary systems: 10,200 US$/MW
Topside structure: 95,200 US$/MW
Foundation: 37,400 US$/MW

Research Process:

Both primary and secondary data sources have been used in the global Offshore Substation Market research report. During the research process, a wide range of industry-affecting factors are examined, including governmental regulations, market conditions, competitive levels, historical data, market situation, technological advancements, upcoming developments, in related businesses, as well as market volatility, prospects, potential barriers, and challenges.

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Segment Covered in the Offshore Substation Market:

By Type: AC Substations, DC Substations

By Voltage Type: 5 kV, 72.5 kV, 123 kV, 145 kV, 170 kV, 245 kV, 400 kV, Above 400 kV

By Installation: Fixed Offshore Substations, Floating Offshore Substations

By End-User: Wind Farms, Oil & Gas, Others

Regional Analysis for Offshore Substation Market:

The regional analysis of the Offshore Substation Market covers key regions including North America, Europe, Asia Pacific Middle East and Africa and South America. The North America with a focus on the U.S., Canada, and Mexico; Europe, highlighting major countries like the U.K., Germany, France, and Italy, along with other nations in the region; Asia-Pacific, covering India, China, Japan, South Korea, and Australia, among others; South America, with emphasis on Colombia, Brazil, and Argentina; and the Middle East & Africa, which includes Saudi Arabia, the U.A.E., South Africa, and other countries. This comprehensive regional breakdown helps identify unique market trends and growth opportunities specific to each area.

⇥ North America (U.S., Canada, Mexico)

⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)

⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)

⇥ South America (Colombia, Brazil, Argentina, Rest of South America)

⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

Benefits of the Report:

➡ A descriptive analysis of demand-supply gap, market size estimation, SWOT analysis, PESTEL Analysis and forecast in the global market.

➡ Top-down and bottom-up approach for regional analysis

➡ Porter's five forces model gives an in-depth analysis of buyers and suppliers, threats of new entrants & substitutes and competition amongst the key market players.

➡ By understanding the value chain analysis, the stakeholders can get a clear and detailed picture of this Market

Speak to Our Senior Analyst and Get Customization in the report as per your requirements: https://datamintelligence.com/customize/offshore-substation-market

People Also Ask:

➠ What is the global sales, production, consumption, import, and export value of the Offshore Substation market?

➠ Who are the leading manufacturers in the global Offshore Substation industry? What is their operational status in terms of capacity, production, sales, pricing, costs, gross margin, and revenue?

➠ What opportunities and challenges do vendors in the global Offshore Substation industry face?

➠ Which applications, end-users, or product types are expected to see growth? What is the market share for each type and application?

➠ What are the key factors and limitations affecting the growth of the Offshore Substation market?

➠ What are the various sales, marketing, and distribution channels in the global industry?

Contact Us -

Company Name: DataM Intelligence
Contact Person: Sai Kiran
Email: Sai.k@datamintelligence.com
Phone: +1 877 441 4866
Website: https://www.datamintelligence.com

About Us -

DataM Intelligence is a Market Research and Consulting firm that provides end-to-end business solutions to organizations from Research to Consulting. We, at DataM Intelligence, leverage our top trademark trends, insights and developments to emancipate swift and astute solutions to clients like you. We encompass a multitude of syndicate reports and customized reports with a robust methodology.

Our research database features countless statistics and in-depth analyses across a wide range of 6300+ reports in 40+ domains creating business solutions for more than 200+ companies across 50+ countries; catering to the key business research needs that influence the growth trajectory of our vast clientele.

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