Subsea Power Grid Market - Positive Long-Term Growth Outlook 2020
The growth of the global subsea power grid market is expected to run parallel to that of offshore oil exploration activities across the world. For the purpose of this study, the global subsea power grid market has been segmented based on the source of power generation, components used in the power grid, and geography. By power grid components used, the market has been segmented into variable speed drives, subsea transformers, and switchgears. Likewise, based on the source of power generation, the market has been divided into wind power, captive power, and other sources (mainly tidal).
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From the standpoint of geography, markets in the following regions are studied: Asia Pacific, North America, Europe, and Rest of the World.
Overview of the Global Subsea Power Grid Market
The report projects healthy growth for the global subsea power grid market through the current decade. According to the report’s authors, the increased pace of offshore oil and gas exploration activities in Latin America and Africa are expected to provide a massive push to the overall subsea power grid market. A look at the current market dynamics reveals that exploration companies are currently exploring investment opportunities to invest in power supply solutions for offshore, deepwater locations.
On the subject of market drivers, the report notes that depleting onshore oil and gas reserves have compelled companies to look at offshore reserves – this is expected to augur well for the subsea power grid market. Moreover, the deployment of renewable energy sources at offshore locations improves the feasibility of supplying power through subsea power grids, acting as a driver for the global subsea power grids market.
The report predicts that the growth of the subsea power grid market in North America will grow only marginally but the scenario in Latin America and Africa will be contrasting given the frenzied drilling and exploration activities occurring here. In Europe, as well, investments are flowing into the oil and gas sector in Norway. Ambitious offshore wind farm projects in Europe will also support the growth of the subsea power grid market in this region.
Even so, growth could be hampered by the high operational risks involved in deploying, maintaining, and upgrading subsea power grids. This factor also adds to the cost of deploying subsea power grids, acting against the market’s growth.
Companies Profiled in the Report
The report on the subsea power grid market carries a competitive analysis by profiling the following companies: FMC Technologies Inc., Cameron International Corporation, Aker Solutions ASA, Technip SA, Siemens AG, and General Electric Company.
Major regions analyzed under this research report are:
Rest of the World
This report gives you access to decisive data such as:
Market growth drivers
Factors limiting market growth
Current market trends
Market projections for the coming years
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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