The global subsea power grid systems market is estimated to capture a valuation of US$ 1.6 billion in 2023 and US$ 5.2 billion by 2033. The market is anticipated to secure a CAGR of 12.5% during the forecast period.
Several driving factors influence the global market. Here are some key factors that contribute to the growth and development of the market :
These driving factors collectively contribute to the growth of the global market, creating opportunities for technology providers, equipment manufacturers, and service providers in the industry.
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
While the global market has significant growth potential, certain factors can restrain its expansion. Here are some key restraining factors that can affect the subsea power grid systems market :
| Attributes | Details |
|---|---|
| Market CAGR (2023 to 2033) | 12.5% |
| Market Valuation (2023) | US$ 1.6 billion |
| Market Valuation (2033) | US$ 5.2 billion |
Between 2018 and 2022, the global market experienced significant growth due to increasing offshore oil and gas exploration activities and expanding offshore wind energy installations. The global market captured a CAGR of 15% between 2018 and 2022.
During this period, offshore wind farms globally were notably expanded globally, particularly in regions such as Europe, Asia, and the United States. Additionally, there were ongoing investments in offshore oil and gas exploration and production activities, particularly in regions such as the Gulf of Mexico, the North Sea, and Brazil.
Subsea power grid systems provided power transmission and distribution solutions for offshore oil and gas platforms, contributing to market growth.
The market also witnessed advancements in subsea power grid system technologies, including improved insulation materials, connectors, and high-voltage direct current (HVDC) transmission systems. These technological advancements aimed to enhance subsea power grid systems' efficiency, reliability, and performance.
Furthermore, during this period, there was an increasing focus on renewable energy sources and environmental sustainability. Governments worldwide introduced favorable policies and regulations to promote the development of offshore renewable energy projects, including offshore wind farms.
Principal Consultant
Based on power supply, wind power dominates the global market. Wind power is estimated to register a CAGR of 12.4% in the global market during the forecast period.
Wind power is a dominant contributor to the subsea power grid systems market. Expanding offshore wind energy installations has significantly influenced subsea power grid system adoption.
Offshore wind farms are typically located far from the shore, in deeper waters, with abundant wind resources. Subsea power grid systems are essential. These systems facilitate the transmission of the electricity generated by offshore wind turbines to the mainland, which can be integrated into the power grid and distributed to consumers.
The offshore wind industry has experienced remarkable growth in recent years, with the development of large-scale wind farms in various regions globally. Countries like the United Kingdom, Germany, Denmark, China, and the United States have invested substantially in offshore wind projects. These projects have significantly contributed to the demand for subsea power grid systems.
Subsea power grid systems have been developed to handle higher voltages and transmit power over longer distances. High-voltage direct current (HVDC) transmission systems are commonly used in these applications due to their ability to efficiently transmit large amounts of power over long distances with minimal losses.
Moreover, advancements in subsea cable technologies, including insulation materials and connectors, have improved the efficiency and reliability of subsea power transmission. These technological developments have further facilitated the integration of wind power into the subsea power grid systems.
Cables are anticipated to capture a CAGR of 12.2% in the global market during the forecast period. Subsea power cables are crucial in transmitting electrical power between offshore installations and onshore grids, making them a fundamental component of subsea power grid systems.
Subsea power cables are specially designed to operate in harsh underwater environments, withstanding high pressures, extreme temperatures, and corrosive seawater. These cables transmit electricity from offshore wind farms, oil and gas platforms, and other subsea infrastructure projects to the onshore grid.
The increasing deployment of offshore wind farms has significantly driven the demand for subsea power cables. These cables connect multiple wind turbines within an offshore wind farm, enabling the aggregation and transmission of the generated electricity to the onshore grid. As offshore wind installations grow in capacity and scale, the demand for subsea power cables has also increased.
Furthermore, subsea power cables are utilized in interconnectors, enabling electricity transmission between different countries or regions. Interconnector projects enhance cross-border power exchange, renewable energy integration, and energy security. As more interconnector projects are implemented worldwide, the demand for subsea power cables continues to rise.
The development of advanced cable technologies, such as extra-high-voltage (EHV) and high-voltage direct current (HVDC) cables, has further strengthened the dominance of cables in the subsea power grid systems market. These advanced cable systems allow for efficient power transmission over longer distances and at higher voltages, enhancing the overall performance of subsea power grid systems.
While cables dominate the subsea power grid systems market, it's important to note that other components, such as connectors, transformers, switchgear, and substations, are also integral to the functioning of subsea power grid systems. These components work together with cables to enable the efficient transmission and distribution of electrical power in subsea environments.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
| Countries | Historic CAGR Between 2018 and 2022 |
|---|---|
| United States | 14.9% |
| United Kingdom | 14.7% |
| China | 14.8% |
| Japan | 14.8% |
| South Korea | 13.6% |
| Countries | Forecast CAGR Between 2022 and 2033 |
|---|---|
| United States | 12.5% |
| United Kingdom | 12.3% |
| China | 12.4% |
| Japan | 12.4% |
| South Korea | 12.2% |
| Countries | Market Valuation by End of Forecast Period |
|---|---|
| United States | US$ 1 billion |
| United Kingdom | US$ 204.9 million |
| China | US$ 1.2 billion |
| Japan | US$ 1 billion |
| South Korea | US$ 261.8 million |
China has been a prominent player and has made significant strides in developing and deploying such systems. China is anticipated to secure a CAGR of 12.4% with a valuation of US$ 1.2 billion forecast period. Here are some ways in which China has been leading the subsea power grid systems market:
The United States has emerged as a significant player in the industry. The United States is anticipated to register a CAGR of 12.5% with a valuation of US$ 1 billion. Here are some factors that contribute to the United States' growth and significance in the global market :
The global market is highly competitive by the number of key players around the globe. These players contribute a key role in the global market by innovating advanced products. These key players adopt marketing tactics such as mergers, acquisitions, collaborations, product launches, and partnerships.
Other Prominent Players in the Global Market are :
Recent Developments in the Global Market
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | US$ billion for Value |
| Key Countries Covered | United States, United Kingdom, Japan, India, China, Australia, Germany |
| Key Segments Covered | Power Supply, Products, Region |
| Key Companies Profiled | ABB Ltd.; Siemens AG; General Electric Company; Prysmian Group; Nexans SA; Subsea 7 S.A.; JDR Cable Systems Ltd.; Hengtong Group; L.S. Cable & System Ltd.; NKT A/S; T.E. Connectivity Ltd.; Parker Hannifin Corporation; Vos Prodect Innovations B.V.; Aker Solutions ASA; TechnipFMC plc; C-Kore Systems Ltd.; Hydro Group Plc; Prysmian Powerlink S.r.l.; Wärtsilä Corporation; Oceaneering International, Inc. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The projected revenue of the market by 2033 is US$ 5.2 billion.
The market CAGR for 2033 is projected to be 12.5%.
The three key subsea power grid systems market players are Prysmian Group, Nexans, and ABB.
The market is estimated to secure a valuation of US$ 1.6 billion in 2023.
The offshore oil and gas industry is the key subsea power grid systems market consumer.
1. Executive Summary 1.1. Global Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Investment Feasibility Matrix 3.5. PESTLE and Porter’s Analysis 3.6. Regulatory Landscape 3.6.1. By Key Regions 3.6.2. By Key Countries 3.7. Regional Parent Market Outlook 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022 4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Power Supply 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Million) Analysis By Power Supply, 2018 to 2022 5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Power Supply, 2023 to 2033 5.3.1. Wind Power 5.3.2. Captive Generation 5.3.3. Others 5.4. Y-o-Y Growth Trend Analysis By Power Supply, 2018 to 2022 5.5. Absolute $ Opportunity Analysis By Power Supply, 2023 to 2033 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Million) Analysis By Product, 2018 to 2022 6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Product, 2023 to 2033 6.3.1. Cables 6.3.2. Variable Speed Drives 6.3.3. Transformers 6.3.4. Switchgears 6.3.5. Others 6.4. Y-o-Y Growth Trend Analysis By Product, 2018 to 2022 6.5. Absolute $ Opportunity Analysis By Product, 2023 to 2033 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. Introduction 7.2. Historical Market Size Value (US$ Million) Analysis By Region, 2018 to 2022 7.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2023 to 2033 7.3.1. North America 7.3.2. Latin America 7.3.3. Western Europe 7.3.4. Eastern Europe 7.3.5. South Asia and Pacific 7.3.6. East Asia 7.3.7. Middle East and Africa 7.4. Market Attractiveness Analysis By Region 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 8.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 8.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 8.2.1. By Country 8.2.1.1. U.S. 8.2.1.2. Canada 8.2.2. By Power Supply 8.2.3. By Product 8.3. Market Attractiveness Analysis 8.3.1. By Country 8.3.2. By Power Supply 8.3.3. By Product 8.4. Key Takeaways 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 9.2.1. By Country 9.2.1.1. Brazil 9.2.1.2. Mexico 9.2.1.3. Rest of Latin America 9.2.2. By Power Supply 9.2.3. By Product 9.3. Market Attractiveness Analysis 9.3.1. By Country 9.3.2. By Power Supply 9.3.3. By Product 9.4. Key Takeaways 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 10.2.1. By Country 10.2.1.1. Germany 10.2.1.2. U.K. 10.2.1.3. France 10.2.1.4. Spain 10.2.1.5. Italy 10.2.1.6. Rest of Western Europe 10.2.2. By Power Supply 10.2.3. By Product 10.3. Market Attractiveness Analysis 10.3.1. By Country 10.3.2. By Power Supply 10.3.3. By Product 10.4. Key Takeaways 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 11.2.1. By Country 11.2.1.1. Poland 11.2.1.2. Russia 11.2.1.3. Czech Republic 11.2.1.4. Romania 11.2.1.5. Rest of Eastern Europe 11.2.2. By Power Supply 11.2.3. By Product 11.3. Market Attractiveness Analysis 11.3.1. By Country 11.3.2. By Power Supply 11.3.3. By Product 11.4. Key Takeaways 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 12.2.1. By Country 12.2.1.1. India 12.2.1.2. Bangladesh 12.2.1.3. Australia 12.2.1.4. New Zealand 12.2.1.5. Rest of South Asia and Pacific 12.2.2. By Power Supply 12.2.3. By Product 12.3. Market Attractiveness Analysis 12.3.1. By Country 12.3.2. By Power Supply 12.3.3. By Product 12.4. Key Takeaways 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 13.2.1. By Country 13.2.1.1. China 13.2.1.2. Japan 13.2.1.3. South Korea 13.2.2. By Power Supply 13.2.3. By Product 13.3. Market Attractiveness Analysis 13.3.1. By Country 13.3.2. By Power Supply 13.3.3. By Product 13.4. Key Takeaways 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 14.2.1. By Country 14.2.1.1. GCC Countries 14.2.1.2. South Africa 14.2.1.3. Israel 14.2.1.4. Rest of MEA 14.2.2. By Power Supply 14.2.3. By Product 14.3. Market Attractiveness Analysis 14.3.1. By Country 14.3.2. By Power Supply 14.3.3. By Product 14.4. Key Takeaways 15. Key Countries Market Analysis 15.1. U.S. 15.1.1. Pricing Analysis 15.1.2. Market Share Analysis, 2022 15.1.2.1. By Power Supply 15.1.2.2. By Product 15.2. Canada 15.2.1. Pricing Analysis 15.2.2. Market Share Analysis, 2022 15.2.2.1. By Power Supply 15.2.2.2. By Product 15.3. Brazil 15.3.1. Pricing Analysis 15.3.2. Market Share Analysis, 2022 15.3.2.1. By Power Supply 15.3.2.2. By Product 15.4. Mexico 15.4.1. Pricing Analysis 15.4.2. Market Share Analysis, 2022 15.4.2.1. By Power Supply 15.4.2.2. By Product 15.5. Germany 15.5.1. Pricing Analysis 15.5.2. Market Share Analysis, 2022 15.5.2.1. By Power Supply 15.5.2.2. By Product 15.6. U.K. 15.6.1. Pricing Analysis 15.6.2. Market Share Analysis, 2022 15.6.2.1. By Power Supply 15.6.2.2. By Product 15.7. France 15.7.1. Pricing Analysis 15.7.2. Market Share Analysis, 2022 15.7.2.1. By Power Supply 15.7.2.2. By Product 15.8. Spain 15.8.1. Pricing Analysis 15.8.2. Market Share Analysis, 2022 15.8.2.1. By Power Supply 15.8.2.2. By Product 15.9. Italy 15.9.1. Pricing Analysis 15.9.2. Market Share Analysis, 2022 15.9.2.1. By Power Supply 15.9.2.2. By Product 15.10. Poland 15.10.1. Pricing Analysis 15.10.2. Market Share Analysis, 2022 15.10.2.1. By Power Supply 15.10.2.2. By Product 15.11. Russia 15.11.1. Pricing Analysis 15.11.2. Market Share Analysis, 2022 15.11.2.1. By Power Supply 15.11.2.2. By Product 15.12. Czech Republic 15.12.1. Pricing Analysis 15.12.2. Market Share Analysis, 2022 15.12.2.1. By Power Supply 15.12.2.2. By Product 15.13. Romania 15.13.1. Pricing Analysis 15.13.2. Market Share Analysis, 2022 15.13.2.1. By Power Supply 15.13.2.2. By Product 15.14. India 15.14.1. Pricing Analysis 15.14.2. Market Share Analysis, 2022 15.14.2.1. By Power Supply 15.14.2.2. By Product 15.15. Bangladesh 15.15.1. Pricing Analysis 15.15.2. Market Share Analysis, 2022 15.15.2.1. By Power Supply 15.15.2.2. By Product 15.16. Australia 15.16.1. Pricing Analysis 15.16.2. Market Share Analysis, 2022 15.16.2.1. By Power Supply 15.16.2.2. By Product 15.17. New Zealand 15.17.1. Pricing Analysis 15.17.2. Market Share Analysis, 2022 15.17.2.1. By Power Supply 15.17.2.2. By Product 15.18. China 15.18.1. Pricing Analysis 15.18.2. Market Share Analysis, 2022 15.18.2.1. By Power Supply 15.18.2.2. By Product 15.19. Japan 15.19.1. Pricing Analysis 15.19.2. Market Share Analysis, 2022 15.19.2.1. By Power Supply 15.19.2.2. By Product 15.20. South Korea 15.20.1. Pricing Analysis 15.20.2. Market Share Analysis, 2022 15.20.2.1. By Power Supply 15.20.2.2. By Product 15.21. GCC Countries 15.21.1. Pricing Analysis 15.21.2. Market Share Analysis, 2022 15.21.2.1. By Power Supply 15.21.2.2. By Product 15.22. South Africa 15.22.1. Pricing Analysis 15.22.2. Market Share Analysis, 2022 15.22.2.1. By Power Supply 15.22.2.2. By Product 15.23. Israel 15.23.1. Pricing Analysis 15.23.2. Market Share Analysis, 2022 15.23.2.1. By Power Supply 15.23.2.2. By Product 16. Market Structure Analysis 16.1. Competition Dashboard 16.2. Competition Benchmarking 16.3. Market Share Analysis of Top Players 16.3.1. By Regional 16.3.2. By Power Supply 16.3.3. By Product 17. Competition Analysis 17.1. Competition Deep Dive 17.1.1. ABB Ltd. 17.1.1.1. Overview 17.1.1.2. Product Portfolio 17.1.1.3. Profitability by Market Segments 17.1.1.4. Sales Footprint 17.1.1.5. Strategy Overview 17.1.1.5.1. Marketing Strategy 17.1.2. Aker Solutions ASA 17.1.2.1. Overview 17.1.2.2. Product Portfolio 17.1.2.3. Profitability by Market Segments 17.1.2.4. Sales Footprint 17.1.2.5. Strategy Overview 17.1.2.5.1. Marketing Strategy 17.1.3. Bandak AS 17.1.3.1. Overview 17.1.3.2. Product Portfolio 17.1.3.3. Profitability by Market Segments 17.1.3.4. Sales Footprint 17.1.3.5. Strategy Overview 17.1.3.5.1. Marketing Strategy 17.1.4. Dril-Quip, Inc 17.1.4.1. Overview 17.1.4.2. Product Portfolio 17.1.4.3. Profitability by Market Segments 17.1.4.4. Sales Footprint 17.1.4.5. Strategy Overview 17.1.4.5.1. Marketing Strategy 17.1.5. Expro Group 17.1.5.1. Overview 17.1.5.2. Product Portfolio 17.1.5.3. Profitability by Market Segments 17.1.5.4. Sales Footprint 17.1.5.5. Strategy Overview 17.1.5.5.1. Marketing Strategy 17.1.6. General Electric Company 17.1.6.1. Overview 17.1.6.2. Product Portfolio 17.1.6.3. Profitability by Market Segments 17.1.6.4. Sales Footprint 17.1.6.5. Strategy Overview 17.1.6.5.1. Marketing Strategy 17.1.7. JDR Cable Systems Ltd. 17.1.7.1. Overview 17.1.7.2. Product Portfolio 17.1.7.3. Profitability by Market Segments 17.1.7.4. Sales Footprint 17.1.7.5. Strategy Overview 17.1.7.5.1. Marketing Strategy 17.1.8. Nexans SA 17.1.8.1. Overview 17.1.8.2. Product Portfolio 17.1.8.3. Profitability by Market Segments 17.1.8.4. Sales Footprint 17.1.8.5. Strategy Overview 17.1.8.5.1. Marketing Strategy 17.1.9. Norddeutsche Seekabelwerke GmbH 17.1.9.1. Overview 17.1.9.2. Product Portfolio 17.1.9.3. Profitability by Market Segments 17.1.9.4. Sales Footprint 17.1.9.5. Strategy Overview 17.1.9.5.1. Marketing Strategy 17.1.10. Oceaneering International, Inc 17.1.10.1. Overview 17.1.10.2. Product Portfolio 17.1.10.3. Profitability by Market Segments 17.1.10.4. Sales Footprint 17.1.10.5. Strategy Overview 17.1.10.5.1. Marketing Strategy 18. Assumptions & Acronyms Used 19. Research Methodology
Explore Industrial Automation Insights
View Reports
Subsea Power Grid Systems Market
