Dublin, July 17, 2024 (GLOBE NEWSWIRE) -- The "Subsea Power Grid Systems - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The global market for Subsea Power Grid Systems is estimated at US$1.8 Billion in 2023 and is projected to reach US$3.6 Billion by 2030, growing at a CAGR of 10.6% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
The expansion and efficiency of subsea power grids are driven by multiple factors, including technological advancements in grid integration and offshore wind turbines. Innovations in high-voltage direct current (HVDC) technologies and dynamic cables that can endure the marine environment are crucial for the practical implementation of these grids.
Additionally, the development of larger and more efficient wind turbines enhances the viability of offshore wind farms, which, in turn, supports the broader use of subsea power grids. Smart grid technologies that incorporate automation and real-time data analytics are also pivotal, improving the management and responsiveness of these grids to variable energy production levels.
Furthermore, advances in energy storage solutions help stabilize the energy supply, enhancing grid reliability. Regulatory support for decentralized energy systems and consumer demand for sustainable energy solutions are also significant growth drivers, promoting the adoption and development of subsea power grids that connect dispersed renewable energy sources and support cross-border energy trade.
These factors collectively advance the development and adoption of subsea power grids, highlighting their crucial role in modern energy strategies and the transition towards renewable energy sources.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Wind Power Supply-based Systems segment, which is expected to reach US$2.1 Billion by 2030 with a CAGR of a 11.8%. The Captive Generation Systems segment is also set to grow at 9.4% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, estimated at $465.3 Million in 2023, and China, forecasted to grow at an impressive 14.2% CAGR to reach $857.8 Million by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as ABB Ltd., Aker Solutions ASA, Bandak AS, and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 174 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $1.8 Billion |
| Forecasted Market Value (USD) by 2030 | $3.6 Billion |
| Compound Annual Growth Rate | 10.6% |
| Regions Covered | Global |
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Subsea Power Grid Systems - Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
- Global Economic Update
MARKET TRENDS & DRIVERS
- Increasing Demand for Offshore Oil and Gas Exploration
- Growth of Renewable Energy Projects, Including Offshore Wind Farms
- Advancements in Subsea Power Grid Technology and Infrastructure
- Rising Adoption of Subsea Power Solutions in Deepwater Operations
- Impact of COVID-19 Pandemic on Offshore Energy Projects
- Expansion of Subsea Power Applications in Underwater Mining
- Development of High-Voltage and High-Reliability Subsea Cables
- Role of Subsea Power Grids in Enhancing Offshore Energy Production
- Market Penetration of Subsea Power Systems in Emerging Offshore Markets
- Influence of Technological Innovations on Subsea Power Grid Performance
- Growth of Subsea Power Applications in Marine and Research Industries
- Challenges Related to Installation and Maintenance of Subsea Power Systems
- Emerging Markets and Growth Opportunities in Developing Regions
- Future Trends and Innovations in Subsea Power Grid Systems
FOCUS ON SELECT PLAYERS (Total 42 Featured)
- ABB Ltd.
- Aker Solutions ASA
- Bandak AS
- Dril-Quip, Inc.
- Expro Group
- General Electric Company
- JDR Cable Systems Ltd.
- Nexans SA
- Norddeutsche Seekabelwerke GmbH
- Oceaneering International, Inc.
- OneSubsea, A Schlumberger Company
- Parker Hannifin Corporation
- Prysmian Group
- Siemens AG
For more information about this report visit https://www.researchandmarkets.com/r/rst6kw
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
