Subsea Power Grid Systems Report: Trends, Forecast and Competitive Analysis to 2030

Subsea Power Grid Systems Trends and Forecast

The future of the global subsea power grid systems market looks promising with opportunities in the captive generation and wind power markets. The global subsea power grid systems market is expected to reach an estimated $3.1 billion by 2030 with a CAGR of 10.5% from 2024 to 2030. The major drivers for this market are quick construction of subsea infrastructure to support the rise in offshore exploration activities, rising oil & gas exploration activities in deep waters across the globe, and technological advancements in renewable energy in the offshore environment.

A more than 150-page report is developed to help in your business decisions.

Subsea Power Grid Systems by Segment

The study includes a forecast for the global subsea power grid systems by depth, component, application, and region

Subsea Power Grid Systems Market by Depth [Shipment Analysis by Value from 2018 to 2030]:

• Shallow Water
• Deepwater

Subsea Power Grid Systems Market by Component [Shipment Analysis by Value from 2018 to 2030]:

• Cables
• Variable Speed Drives
• Transformers
• Switchgears
• Others (connectors, actuators, sensors, and penetrators)

Subsea Power Grid Systems Market by Application [Shipment Analysis by Value from 2018 to 2030]:

• Captive Generation
• Wind Power
• Others (tidal power, solar power, and diesel & gas based floating power plants)

Subsea Power Grid Systems Market by Region [Shipment Analysis by Value from 2018 to 2030]:

• North America
• Europe
• Asia Pacific
• The Rest of the World

List of Subsea Power Grid Systems Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies subsea power grid systems companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the subsea power grid systems companies profiled in this report include-

• ABB
• Aker solution
• Apar Industries
• Baker Hughes
• Furukawa Electric
• General Electric
• Hitachi Energy

Subsea Power Grid Systems Market Insights

Lucintel forecast that cables is expected to witness highest growth over the forecast period because these cables are used to transmit power to offshore oil and gas platforms, along with the increasing exploration and production of offshore oil and gas.

Within this market, captive generation will remain the largest segment due to growing number of subsea activities, expanding use of satellite wells for subsea fields advances, rising amount of deepwater drilling operations, as well as, growing need for a subsea electric grid system is continually developing in the captive generating applications.

Europe is expected to witness highest growth over the forecast period due to the significant desire for sources of renewable energy and the favorable government regulations in these regions.

Features of the Global Subsea Power Grid Systems Market

Market Size Estimates: Subsea power grid systems size estimation in terms of value ($B).

Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.

Segmentation Analysis: Subsea power grid systems size by depth, component, application, and region in terms of value ($B).

Regional Analysis: Subsea power grid systems breakdown by North America, Europe, Asia Pacific, and Rest of the World.

Growth Opportunities: Analysis of growth opportunities in different depth, component, application, and regions for the subsea power grid systems market.

Strategic Analysis: This includes M&A, new product development, and competitive landscape of the subsea power grid systems market.

Analysis of competitive intensity of the industry based on Porter's Five Forces model.

FAQ

Q.1 What is the subsea power grid systems market size?

Answer: The global subsea power grid systems market is expected to reach an estimated $3.1 billion by 2030.

Q.2 What is the growth forecast for subsea power grid systems market?

Answer: The global subsea power grid systems market is expected to grow with a CAGR of 10.5% from 2024 to 2030.

Q.3 What are the major drivers influencing the growth of the subsea power grid systems market?

Answer: The major drivers for this market are quick construction of subsea infrastructure to support the rise in offshore exploration activities, rising oil & gas exploration activities in deep waters across the globe, and technological advancements in renewable energy in the offshore environment.

Q4. What are the major segments for subsea power grid systems market?

Answer: The future of the global subsea power grid systems market looks promising with opportunities in the captive generation and wind power markets.

Q5. Who are the key subsea power grid systems companies?

Answer: Some of the key subsea power grid systems companies are as follows:

• ABB
• Aker solution
• Apar Industries
• Baker Hughes
• Furukawa Electric
• General Electric
• Hitachi Energy

Q6. Which subsea power grid systems market segment will be the largest in future?

Answer: Lucintel forecast that cables is expected to witness highest growth over the forecast period because these cables are used to transmit power to offshore oil and gas platforms, along with the increasing exploration and production of offshore oil and gas.

Q7. In subsea power grid systems market, which region is expected to be the largest in next 5 years?

Answer: Europe is expected to witness highest growth over the forecast period due to the significant desire for sources of renewable energy and the favorable government regulations in these regions.

Q.8 Do we receive customization in this report?

Answer: Yes, Lucintel provides 10% customization without any additional cost.

This report answers following 11 key questions:

• Q.1. What are some of the most promising, high-growth opportunities for the subsea power grid systems market by depth (shallow water and deepwater), component (cables, variable speed drives, transformers, switchgears, and others), application (captive generation, wind power, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
• Q.2. Which segments will grow at a faster pace and why?
• Q.3. Which region will grow at a faster pace and why?
• Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
• Q.5. What are the business risks and competitive threats in this market?
• Q.6. What are the emerging trends in this market and the reasons behind them?
• Q.7. What are some of the changing demands of customers in the market?
• Q.8. What are the new developments in the market? Which companies are leading these developments?
• Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
• Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
• Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?