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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. Sample figures with some insights are shown below.
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?
For any questions related to subsea power grid systems market or related to subsea power grid systems companies, subsea power grid systems market size, subsea power grid systems market share, subsea power grid systems market growth, subsea power grid systems market research, write Lucintel analyst at email: helpdesk@lucintel.com we will be glad to get back to you soon.
Table of Contents
1. Executive Summary
2. Global Subsea Power Grid Systems Market : Market Dynamics
2.1: Introduction, Background, and Classifications
2.2: Supply Chain
2.3: Industry Drivers and Challenges
3. Market Trends and Forecast Analysis from 2018 to 2030
3.1. Macroeconomic Trends (2018-2023) and Forecast (2024-2030)
3.2. Global Subsea Power Grid Systems Market Trends (2018-2023) and Forecast (2024-2030)
3.3: Global Subsea Power Grid Systems Market by Depth
3.3.1: Shallow Water
3.3.2: Deepwater
3.4: Global Subsea Power Grid Systems Market by Component
3.4.1: Cables
3.4.2: Variable Speed Drives
3.4.3: Transformers
3.4.4: Switchgears
3.4.5: Others
3.5: Global Subsea Power Grid Systems Market by Application
3.5.1: Captive Generation
3.5.2: Wind Power
3.5.3: Others
4. Market Trends and Forecast Analysis by Region from 2018 to 2030
4.1: Global Subsea Power Grid Systems Market by Region
4.2: North American Subsea Power Grid Systems Market
4.2.1: North American Subsea Power Grid Systems Market by Component: Cables, Variable Speed Drives, Transformers, Switchgears, and Others
4.2.2: North American Subsea Power Grid Systems Market by Application: Captive Generation, Wind Power, and Others
4.3: European Subsea Power Grid Systems Market
4.3.1: European Subsea Power Grid Systems Market by Component: Cables, Variable Speed Drives, Transformers, Switchgears, and Others
4.3.2: European Subsea Power Grid Systems Market by Application: Captive Generation, Wind Power, and Others
4.4: APAC Subsea Power Grid Systems Market
4.4.1: APAC Subsea Power Grid Systems Market by Component: Cables, Variable Speed Drives, Transformers, Switchgears, and Others
4.4.2: APAC Subsea Power Grid Systems Market by Application: Captive Generation, Wind Power, and Others
4.5: ROW Subsea Power Grid Systems Market
4.5.1: ROW Subsea Power Grid Systems Market by Component: Cables, Variable Speed Drives, Transformers, Switchgears, and Others
4.5.2: ROW Subsea Power Grid Systems Market by Application: Captive Generation, Wind Power, and Others
5. Competitor Analysis
5.1: Product Portfolio Analysis
5.2: Operational Integration
5.3: Porter’s Five Forces Analysis
6. Growth Opportunities and Strategic Analysis
6.1: Growth Opportunity Analysis
6.1.1: Growth Opportunities for the Global Subsea Power Grid Systems Market by Depth
6.1.2: Growth Opportunities for the Global Subsea Power Grid Systems Market by Component
6.1.3: Growth Opportunities for the Global Subsea Power Grid Systems Market by Application
6.1.4: Growth Opportunities for the Global Subsea Power Grid Systems Market Region
6.2: Emerging Trends in the Global Subsea Power Grid Systems Market
6.3: Strategic Analysis
6.3.1: New Product Development
6.3.2: Capacity Expansion of the Global Subsea Power Grid Systems Market
6.3.3: Mergers, Acquisitions, and Joint Ventures in the Global Subsea Power Grid Systems Market
6.3.4: Certification and Licensing
7. Company Profiles of Leading Players
7.1: ABB
7.2: Aker solution
7.3: Apar Industries
7.4: Baker Hughes
7.5: Furukawa Electric
7.6: General Electric
7.7: Hitachi Energy
.
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Lucintel has been in the business of market research and management consulting since 2000 and has published over 1000 market intelligence reports in various markets / applications and served over 1,000 clients worldwide. This study is a culmination of four months of full-time effort performed by Lucintel's analyst team. The analysts used the following sources for the creation and completion of this valuable report:
In-depth interviews of the major players in this market
Detailed secondary research from competitors’ financial statements and published data
Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
A compilation of the experiences, judgments, and insights of Lucintel’s professionals, who have analyzed and tracked this market over the years.
Extensive research and interviews are conducted across the supply chain of this market to estimate market share, market size, trends, drivers, challenges, and forecasts. Below is a brief summary of the primary interviews that were conducted by job function for this report.
Thus, Lucintel compiles vast amounts of data from numerous sources, validates the integrity of that data, and performs a comprehensive analysis. Lucintel then organizes the data, its findings, and insights into a concise report designed to support the strategic decision-making process. The figure below is a graphical representation of Lucintel’s research process.
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