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NEW YORK , Sept. 15, 2022 /PRNewswire/ -- The "Submarine Power Cable Market" report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years.
The potential growth difference for the submarine power cable market between 2021 and 2026 is USD 1.05 billion. The report extensively covers submarine power cable market segmentation by end-user (offshore wind, island connection and inter-country, offshore oil, and others) and geography (Europe , APAC, North America , Middle East , and Africa , and South America ). To get the exact yearly growth variance and the Y-O-Y growth rate, Request Free Sample Report.
One of the key drivers supporting the growth of the submarine power cable market is the increasing offshore renewable energy installations. Offshore wind power installations are rapidly expanding due to their higher capacity output, which can be up to 40% greater than onshore wind power generation. The offshore wind submarine power cable market is critical for transmitting newly generated energy from offshore wind turbines to the shore.
The offshore wind submarine power cable industry enables renewable energy integration. Submarine power cable market growth is closely related to the expansion of offshore renewable energy installations and capacity, as these projects are powered by submarine power cables. However, factors such as challenges faced in laying and maintaining cables will challenge market growth. Buy Sample Report.
Submarine Power Cable Market Geographical Segmentation
Europe will account for 47% of market growth during the forecast period. The submarine power cable market in Europe is dominated by Germany and the United Kingdom . This region's market growth will be slower than that of North America and APAC. Government support and a growing emphasis on wind energy will help the submarine power cable market grow in Europe over the forecast period.
The offshore wind segment's submarine power cable market share will grow significantly. When compared to conventional turbines, offshore wind turbines can produce more energy with fewer turbines. Europe is home to more than 80% of the world's offshore wind power generation capacity. European countries have set a goal of meeting more than 20% of their energy demand with renewables by 2030. During the forecast period, such factors may drive segment growth. Download Free Sample Report.
Some Companies Mentioned with their Offerings
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Submarine Power Cable Market Scope
Accelerate at a CAGR of over 4.5%
Europe, APAC, North America, Middle East and Africa, and South America
US, China, Japan, Germany, and UK
Leading companies, competitive strategies, consumer engagement scope
ABB Ltd., Eland Cables Ltd., Europacable, Fujikura Ltd., Furukawa Electric Co Ltd, HELUKABEL Romania Srl, Hengtong Group Co Ltd, Hydro Group, Jiangsu Zhongtian Technology Co Ltd, KEI Industries Ltd, Leoni AG, LS Cable and System Ltd., Nexans SA, NKT AS, Parker Hannifin Corp., Prysmian Spa, Southwire Co. LLC, Subsea 7 SA, Sumitomo Electric Industries Ltd., and The Okonite Co.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, and market condition analysis for the forecast period.
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
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