The latest trends in the — global submarine power cable market are driven by cross-border initiatives by various governments. Considering an instance, in December 2020, marine consultancy LOC France completed the survey work for installation and cable transport operations for the IFA2 Interconnector, between France and the UK. The organization had secured the marine warranty survey contract for the RTE and National Grid project in 2017.
Having 1GW high-voltage link capacity and a total length of 204 km, this is the second interconnector running between France and the UK. The project will contribute towards the redistribution of low-carbon energy between the two countries. Furthermore, it will help in coping with the growth of electricity exchanges between the two countries, by augmenting the
cross-border capacity of 50 per cent.
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Similar advancements are likely to drive submarine cable demand, propelling revenue expansion over the forthcoming years. According to the latest research by Global Market Insights, Inc., the global submarine power cable market size had a valuation of more than USD 1.5 billion in 2018 and is likely to surpass an annual installation of 2,500 km by 2025.
Few major trends driving submarine power cable industry growth comprise:
Increasing demand for efficient transmission infrastructure in Europe
Europe submarine power cable market accounted for a revenue of more than USD 1 billion in 2018 and is estimated to witness appreciable growth over the assessment period. This is primarily
attributed to current advancements toward efficient transmission infrastructure in the region and the soaring energy demand from emerging countries. According to the IEA, the global energy demand witnessed an escalation of 4 per cent in 2018, paving a favorable foundation for the augmentation of the submarine power cable industry. This is further supplemented by increasing cross-border power trade and strict regulatory norms for efficient power supply.
Rising adoption of MV cablesThe low installation cost of MV cables across offshore wind farms is expected to bring about their large scale deployment across various regions. However, as compared to high voltage lines, these cables incur transmission losses and higher costs of maintenance.
Even then, the rising dependence on sustainable electricity generation technologies in line with government reforms and initiatives for the development of an energy efficient operational environment will propel the growth of the submarine power cable market over the estimated period.
Increasing number of government initiatives
An escalation in the number of government initiatives comprising subsidies, incentives, and leveraging schemes is set to bolster the submarine power industry demand through 2025. The
revenue growth is additionally stimulated by an increase in the installation of offshore wind farms and a paradigm shift towards sustainable power generation.As per the IEA, the rising production of offshore oil and gas will stimulate fund allocation in offshore wind turbines.
In a nutshell, the easy installation of submarine cables with minimal losses owing to short route electricity supply and efficient product configurations will boost submarine power cable market expansion through the analysis period.
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