The deepwater subsea market is growing and will continue to grow significantly over the next five years, with West Africa, North America, and Europe leading the way in total expenditures. This has created a considerable market for power grids in subsea and power supply equipment, and will continue to expand with the subsea market. This trend makes the subsea power grid system industry lucrative for both grid/components manufacturers and service operators. On account of heavy offshore infrastructure development and shifting focus towards renewable energy sources, the power grid system market in subsea will experience a tremendous increase in demand in the years to come.
In the current global power grid system market in subsea, the cables are the key component on the basis of market size and are projected to grow with significant rate in the near future. The cables demand is projected to increase heavily due to the increased subsea equipments requiring power supply.
The captive generation is the largest energy generation mode across the globe supplemented by the huge number of established offshore oil and gas platforms. On the other hand, offshore wind farms are gaining a sharp focus as a renewable energy generation source. Europe is representing a huge potential in terms of renewable energy supply for subsea power grids system. Subsea power grid manufactures and solution providers are continuously trying to integrate their existing technologies in order to provide a more cost effective and efficient solution, which in turn helps them to secure bulk supply and service contracts. Being a high technologically innovative market, it has a few number of industry players which are well established. Contracts, agreements, joint ventures and partnership activities are some of the key strategies followed by leading industry players to increase their market penetration in various regions. Leading industry pl
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