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Submarine Power Cable Market Growth – Global Forecast To 2024

Submarine Power Cable Market.jpgSubmarine power cable is a transmission cable which is used to carry electric power below the water surface. These are known as submarine, as they carry electric power beneath salt water. These cables can also be used beneath fresh water such as lakes and rivers. The global submarine power cable market is registering a significant growth in the recent years and expected to witness an exponential growth during the forecast period. The growing demand for power generation from renewable energy sources along with increasing number of offshore wind farms, and increasing power generation facilities are the major factors fueling the growth of the submarine power cable market.

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The single core category is leading the market and anticipated to register the faster growth in the coming years. This is attributed to their easy and economical deployment as compared to multicore cables. The demands of single core cables are majorly derived from offshore wind sector, particularly in Europe, which is fueling the demand of these cables in the market.

During the forecast period, the high voltage category is anticipated to hold the larger share in the market, owing to the increasing number of grid connections coupled with offshore wind projects, which require high capacity cables to transmit power to long distance.

Based on end-user, the submarine power cable market is categorized into offshore wind power generation, inter-country and island connection, offshore oil and gas, and others. Of all these, the offshore wind power generation segment dominated the market and accounted for largest share.

The growing environmental concerns are encouraging various countries to focus on power generation from renewable sources, hence the number of renewable projects which includes wind and tidal energy projects, has increased significantly in the recent years in various parts of the world, resulting in increasing demand of these cables in the market.

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Globally, Europe is the key region in the submarine power cable market, owing to the major shift in the region towards the renewable energy. For instance, The European Union (EU) has agreed to the proposal related to investing in energy security by strengthening the cross border energy infrastructure, which can create ample opportunities in the region’s market. Also, countries such as Spain, Germany, and the U.K. are investing significantly in wind power generation projects lately, as these countries are focusing on producing surplus energy which can be transmitted to other countries using inter-country and island connections, which in turn will boost the demand of these cables in the market.

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