Global Subsea Power Grid Systems Market boost by the rapid sub-sea infrastructural development to accommodate the increasing offshore exploration activities
The global Subsea Power Grid Systems market projected to propagate with a substantial rate over the forecast period, 2020-2027, due to the growing demand for subsea power grid systems in transmitting the power for offshore areas. With the continuous breakthrough of technology and the development of new products, the global subsea power grid system market will usher tremendous growth in the next decade. The subsea power grid system includes subsea switchgear, subsea transformer, a subsea variable speed drive (VSD), a subsea plug-in connector, and a set of fairly reliable remote control and monitoring systems. The monitoring system has a cloud-based user dashboard and data analysis functions.
The surge in demand for subsea power distribution systems in the subsea oilfield development project will accelerate the global subsea power grid system in the future timeline. Moreover, the depletion of conventional fossil fuel reserves has led to increasing oil & gas exploration activities in deep waters across the globe, which results in the growth of global subsea power grid systems in the upcoming periods. Furthermore, the growing demand for technologically advanced equipment, which is utilized for oil & gas exploration, and energy demand from emerging economies, will trigger the global subsea power grid system in the next few years. Additionally, emerging technologies need to explore extensively to fulfil primary energy demand, which has increased offshore exploration activities. The depleted reserves require higher amounts of energy for pumping and compression pressure. The installation of subsea power grid systems results in reduced emissions and increased efficiency. These factors expected to drive the subsea power grid market.
Components Overview in the Global Subsea Power Grid Systems Market
Based on components, the global subsea power grid systems market categorized into cables, variable speed drives, transformers, switchgear, and others. The cables segment estimated to dominate the market owing to its low maintenance cost, longer life span coupled with minimal transmission losses. The variable speed drives will boom by its high fault-tolerance, with multiple topologies and built-in redundant components designed for subsea operations.
Offshore Power Overview in the Global Subsea Power Grid Systems market
Based on Offshore Power, the subsea power grid systems market classified into Captive Generation, Wind Power, Others (Tidal Power, Solar Power, etc.). The Captive generation is likely to exhibit maximum revenue by 2027 due to its energy consumption and operate off-grid, and they can be connected to the electric grid to exchange excess generation.
Regional Overview in the Global Subsea Power Grid Systems Market
By geography, the Global Subsea Power Grid Systems Market segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Europe anticipated dominating the market owing to the increasing focus on shale reserves exploration in the region and the growing investment in prospective offshore locations along with increasing initiatives taken by the government for power generation from wind energy.
Global Subsea Power Grid Systems Market: Competitive Landscape
Companies such as FMC Technologies Inc., ABB Ltd, General Electric Co., Aker Solutions ASA, Cameron International Corp, and Siemens AG are the key players in the Global Subsea Power Grid Systems Market.