Power Grid System Market in Subsea to Hit $14.8 billion in 2027

1. Power Grid System Market in Subsea by Component (Cables, Variable Speed Drives, Transformers, Switchgears), Application (Captive Generation, Wind Power), Depth (Shallow Water and Deepwater) and Region - Global Forecast to 2027 www.MarketsandMarkets.com

2. The global power grid system market in subsea is projected to reach USD 14.8 billion by 2027 from an estimated USD 9.1 billion in 2022, at a CAGR of 10.2% during the forecast period. Subsea power grid comprise of several components such as cables, transformers, variable speed drives, switchgears, and others used for various applications such as captive generation, offshore wind power, and other applications. Favorable government policies for offshore renewable power production, especially using wind energy along with urgent need to reduce carbon emissions and improve grid reliability and efficiency is expected to drive the demand for subsea power grid systems. View detailed Table of Content here – https://www.marketsandmarkets.com/Market-Reports/subsea-power-grid-offshore-supply-market-1100.html

3. The cables segment, by component, is expected to be the most significant power grid system market in subsea during the forecast period The power grid system market in subsea, on the basis of component, has been segmented into cables, transformers, switchgears, variable speed drives, and others. The others segment includes connectors, actuators, sensors, and penetrators. The cables segment, by component, is expected to dominate the power grid system market in subsea during the forecast period. The adoption of subsea power cables has been mainly driven by the HV power transmission and offshore oil & gas industries. Subsea power cables are widely used to link shore-based power grids. These cables carry power from one country to another, as well as from one offshore platform to another, and transfer power from offshore renewable energy generation plants, which use wind, wave, and tidal energy to generate electricity; regional electrical transmission networks; etc. Make an Inquiry: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=1100

4. The captive generation segment, by application, is expected to be the largest power grid system market in subsea during the forecast period The power grid system market in subsea, by application, has been broadly classified into wind power, captive generation, and Others. The others segment includes solar power, tidal power and diesel & gas based floating power plants. The captive generation segment held the largest market in 2021. The subsea power grid supplies and distributes power to various components. Subsea power grid systems enable long-distance subsea tie-back developments for energy-intensive oil & gas processing activities on the seafloor. The demand for subsea power grid systems is continuously increasing in captive generation applications owing to the rising number of subsea operations, growing use of satellite wells for subsea field developments, and an increasing number of deepwater drilling activities.

5. The deepwater segment, by end user, is expected to witness the highest CAGR during the forecast period The power grid system market in subsea, by depth, has been segmented into shallow water and deepwater. The deepwater segment of the power grid system market in subsea, by depth,  is expected to witness the highest CAGR during the forecast period. The depletion of shallow water reserves (maturing shallow water basins) has made E&P companies shift their focus on deepwater areas. Deepwater activities would continue to be a key avenue for oil production and, thus, it would generate substantial demand for power grid system market in subsea.

6. Browse >> 120market data tables 47 figures 214 pagesand in-depth TOC on “Power Grid System Market in Subsea Market - Global Forecast to 2027” Early buyers will receive 10% customization on this report. This is a Premium Report Priced at US $4950 for single user. Corporate User : US$8150 This study answers several questions for the stakeholders, primarily which market segments to focus on in the next two to five years to prioritize efforts and investments.

7. Europe is expected to dominate the global power grid system market in subsea during the forecast period In this report, the power grid system market in subsea has been analyzed for 5 regions, namely Asia Pacific, North America, Europe, Middle East & Africa, South America. Europe is estimated to be the largest market for power grid systems in subsea during the forecast period. Countries such as Norway, the UK, and the Netherlands are witnessing heightened construction of offshore wind farms due to stringent energy efficiency mandates, and the strong focus of most European countries on utilizing renewable energy sources for power generation propels European market growth. Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=1100

8. Key players - • To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Power Grid System Market in Subsea • . These include • ABB (Switzerland), • General Electric (US), • Siemens Energy (Germany), • Prysmian Group (Italy), • Nexans (France), • TechnipFMC (UK), • Baker Hughes (US) and many more... • Buy Now : - https://www.marketsandmarkets.com/Purchase/purchase_reportNew.asp?id=1100

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