出版：MarketsandMarkets（マーケッツアンドマーケッツ） 出版年月：2022年3月
海底送電網システム市場：コンポーネント（ケーブル、可変速ドライブ、変圧器、開閉装置）、用途（自家発電、風力）、水深（浅海、深海）、地域別 – 2027年までの世界予測
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
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| 図表数 | 167 |
| 種別 | 英文調査報告書 |
| 価格 |
世界の海底送電網システム市場は2022年中に91億ドル、2027年までには148億ドルに達し、予測期間のCAGRは10.2％になると予測されています。
MarketsandMarkets（マーケッツアンドマーケッツ）「海底送電網システム市場：コンポーネント（ケーブル、可変速ドライブ、変圧器、開閉装置）、用途（自家発電、風力）、水深（浅海、深海）、地域別 – 2027年までの世界予測 – 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」は世界の海底送電網システム市場を調査し、主要セグメント毎に行った分析・予測結果を提供しています。
MarketsandMarketsの分析ポイント
- 成長促進要因：陸上の化石燃料の埋蔵量枯渇による深海の石油・ガス探査活動の増加
- 阻害要因：運営および技術における高いリスク
- 機会：タービンの新技術による海上へのアクセスの簡便化
- 課題：海上での発電コスト
主な調査範囲
- コンポーネント
- ケーブル
- 可変速駆動装置
- 変圧器
- 開閉装置（スイッチギア）
- その他（コネクタ、アクチュエータ、センサ、針入度計）
- 用途
- 自家発電
- 風力発電
- その他（潮力発電、ソーラー発電、ディーゼル＆ガスベースの浮体式発電所）
- 水深
- 浅海
- 深海
- 地域
- アジア太平洋地域
- 欧州
- 北米
- 中東
- 南米
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. Easy access of wind turbine technology to offshore locations are expected to offer lucrative opportunities for the power grid system market in subsea during the forecast period.
COVID-19 Impact on the Global Power grid system market in subsea
COVID-19 has unleashed a devastating blow to the global economy and the energy sector, disrupting supply chains while choking off demand. The COVID-19 pandemic has not only affected the healthcare sector worldwide but also impacted the global economy. It has had a substantial economic impact on various industrial sectors, such as manufacturing, power generation, renewables, nuclear, and oil & gas.
In August 2021, the US, Canada, and countries of Western Europe experienced relief from the pandemic. This progress was achieved by the continuous rollout of vaccines in these countries. Nevertheless, although vaccines have proved highly effective at preventing this severe disease in the West European countries, countries including the UK, Israel, and the US have been experiencing shortcomings in the ability of the vaccine to prevent infection from the new variants.
The outbreak and widespread of the COVID-19 pandemic have adversely affected power plant-related investments and construction globally. Also, the demand for subsea power grid systems has been reduced. Governments across the world have been compelled to reduce business activities to minimize the spread of COVID-19. Companies across different regions had to shut down their manufacturing facilities and services as partial or full lockdowns have been imposed in different countries to contain the spread of the virus. This resulted in increased procurement costs of raw materials owing to the shortage of raw material supply, which led to delays in order fulfillment. Thus, the pandemic has an adverse impact on the power grid system market in subsea in the short term.
Power grid system market in subsea Dynamics
Driver: Increased deepwater oil and gas exploration activities due to depleting onshore fossil fuel reserves
Unprecedented advancements in technologies used in deepwater exploration and production (E&P) activities, depleting onshore fossil fuel reserves, and the commercial viability of offshore projects are the major factors encouraging E&P operators for deepwater exploration. According to the Oil & Gas Journal, in February 2022, over the last 12 months, operators have disclosed deepwater finds in the Gulf of Mexico. Additionally, discoveries of offshore oil deposits such as the Liza field in Guyana, the Kutch Basin in India, and Tupi offshore oil field in Brazil signify the future oil production opportunities in offshore fields, thereby creating power grid requirement to transport electricity and supply power to subsea and offshore production facilities.
According to the BP Statistical Review of 2021, the top countries with the most untapped oil reserves include the US, Saudi Arabia, and Russia. Discoveries of such reserves will lead to increased well drilling and production activities. This will support the growth of the power grid system market in subsea. Moreover, regions that have high energy demand, such as Asia Pacific, are planning to augment their offshore production. Countries such as India and China, which have offshore oil and gas basins in the Indian Ocean and the South China Sea, respectively, have huge potential for offshore oil and gas exploration. Apart from the Asia Pacific region, major discoveries are being made in the offshore region of Africa, especially in western Africa. All these factors are likely to drive the market for power grid systems in subsea.
Moreover, Venezuela is the potential offshore market for oil exploration, with almost 300 billion barrels of oil reserves globally by the end of 2021. The list of potential oil reserves is mentioned below.
Restraint: High operational and technological risks
The high initial investment for commissioning a subsea power grid system and the associated maintenance costs are very high, preventing new players from entering the market. The cost of installing subsea components, including cables, transformers, and switchgears, also depends on factors such as the nature of the seabed, the depth of the site, the number of landings, as well as voltage requirements. For instance, the estimated cost for an undersea cable system could be around USD 2.0 million to 6.8 million per kilometer. The power grid system market in subsea has not only steep entry barriers but also stiff competition, excessive delays, and other difficulties, resulting in increased ownership and maintenance costs that small and medium-sized enterprises (SMEs) cannot afford. There are only a handful of players that hold a major share of the global market.
The high entry barrier is also attributed to the time involved in building these systems (3–4 years) and completion (average time to upgrade completion is 6–12 months). The investment required for new subsea power grid systems is significantly higher than upgrading the existing systems. All these factors are restraining the growth of the power grids system market in subsea.
Opportunities: Easy access of wind turbine technology to offshore locations
Unlike conventional offshore wind turbines, which have long towers sunk into the seabed and bolted into place in shallow seas 60–160 feet, floating turbines can access vast swaths of outlying ocean waters, up to half a mile deep, where the world’s strongest and most consistent winds blow. For instance, Europe, where the density of onshore and near-shore wind turbines in places such as Germany, the United Kingdom, and Norway, has spurred rising opposition to new arrays, floating turbines can be deployed above the horizon, out of sight of coastal occupants.
Moreover, the ocean region beyond the reach of conventional offshore turbines makes up 80% of the world’s maritime waterways, allowing for floating arrays. This technology has grown in the last five years. The farms are expected to expand in size to demonstrate their viability and feasibility to governments and large-scale investors.
Challenges: Low cost of onshore electricity generation
Even without financial support and with declining oil prices, the cost of electricity generation from onshore wind power plants, geothermal and hydropower plants, and biomass power plants is equivalent to or lower than the cost of power generation from coal-, gas-, and diesel-powered plants. Moreover, the cost of electricity produced by land-based wind turbines and solar PVs has gone down, and it is more economical to generate electricity using solar and wind energy than other renewable sources across the world. Additionally, the cost of producing electricity from conventional resources, including coal, gas, and diesel, is quite lower than the power generation within offshore oil and gas production plants. All these factors are likely to negatively impact the offshore market and, subsequently, the power grid system market in subsea
By component, the cables segment is expected to be the largest contributor to the 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.
Wind power segment, by application, is expected to grow at the highest CAGR 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 gas & diesel based folating power plants. The wind power segment is expected to record the highest CAGR from 2022 to 2027. The increase in the use of subsea power cables in long-distance HV power transmission applications propel the growth of the power grid system market in subsea for wind power. Countries such as the UK, Germany, China, Japan, and Taiwan have plans to invest significantly to expand and develop their regional offshore wind energy industry. These factors are expected to fuel the demand for subsea power grid systems for offshore wind power generation during the forecast period
The deepwater segment is expected to witness the highest CAGR during the forecast period on based on depth
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.
Europe is expected to account for the largest market size during the forecast period.
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 expected to dominate the global power grid system market in subsea between 2022–2027, followed by Asia Pacific and North America. Europe and Asia Pacific are the major contributors to the global power grid system market in subsea owing to the strong demand for renewable energy sources and favorable government policies in these regions. Most countries in Europe are mainly focusing on renewable energy capacity addition. Countries such as Germany, the UK, the Netherlands, and Norway are leading the renewable energy capacity addition. The growth of the power grid system market in subsea is supported by the European Wind Initiative (EWI), a wind energy R&D program developed to take the wind industry to the next level in Europe.
Key Market Players
The power grid system market in subsea is dominated by a few major players that have a wide regional presence. The major players in the power grid system market in subsea are Prysmian Group (Italy), Nexans (France), TechnipFMC (UK), General Electric (US) Baker Hughes (US), ABB (Switzerland), and Siemens Energy (Germany). Between 2018 and 2022, the companies adopted growth strategies such as sales contracts and agreements to capture a larger share of the power grid system market in subsea. Some of the other major players include Schlumberger (US), Aker Solutions ASA (Norway), Hitachi Energy (Switzerland), Oceaneering International (US), NKT (Denmark), LS Cable & System (South Korea), ZTT (China), Sumitomo Electric Industries, Ltd. (Japan), TE Connectivity (Switzerland), Schneider Electric (France), Apar Industries (India) and Intertek Group (UK) among others.
This research report categorizes the power grid system market in subsea by component, application, depth and region
On the basis of component, the power grid system market in subsea has been segmented as follows:
- Cables
- Variable Speed Drives
- Transformers
- Switchgears
- Others (connectors, actuators, sensors, and penetrators)
On the basis of application, the power grid system market in subsea has been segmented as follows:
- Captive Generation
- Wind Power
- Others (tidal power, solar power and diesel & gas based floating power plants)
On the basis of by depth, the power grid system market in subsea has been segmented as follows:
- Shallow Water
- Deepwater
On the basis of region, the power grid system market in subsea has been segmented as follows:
- Asia Pacific
- Europe
- North America
- Middle East & Africa
- South America
Recent Developments
- In January 2022, TechnipFMC was awarded a subsea EPCI contract by Petrobras for its Búzios 6 field (module 7), greenfield development in the pre-salt area. The contract covered the provision of flexible and rigid pipes, umbilicals, pipeline end terminals, rigid jumpers, umbilical termination assemblies and a mooring system.
- In January 2022, Nexans received a contract under the frame agreement to manufacture approximately 110 km of high-voltage subsea cables to South Fork Wind, a joint venture between Ørsted and Eversource. The three-phase 138 kV high-voltage alternative current (HVAC) subsea export cables will be integrated with two fiber-optic cables and transmit 132 MW of electricity to Long Island, New York.
- In February 2022, Prysmian Group plans on opening a new submarine power cable plant in Brayton Point site, Massachusetts, US. The new plant will allow the company to provide support to customers in US.
- In February 2022, ABB entered into an agreement with OneSubsea to support its subsea multiphase compression system for Shell’s Ormen Lange field. According to this agreement, ABB is expected to supply variable-speed drives and subsea transformers to power subsea compressors.
- In October 2021, Siemens Energy, together with Aker Solutions, won a contract for an offshore grid connection project in the US. The company will supply the high-voltage direct-current (HVDC) transmission system to bring green energy from Sunrise Wind, a utility-scale offshore wind project, to the mainland.
- In August 2021, GE Renewable Energy, a subsidiary of General Electric (GE), and PKN ORLEN signed an agreement to develop offshore wind projects in Poland jointly.
- In September 2019, Baker Hughes and Ocean Installer AS won a subsea contract for the engineering, procurement, construction, and installation (EPCI) of subsea systems and associated services by Vår Energi AS for the Balder X project on the Norwegian Continental Shelf (NCS). Under the contract, the companies delivered and installed 16 new subsea production systems (SPS), umbilicals, risers, and flowlines to the Jotun A floating production storage and offloading (FPSO) unit.
Frequently Asked Questions (FAQ)
What is the current size of the power grid system market in subsea?
The current market size of global power grid system market in subsea is 7.4 billion in 2021.
What is the major drivers for power grid system market in subsea?
The global power grid system market in subsea is driven by Increased deepwater oil and gas exploration activities due to depleting onshore fossil fuel reserves Favorable government policies for offshore renewable power production, especially using wind energy The rapidly expanding manufacturing sector is also fueling demand for subsea power grid system.
Which is the largest regional market during the forecasted period in power grid system market in subsea?
Europe is the largest regional market during the forecasted 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.
Which is the fastest-growing segment, by depth during the forecasted period in power grid system market in subsea?
The deepwater segment of the power grid system market in subsea 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.
目次
TABLE OF CONTENTS
1 INTRODUCTION (Page No. – 25)
1.1 STUDY OBJECTIVES
1.2 DEFINITION
1.2.1 POWER GRID SYSTEM MARKET IN SUBSEA, BY COMPONENT: INCLUSIONS & EXCLUSIONS
1.2.2 POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION: INCLUSIONS & EXCLUSIONS
1.2.3 POWER GRID SYSTEM MARKET IN SUBSEA, BY DEPTH: INCLUSIONS & EXCLUSIONS
1.3 MARKET SCOPE
1.3.1 POWER GRID SYSTEM MARKET IN SUBSEA SEGMENTATION
1.3.2 REGIONAL SCOPE
1.4 YEARS CONSIDERED
1.5 CURRENCY
1.6 LIMITATIONS
1.7 STAKEHOLDERS
1.8 SUMMARY OF CHANGES
2 RESEARCH METHODOLOGY (Page No. – 30)
2.1 RESEARCH DATA
FIGURE 1 POWER GRID SYSTEM MARKET IN SUBSEA: RESEARCH DESIGN
2.2 MARKET BREAKDOWN AND DATA TRIANGULATION
FIGURE 2 DATA TRIANGULATION METHODOLOGY
2.2.1 SECONDARY DATA
2.2.1.1 Key data from secondary sources
2.2.2 PRIMARY DATA
2.2.2.1 Key data from primary sources
2.2.2.2 Breakdown of primaries
FIGURE 3 BREAKDOWN OF PRIMARIES
2.3 IMPACT OF COVID-19
2.4 MARKET SIZE ESTIMATION
2.4.1 BOTTOM-UP APPROACH
FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH
2.4.2 TOP-DOWN APPROACH
FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH
2.4.3 DEMAND-SIDE ANALYSIS
FIGURE 6 MAIN METRICS CONSIDERED WHILE ANALYZING AND ASSESSING DEMAND FOR SUBSEA POWER GRID SYSTEMS
2.4.3.1 Demand-side calculation
2.4.3.2 Assumptions for demand-side analysis
2.4.4 SUPPLY-SIDE ANALYSIS
FIGURE 7 MAIN METRICS CONSIDERED IN ASSESSING SUPPLY FOR SUBSEA POWER GRID SYSTEMS
FIGURE 8 POWER GRID SYSTEM MARKET IN SUBSEA: SUPPLY-SIDE ANALYSIS
2.4.4.1 Supply-side calculation
2.4.4.2 Assumptions for supply side
2.4.5 FORECAST
3 EXECUTIVE SUMMARY (Page No. – 40)
TABLE 1 POWER GRID SYSTEM MARKET IN SUBSEA SNAPSHOT
FIGURE 9 EUROPE DOMINATED POWER GRID SYSTEM MARKET IN SUBSEA IN 2021
FIGURE 10 CABLES SEGMENT TO HOLD LARGEST SHARE OF POWER GRID SYSTEM MARKET IN SUBSEA, BY COMPONENT, DURING FORECAST PERIOD
FIGURE 11 CAPTIVE GENERATION SEGMENT TO ACCOUNT FOR LARGEST SHARE OF POWER GRID SYSTEM MARKET IN 2027
FIGURE 12 DEEPWATER SEGMENT TO WITNESS HIGHER GROWTH RATE IN POWER GRID SYSTEM MARKET IN SUBSEA, BY DEPTH, DURING FORECAST PERIOD
4 PREMIUM INSIGHTS (Page No. – 44)
4.1 ATTRACTIVE OPPORTUNITIES IN POWER GRID SYSTEM MARKET IN SUBSEA
FIGURE 13 INCREASING DEEPWATER EXPLORATION DUE TO DEPLETING ONSHORE FOSSIL FUEL RESERVES TO DRIVE POWER GRID SYSTEM MARKET IN SUBSEA, 2022–2027
4.2 POWER GRID SYSTEM MARKET IN SUBSEA, BY REGION
FIGURE 14 NORTH AMERICAN POWER GRID SYSTEM MARKET IN SUBSEA TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
4.3 EUROPEAN POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION AND COUNTRY
FIGURE 15 WIND POWER SEGMENT AND UK DOMINATED POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION AND COUNTRY, RESPECTIVELY, IN 2021
4.4 POWER GRID SYSTEM MARKET IN SUBSEA, BY DEPTH
FIGURE 16 SHALLOW WATER SEGMENT TO ACCOUNT FOR LARGER SHARE THAN DEEPWATER SEGMENT IN 2027
4.5 POWER GRID SYSTEM MARKET IN SUBSEA, BY COMPONENT
FIGURE 17 CABLES SEGMENT TO ACCOUNT FOR LARGER SHARE IN 2027
4.6 POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION
FIGURE 18 CAPTIVE GENERATION SEGMENT TO ACCOUNT FOR LARGEST SHARE IN 2027
5 MARKET OVERVIEW (Page No. – 48)
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
FIGURE 19 POWER GRID SYSTEM MARKET IN SUBSEA: MARKET DRIVERS
5.2.1 DRIVERS
5.2.1.1 Increased deepwater oil and gas exploration activities due to depleting onshore fossil fuel reserves
TABLE 2 OIL RESERVES (BILLION BARRELS), BY COUNTRY, 2021
5.2.1.2 Favorable government policies for offshore renewable power production, especially using wind energy
FIGURE 20 GLOBAL ENERGY SUPPLY INVESTMENT, BY SECTOR, 2019–2021
FIGURE 21 NEW WIND POWER INSTALLATIONS, 2020
FIGURE 22 GROWTH OF WIND POWER CAPACITY FROM 2021 TO 2025, BY REGION (MW)
5.2.1.3 Urgent need to reduce carbon emissions and improve grid reliability and efficiency
5.2.2 RESTRAINTS
5.2.2.1 High operational and technological risks
5.2.2.2 Greater energy losses witnessed during long-distance power transmission
5.2.3 OPPORTUNITIES
5.2.3.1 Potential of tidal energy to meet subsea power requirements
5.2.3.2 Easy access of wind turbine technology to offshore locations
5.2.4 CHALLENGES
5.2.4.1 Shortage of technical professionals in subsea industry
5.2.4.2 Low cost of onshore electricity generation
5.2.4.3 Climatic challenges pertaining to operations of offshore wind farms
5.3 SUPPLY CHAIN ANALYSIS
FIGURE 23 POWER GRID SYSTEM MARKET IN SUBSEA: SUPPLY CHAIN ANALYSIS
5.3.1 GRID MANUFACTURER
5.3.2 GRID INFRASTRUCTURE INSTALLER
5.3.3 END USER
5.4 PORTER’S FIVE FORCES ANALYSIS
FIGURE 24 POWER GRID SYSTEM MARKET IN SUBSEA: PORTER’S FIVE FORCES ANALYSIS
TABLE 3 POWER GRID SYSTEM MARKET IN SUBSEA: PORTER’S FIVE FORCES ANALYSIS
5.4.1 THREAT OF NEW ENTRANTS
5.4.2 BARGAINING POWER OF SUPPLIERS
5.4.3 BARGAINING POWER OF BUYERS
5.4.4 THREAT OF SUBSTITUTES
5.4.5 DEGREE OF COMPETITION
5.5 PATENT ANALYSIS
TABLE 4 PATENTS RELATED TO OFFSHORE WIND AND OIL & GAS
6 POWER GRID SYSTEM MARKET IN SUBSEA, BY COMPONENT (Page No. – 59)
6.1 INTRODUCTION
FIGURE 25 POWER GRID SYSTEM MARKET IN SUBSEA, BY COMPONENT, 2021
TABLE 5 POWER GRID SYSTEM MARKET IN SUBSEA, BY COMPONENT, 2020–2027 (USD MILLION)
6.2 CABLES
6.2.1 RISE IN DEMAND FROM OFFSHORE WIND AND OIL & GAS INDUSTRIES TO BOOST GROWTH OF MARKET FOR CABLES
TABLE 6 CABLES: POWER GRID SYSTEM MARKET IN SUBSEA, BY REGION, 2020–2027 (USD MILLION)
6.3 VARIABLE SPEED DRIVES
6.3.1 REDUCTION IN CABLING COST TO DRIVE GROWTH OF MARKET FOR VARIABLE SPEED DRIVES DURING FORECAST PERIOD
TABLE 7 VARIABLE SPEED DRIVES: POWER GRID SYSTEM MARKET IN SUBSEA, BY REGION, 2020–2027 (USD MILLION)
6.4 TRANSFORMERS
6.4.1 GROWTH IN OFFSHORE OIL & GAS EXPLORATION AND PRODUCTION ACTIVITIES TO BOOST MARKET GROWTH IN COMING YEARS
TABLE 8 TRANSFORMERS: POWER GRID SYSTEM MARKET IN SUBSEA, BY REGION, 2020–2027 (USD MILLION)
6.5 SWITCHGEARS
6.5.1 NEED FOR SAFE, EFFICIENT, AND RELIABLE POWER SUPPLY TO ACCELERATE CREATES DEMAND FOR SWITCHGEARS
TABLE 9 SWITCHGEARS: POWER GRID SYSTEM MARKET IN SUBSEA, BY REGION, 2020–2027 (USD MILLION)
6.6 OTHERS
TABLE 10 OTHERS: POWER GRID SYSTEM MARKET IN SUBSEA, BY REGION, 2020–2027 (USD MILLION)
7 POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION (Page No. – 66)
7.1 INTRODUCTION
FIGURE 26 POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2021
TABLE 11 POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)
7.2 WIND POWER
7.2.1 SURGING USE OF SUBSEA POWER CABLES FOR LONG-DISTANCE POWER TRANSMISSION BY OFFSHORE WIND POWER GENERATION PLANTS
TABLE 12 WIND POWER: POWER GRID SYSTEM MARKET IN SUBSEA, BY REGION, 2020–2027 (USD MILLION)
7.3 CAPTIVE GENERATION
7.3.1 INCREASING SUBSEA OPERATIONS AND RISING NUMBER OF DEEPWATER DRILLING ACTIVITIES ACCELERATE DEMAND FOR SUBSEA POWER GRID SYSTEMS
TABLE 13 CAPTIVE GENERATION: POWER GRID SYSTEM MARKET IN SUBSEA, BY REGION, 2020–2027 (USD MILLION)
7.4 OTHERS
TABLE 14 OTHERS: POWER GRID SYSTEM MARKET IN SUBSEA, BY REGION, 2020–2027 (USD MILLION)
8 POWER GRID SYSTEM MARKET IN SUBSEA, BY DEPTH (Page No. – 72)
8.1 INTRODUCTION
FIGURE 27 POWER GRID SYSTEM MARKET IN SUBSEA, BY DEPTH, 2021
TABLE 15 POWER GRID SYSTEM MARKET IN SUBSEA, BY DEPTH, 2020–2027 (USD MILLION)
8.2 SHALLOW WATER
8.2.1 LOWER COSTS ASSOCIATED WITH SHALLOW WATER PROJECTS THAN DEEPWATER PROJECTS TO DRIVE MARKET GROWTH
TABLE 16 SHALLOW WATER: POWER GRID SYSTEM MARKET IN SUBSEA, BY REGION, 2020–2027 (USD MILLION)
8.3 DEEPWATER
8.3.1 INCREASING OFFSHORE OIL AND GAS EXPLORATION AND PRODUCTION ACTIVITIES IN DEEPWATER TO DRIVE MARKET GROWTH
TABLE 17 DEEPWATER: POWER GRID SYSTEM MARKET IN SUBSEA, BY REGION, 2020–2027 (USD MILLION)
9 POWER GRID SYSTEM MARKET IN SUBSEA, BY REGION (Page No. – 75)
9.1 INTRODUCTION
FIGURE 28 NORTH AMERICA TO REGISTER HIGHEST CAGR IN POWER GRID SYSTEM MARKET IN SUBSEA DURING FORECAST PERIOD
FIGURE 29 REGION-WISE SHARE ANALYSIS OF POWER GRID SYSTEM MARKET IN SUBSEA,2021
TABLE 18 POWER GRID SYSTEM MARKET IN SUBSEA, BY REGION, 2020–2027 (USD MILLION)
9.2 EUROPE
FIGURE 30 SNAPSHOT: POWER GRID SYSTEM MARKET IN SUBSEA IN EUROPE
9.2.1 BY COMPONENT
TABLE 19 EUROPE: POWER GRID SYSTEM MARKET IN SUBSEA, BY COMPONENT, 2020–2027 (USD MILLION)
9.2.2 BY APPLICATION
TABLE 20 EUROPE: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)
9.2.3 BY DEPTH
TABLE 21 EUROPE: POWER GRID SYSTEM MARKET IN SUBSEA, BY DEPTH, 2020–2027 (USD MILLION)
9.2.4 BY COUNTRY
TABLE 22 EUROPE: POWER GRID SYSTEM MARKET IN SUBSEA, BY COUNTRY, 2020–2027 (USD MILLION)
9.2.4.1 Germany
9.2.4.1.1 Government initiatives to expand offshore wind power capacity to boost market growth
TABLE 23 GERMANY: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)
9.2.4.2 Russia
9.2.4.2.1 New offshore drilling activities to accelerate market growth
TABLE 24 RUSSIA: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)
9.2.4.3 Norway
9.2.4.3.1 Increase in deepwater oil & gas exploration activities in Norwegian Continental Shelf fuels market growth
TABLE 25 NORWAY: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)
9.2.4.4 UK
9.2.4.4.1 Government focus on increasing offshore wind capacity to spur demand for subsea power grid systems
TABLE 26 UK: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)
9.2.4.5 Netherlands
9.2.4.5.1 Huge investments in offshore wind projects to promote market growth
TABLE 27 NETHERLANDS: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)
9.2.4.6 Denmark
9.2.4.6.1 Significant investments in offshore wind industry to push market growth
TABLE 28 DENMARK: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)
9.2.4.7 Rest of Europe
TABLE 29 REST OF EUROPE: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)
9.3 ASIA PACIFIC
FIGURE 31 SNAPSHOT: POWER GRID SYSTEM MARKET IN SUBSEA IN ASIA PACIFIC
9.3.1 BY COMPONENT
TABLE 30 ASIA PACIFIC: POWER GRID SYSTEM MARKET IN SUBSEA, BY COMPONENT, 2020–2027 (USD MILLION)
9.3.2 BY APPLICATION
TABLE 31 ASIA PACIFIC: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)
9.3.3 BY DEPTH
TABLE 32 ASIA PACIFIC: POWER GRID SYSTEM MARKET IN SUBSEA, BY DEPTH, 2020–2027 (USD MILLION)
9.3.4 BY COUNTRY
TABLE 33 ASIA PACIFIC: POWER GRID SYSTEM MARKET IN SUBSEA, BY COUNTRY, 2020–2027 (USD MILLION)
9.3.4.1 China
9.3.4.1.1 Considerable investments in renewable energy projects and strong commitment toward decarbonization to stimulate market growth
TABLE 34 CHINA: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)
9.3.4.2 India
9.3.4.2.1 Upcoming projects for offshore wind production are likely to drive market growth
TABLE 35 INDIA: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)
9.3.4.3 Japan
9.3.4.3.1 Active participation of government in offshore wind production and promoting wind farm developers
TABLE 36 JAPAN: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)
9.3.4.4 South Korea
9.3.4.4.1 Rise in offshore wind installations in South Korea to support market growth
TABLE 37 SOUTH KOREA: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)
9.3.4.5 Taiwan
9.3.4.5.1 Elevated offshore energy requirements and thriving renewable energy industry to fuel market growth
TABLE 38 TAIWAN: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)
9.3.4.6 Rest of Asia Pacific
TABLE 39 REST OF ASIA PACIFIC: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)
9.4 NORTH AMERICA
9.4.1 BY COMPONENT
TABLE 40 NORTH AMERICA: POWER GRID SYSTEM MARKET IN SUBSEA, BY COMPONENT, 2020–2027 (USD MILLION)
9.4.2 BY APPLICATION
TABLE 41 NORTH AMERICA: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)
9.4.3 BY DEPTH
TABLE 42 NORTH AMERICA: POWER GRID SYSTEM MARKET IN SUBSEA, BY DEPTH, 2020–2027 (USD MILLION)
9.4.4 BY COUNTRY
TABLE 43 NORTH AMERICA: POWER GRID SYSTEM MARKET IN SUBSEA, BY COUNTRY, 2020–2027 (USD MILLION)
9.4.4.1 US
9.4.4.1.1 Increasing number of offshore wind projects and growing need to improve oil and gas production output to surge requirement for subsea power grid systems
TABLE 44 US: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)
9.4.4.2 Canada
9.4.4.2.1 Rising focus and growing investments in offshore wind projects to provide lucrative opportunities
TABLE 45 CANADA: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)
9.4.4.3 Mexico
9.4.4.3.1 increasing CAPEX and investments toward offshore E&P activities and elevating energy requirements to boost demand for subsea power grid systems
TABLE 46 MEXICO: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)
9.5 MIDDLE EAST & AFRICA
9.5.1 BY COMPONENT
TABLE 47 MIDDLE EAST & AFRICA: POWER GRID SYSTEM MARKET IN SUBSEA, BY COMPONENT, 2020–2027 (USD MILLION)
9.5.2 BY APPLICATION
TABLE 48 MIDDLE EAST & AFRICA: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)
9.5.3 BY DEPTH
TABLE 49 MIDDLE EAST & AFRICA: POWER GRID SYSTEM MARKET IN SUBSEA, BY DEPTH, 2020–2027 (USD MILLION)
9.5.4 BY COUNTRY
TABLE 50 MIDDLE EAST & AFRICA: POWER GRID SYSTEM MARKET IN SUBSEA, BY COUNTRY, 2020–2027 (USD MILLION)
9.5.4.1 Saudi Arabia
9.5.4.1.1 Saudi Arabia to be fastest-growing market in MEA during forecast period
TABLE 51 SAUDI ARABIA: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)
9.5.4.2 UAE
9.5.4.2.1 UAE to account for largest share of Middle Eastern & African market throughout forecast period
TABLE 52 UAE: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)
9.5.4.3 Qatar
9.5.4.3.1 Country’s focus on offshore drilling activities is likely to propel growth of power grid system market in subsea
TABLE 53 QATAR: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)
9.5.4.4 Rest of Middle East & Africa
TABLE 54 REST OF MIDDLE EAST & AFRICA: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)
9.6 SOUTH AMERICA
9.6.1 BY COMPONENT
TABLE 55 SOUTH AMERICA: POWER GRID SYSTEM MARKET IN SUBSEA, BY COMPONENT, 2020–2027 (USD MILLION)
9.6.2 BY APPLICATION
TABLE 56 SOUTH AMERICA: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)
9.6.3 BY DEPTH
TABLE 57 SOUTH AMERICA: POWER GRID SYSTEM MARKET IN SUBSEA, BY DEPTH, 2020–2027 (USD MILLION)
9.6.4 BY COUNTRY
TABLE 58 SOUTH AMERICA: POWER GRID SYSTEM MARKET IN SUBSEA, BY COUNTRY, 2020–2027 (USD MILLION)
9.6.4.1 Brazil
9.6.4.1.1 Direct investments by foreign companies in oil & gas projects and growing deepwater exploration activities to foster market growth
TABLE 59 BRAZIL: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)
9.6.4.2 Argentina
9.6.4.2.1 Prime focus on offshore gas exploration and production activities and favorable government policies to support market growth
TABLE 60 ARGENTINA: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)
9.6.4.3 Rest of South America
TABLE 61 REST OF SOUTH AMERICA: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)
10 COMPETITIVE LANDSCAPE (Page No. – 111)
10.1 KEY PLAYERS STRATEGIES
TABLE 62 OVERVIEW OF KEY STRATEGIES ADOPTED BY TOP PLAYERS, JANUARY 2018–MARCH 2022
10.2 MARKET SHARE ANALYSIS OF TOP FIVE PLAYERS
TABLE 63 POWER GRID SYSTEM MARKET IN SUBSEA: DEGREE OF COMPETITION
FIGURE 32 POWER GRID SYSTEM MARKET IN SUBSEA: MARKET SHARE ANALYSIS, 2021
10.3 REVENUE ANALYSIS OF TOP MARKET PLAYERS
FIGURE 33 REVENUE OF TOP PLAYERS IN POWER GRID SYSTEM MARKET IN SUBSEA FROM 2016 TO 2021
10.4 COMPANY EVALUATION QUADRANT
10.4.1 STAR
10.4.2 PERVASIVE
10.4.3 EMERGING LEADER
10.4.4 PARTICIPANT
FIGURE 34 COMPETITIVE LEADERSHIP MAPPING: POWER GRID SYSTEM MARKET IN SUBSEA, 2021
10.5 POWER GRID SYSTEM MARKET IN SUBSEA: COMPANY FOOTPRINT
TABLE 64 BY COMPONENT: COMPANY FOOTPRINT
TABLE 65 BY APPLICATION: COMPANY FOOTPRINT
TABLE 66 BY REGION: COMPANY FOOTPRINT
TABLE 67 COMPANY FOOTPRINT
10.6 COMPETITIVE SCENARIO
TABLE 68 POWER GRID SYSTEM MARKET IN SUBSEA: DEALS, MARCH 2021–FEBRUARY 2022
TABLE 69 POWER GRID SYSTEM MARKET IN SUBSEA: OTHERS, SEPTEMBER 2019–MARCH 2022
11 COMPANY PROFILES (Page No. – 127)
11.1 KEY PLAYERS
(Business and financial overview, Products/services offered, Recent Developments, Deals, MnM view, Key strengths/right to win, Strategic choices made, Weakness/competitive threats)*
11.1.1 ABB
TABLE 70 ABB: BUSINESS OVERVIEW
FIGURE 35 ABB: COMPANY SNAPSHOT, 2021
TABLE 71 ABB: PRODUCTS/SERVICES OFFERED
TABLE 72 ABB: DEALS
TABLE 73 ABB: OTHERS
11.1.2 SIEMENS ENERGY
TABLE 74 SIEMENS ENERGY: BUSINESS OVERVIEW
FIGURE 36 SIEMENS ENERGY: COMPANY SNAPSHOT, 2021
TABLE 75 SIEMENS ENERGY: PRODUCTS/SERVICES OFFERED
TABLE 76 SIEMENS ENERGY: OTHERS
11.1.3 GENERAL ELECTRIC
TABLE 77 GENERAL ELECTRIC: BUSINESS OVERVIEW
FIGURE 37 GENERAL ELECTRIC: COMPANY SNAPSHOT, 2021
TABLE 78 GENERAL ELECTRIC: PRODUCTS/SERVICES OFFERED
TABLE 79 GENERAL ELECTRIC: DEALS
TABLE 80 GENERAL ELECTRIC: OTHERS
11.1.4 PRYSMIAN GROUP
TABLE 81 PRYSMIAN GROUP: BUSINESS OVERVIEW
FIGURE 38 PRYSMIAN GROUP: COMPANY SNAPSHOT, 2020
TABLE 82 PRYSMIAN GROUP: PRODUCTS/SERVICES OFFERED
TABLE 83 PRYSMIAN GROUP: DEALS
TABLE 84 PRYSMIAN GROUP: OTHERS
11.1.5 NEXANS
TABLE 85 NEXANS: BUSINESS OVERVIEW
FIGURE 39 NEXANS: COMPANY SNAPSHOT, 2020
TABLE 86 NEXANS: PRODUCTS/SERVICES OFFERED
TABLE 87 NEXANS: DEALS
TABLE 88 NEXANS: OTHERS
11.1.6 BAKER HUGHES
TABLE 89 BAKER HUGHES: BUSINESS OVERVIEW
FIGURE 40 BAKER HUGHES: COMPANY SNAPSHOT, 2021
TABLE 90 BAKER HUGHES: PRODUCTS/SERVICES OFFERED
TABLE 91 BAKER HUGHES: OTHERS
11.1.7 SCHLUMBERGER
TABLE 92 SCHLUMBERGER: BUSINESS OVERVIEW
FIGURE 41 SCHLUMBERGER: COMPANY SNAPSHOT, 2021
TABLE 93 SCHLUMBERGER: PRODUCTS/SERVICES OFFERED
TABLE 94 SCHLUMBERGER: OTHERS
11.1.8 TECHNIPFMC
TABLE 95 TECHNIPFMC: BUSINESS OVERVIEW
FIGURE 42 TECHNIPFMC: COMPANY SNAPSHOT, 2021
TABLE 96 TECHNIPFMC: PRODUCTS/SERVICES OFFERED
TABLE 97 TECHNIPFMC: DEALS
TABLE 98 TECHNIPFMC: OTHERS
11.1.9 AKER SOLUTIONS ASA
TABLE 99 AKER SOLUTIONS ASA: BUSINESS OVERVIEW
FIGURE 43 AKER SOLUTIONS ASA: COMPANY SNAPSHOT, 2020
TABLE 100 AKER SOLUTIONS ASA: PRODUCTS/SERVICES OFFERED
TABLE 101 AKER SOLUTIONS ASA: DEALS
TABLE 102 AKER SOLUTIONS ASA: OTHERS
11.1.10 NKT
TABLE 103 NKT: BUSINESS OVERVIEW
FIGURE 44 NKT: COMPANY SNAPSHOT, 2021
TABLE 104 NKT: PRODUCTS/SERVICES OFFERED
TABLE 105 NKT: DEALS
TABLE 106 NKT: OTHERS
11.1.11 OCEANEERING INTERNATIONAL
TABLE 107 OCEANEERING INTERNATIONAL: BUSINESS OVERVIEW
FIGURE 45 OCEANEERING INTERNATIONAL: COMPANY SNAPSHOT, 2021
TABLE 108 OCEANEERING INTERNATIONAL: PRODUCTS/SERVICES OFFERED
TABLE 109 OCEANEERING INTERNATIONAL: OTHERS
11.1.12 HITACHI ENERGY
TABLE 110 HITACHI ENERGY: BUSINESS OVERVIEW
TABLE 111 HITACHI ENERGY: PRODUCTS/SERVICES OFFERED
TABLE 112 HITACHI ENERGY: DEALS
TABLE 113 HITACHI ENERGY: OTHERS
11.1.13 SUMITOMO ELECTRIC INDUSTRIES, LTD.
TABLE 114 SUMITOMO ELECTRIC INDUSTRIES, LTD.: BUSINESS OVERVIEW
FIGURE 46 SUMITOMO ELECTRIC INDUSTRIES, LTD.: COMPANY SNAPSHOT, 2020
TABLE 115 SUMITOMO ELECTRIC INDUSTRIES, LTD.: PRODUCTS/SERVICES OFFERED
TABLE 116 SUMITOMO ELECTRIC INDUSTRIES, LTD.: OTHERS
11.1.14 TE CONNECTIVITY
TABLE 117 TE CONNECTIVITY: BUSINESS OVERVIEW
FIGURE 47 TE CONNECTIVITY: COMPANY SNAPSHOT, 2021
TABLE 118 TE CONNECTIVITY: PRODUCTS/SERVICES OFFERED
11.1.15 TELEDYNE MARINE
TABLE 119 TELEDYNE MARINE: BUSINESS OVERVIEW
TABLE 120 TELEDYNE MARINE: PRODUCTS/SERVICES OFFERED
11.2 OTHER PLAYERS
11.2.1 ZTT
11.2.2 SCHNEIDER ELECTRIC
11.2.3 APAR INDUSTRIES LTD.
11.2.4 LS CABLE & SYSTEM LTD.
11.2.5 SSG CABLE
*Details on Business Overview, Products Offered, Recent Developments, Deals, MnM view, Key strengths/right to win, Strategic choices made, Weakness/competitive threats might not be captured in case of unlisted companies.
12 APPENDIX (Page No. – 206)
12.1 INSIGHTS OF INDUSTRY EXPERTS
12.2 DISCUSSION GUIDE
12.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
12.4 AVAILABLE CUSTOMIZATIONS
12.5 RELATED REPORTS
12.6 AUTHOR DETAILS