Return to: Business NewsGlobal Subsea Power Grid Market-Industry Analysis and forecast 2027Global Subsea Power Grid Market size was valued US$ XX Bn in 2019 and the total revenue is expected to grow at 11% through 2020 to 2027, reaching US$ XX Bn. Global Subsea Power Grid Market The report has covered region wise market trends with competitive landscape. The report study has analyzed the revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis. Market dynamics: The global subsea power grid market is driven by the rising demand for crude oil and natural gas from various economies, especially emerging economies around the globe. Increasing depletion of fossil fuel reserves and onshore oil reserves have resulted in increasing offshore oil and gas exploration processes that have made a positive impact on the global subsea power grid market in the upcoming period. However, the high installation and operational risks and technological issues such as transmission losses during long-distance power transmission may restraints the market growth at a global level. The market players are investing in research and development activities to reduce the cost of production and kay players are adopted integrated monitoring systems to monitor the reliability of grid systems, are expected to produce lucrative growth opportunities in the global subsea power grid market in the coming years. Lack of Technical Specialists in the subsea industry is the major challenge in the market growth in the near future. Segmentation Analysis: the wind power segment accounted for the dominant market share of xx% in 2019 Based on power supply, the wind power segment accounted for the dominant market share of xx% in 2019 and is expected to grow at a CAGR of xx% in the forecast period. With the rising energy demand, several countries and companies are concentrating on the adoption of renewable energy as it provide clean energy. The adoption of offshore wind energy with innovative technology has encouraged governments and market players for high investment. The wind power segment growth is driven by the augmented energy demand and large investments in offshore wind energy developments around the world, especially in Europe and Middle East Africa. Europe has installed 3.6 GW of new offshore wind capacity in 2019 and decide to invest US$ 7.29 Bn for the development of four new offshore wind farms in Europe. Regional Analysis: North America has led the subsea power grid market in 2019 Geographically, North America has led the subsea power grid market in 2019 and is expected to reach US$ xx Mn by the end of 2027, with a CAGR of xx%. The rising emphasis on shale reserves exploration and increasing investment in oil field developments in deeper waters are likely to impel the subsea power grid market in the coming years. Middle East Africa held the second largest market share of xx% in 2019 owing to the growing gas and oil exploration activities along with increasing compatible infrastructure development in the region. The increasing rate of exploration and production of offshore oil wells and plans to develop offshore wind energy are projected to propel the regional market growth in the near future. Saudi Arabia, Iraq, Iran, The UAE, and Kuwait are leading contributors to the regional market growth. Saudi Arabia produces around 12 Mn barrels of oil per day and approximately 12% of world oil production in 2019, which has increased the need for power, which makes a positive impact on the subsea power grid market growth. In terms of value, the Asia Pacific is expected to grow at a CAGR of xx% during the forecast period thanks to the growing demand for energy along with a large shore area in the region. Competitive landscape: A report provides the competitive landscape of major market players with their developments, mergers & acquisition, expansion & investments, agreements & contracts, new services & technologies developments and others. Recently, ABB has finished its 3,000-hour shallow water 20 feet (7 m)-the test of a complete subsea power system in Finland. After the successful completion of this testing project, ABB is planning for the actual installation of its first underwater electric power system in 2020. The objective of the report is to present a comprehensive analysis of the Global Subsea Power Grid Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Subsea Power Grid Market dynamics, structure by analyzing the market segments and project the Global Subsea Power Grid Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Subsea Power Grid Market make the report investor’s guide. For More Information Visit @: https://www.maximizemarketresearch.com/market-report/subsea-power-grid-market/73196/ Scope of the Global Subsea Power Grid Market: Global Subsea Power Grid Market, by Product: • Cables • Variable Speed Drives • Transformers • Switchgears • Others Global Subsea Power Grid Market, by Application: • Captive Generation • Wind Power • Others Global Subsea Power Grid Market, by Region: • Asia Pacific • North America • Europe • Latin America • Middle East Africa Global Subsea Power Grid Market, Major Players: • ABB Ltd • Aker Solutions ASA • Bandak Group AS • Cameron International Corp • Dril-Quip Inc. • Expro International Group Holdings Limited • FMC Technologies Inc. • General Electric Co. • JDR Cable Systems (Holdings) Ltd • Nexans SA • Norddeutsche Seekabelwerke Gmbh (NSW) • Oceaneering International Inc. • Parker Hannifin Corporation • Prysmian Group • Schlumberger Limited • SIEM Offshore Contractors • Siemens AG • Technip SA This Report Is Submitted By : Maximize Market Research Company Customization of the report: Maximize Market Research provides free personalized of reports as per your demand. This report can be personalized to meet your requirements. Get in touch with us and our sales team will guarantee provide you to get a report that suits your necessities. About Maximize Market Research: Maximize Market Research provides B2B and B2C research on 20,000 high growth emerging opportunities & technologies as well as threats to the companies across the Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors. Contact info: Name: Lumawant Godage Organization Address: MAXIMIZE MARKET RESEARCH PVT. LTD. Email: sales@maximizemarketresearch.com Address: Pune, Maharashtra 411051, India. Contact: +91960719 ... News Release: Global Subsea Power Grid Market-Industry Analysis and forecast 2027 Submitted on: January 28, 2021 06:15:41 AM Submitted by: manoj On behalf of: www.maximizemarketresearch.com/market-report/subsea-power-grid-market/73196/ |