The global submarine power cable market to grow at a CAGR of 5.89% during the period 2016-2020.
The report covers the present scenario and the growth prospects of the global submarine power cable market for 2016-2020. In order to arrive at the market size, we have considered the revenue of key vendors operating in the global submarine power cable market. The report considers revenue generated from various end-user industries such as offshore wind power generation, inter-country and island connection, and offshore oil rigs. The revenue generated from the submarine power cable market across regions has been considered for market size calculation.
A trend which is boosting market growth is the rise in the sales of HVDC power cables. The HVDC underground power cable is a viable option for long distance and high-voltage safe power transfer. The European Commission has selected 43 major energy projects to build cross-border infrastructure that can create a potential internal energy market and also enhance energy security. In these projects, high loads of electricity need to be transferred from one European country to another. HVDC cables are expected to become a viable option for such assignments in the coming years.
According to the report, a key driver of market growth is the rise in offshore renewable energy. Rising global demand for renewable energy generation has resulted in considerable increase in the number of offshore wind farms. Submarine power cables play a vital role in transporting the new generated power from these wind farms onshore. These cables facilitate effective integration of renewable energies. This interconnection capacity increases the volume of renewable energy production that a system is capable of integrating under secure conditions.
Further, the report states that one challenge that could hamper market growth is issues faced during the laying of cables.
- General Cable
- NKT Cables
Key Topics Covered:
Part 01: Executive summary
Part 02: Scope of the report
Part 03: Market research methodology
Part 04: Introduction
Part 05: Market landscape
Part 06: Market drivers
Part 07: Impact of drivers
Part 08: Market challenges
Part 09: Impact of drivers and challenges
Part 10: Market trends
Part 11: Market segmentation by end-user
Part 12: Geographical segmentation
Part 13: Vendor landscape
Part 14: Key vendor analysis
Part 15: Appendix
For more information visit http://www.researchandmarkets.com/research/mr2f7t/global_submarine
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/research-and-markets---global-submarine-power-cable-market-2016-2020---key-vendors-are-abb-general-cable-nexans-nkt-cables-prysmian--sumitomo-300299335.html
SOURCE Research and Markets