The global submarine power cable market is registering a significant growth in recent years and expected to witness exponential growth during the forecast period. The growing demand for power generation from renewable energy sources along with increasing number of offshore wind farms and increasing power generation facilities are the major factors fueling the growth of the submarine power cable market.
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Based on voltage, the submarine power cable market is classified into medium voltage and high voltage. During the forecast period, the high voltage category is anticipated to hold the larger share in the market, owing to the increasing number of grid connections coupled with offshore wind projects, which require high capacity cables to transmit power to long distance.
The advent of offshore renewable energy, increasing environmental concerns, and growing demand from offshore oil and gas operations are the major factors driving the growth of the submarine power cable market. The growing environmental concerns are encouraging various countries to focus on power generation from renewable sources, hence the number of renewable projects which includes wind and tidal energy projects, has increased significantly in the recent years in various parts of the world, resulting in increasing demand of these cables in the market.
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The major players in the submarine power cable market are competing against each other on the basis of various factors such as quality, price, range of products, service, delivery time, and others. General Cable Technologies, Nexans, Furukawa Electric, LS Cable & System, Hydro Group, NKT Group, Prysmian Group, Sumitomo Electric Industries, Hengtong Marine Cable Systems, AEI Cables, JDR Cables, ABB, and TE Subcom are some of the major players operating in the submarine power cable industry.
Source: VynZ Research