The Power Grid System Market in Subsea is expected to grow from an estimated USD 9.1 billion in 2022 to USD 14.8 billion in 2027, at a CAGR of 10.2% during the forecast period. Power grid systems in subsea play an important role in the offshore power supply network. Subsea power grid comprise of several components such as cables, transformers, variable speed drives, switchgears, and others used for various applications. The subsea power grid system is gaining traction as oilfield operators are moving toward deep and ultra-deepwater levels for exploring oil and gas reserves. Moreover, offshore wind power is also one of the prominent applications for subsea power grid systems. 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.
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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.
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.
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.
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.
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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), and Baker Hughes (US). The leading players are trying to establish themselves in the markets of developed countries and are adopting various strategies to increase their respective market shares.
