Market Size of Submarine Electricity Transmission Systems Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 14.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Submarine Electricity Transmission Systems Market Analysis
The Submarine Electricity Transmission Systems Market is expected to witness a CAGR of more than 14% during the forecast period.
The market was negatively impacted by the Covid-19 pandemic, as plummeting global energy demand delayed several projects. However, the market has since rebounded and is expected to grow steadily during the forecast period.
- Over the long term, the growth in the Wind Power Generation sector, which is witnessing an increasing share of the offshore wind generation capacity, along with the decrease in the cost of offshore wind power generation, is expected to drive the submarine electricity transmission systems market.
- On the flip side, the high frequency and costs of maintenance and repair work needed for submarine cables are expected to restrain the market being studied.
- Nevertheless, reducing the environmental impact and footprint of large submarine electricity transmission systems to improve project sustainability and protect marine biodiversity and ecosystems is a significant opportunity for the market beyond the forecast period.
- Asia-Pacific region is expected to dominate the market, with growing electricity consumption across the region.
