Subsea Power Grid System Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market is segmented by Power Generation Type (Captive Generation, Wind Energy, and Others), and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa)

Market Snapshot

Subsea Power Grid System-Market Summary
Study Period: 2016 - 2026
Base Year: 2021
Fastest Growing Market: Middle-East and Africa
Largest Market: Europe
CAGR: >8 %

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Market Overview

The offshore wind energy capacity is expected to grow at CAGR of more than 8% in the forecast period of 2020-2025, driving the market of subsea power grid systems. With depleting onshore hydrocarbon reserves, the petroleum market is shifting towards offshore exploration, which will create considerable market demand in the forecast period. With advancements in renewable energy in the offshore environment, the market is expected to grow in the near future. On the other hand, declining investments in the oil and gas market in 2020, and the COVID-19 pandemic, the demand for the offshore power grid is likely to be restrained in the forecast period.

  • Wind energy is expected to witness significant growth owing to the increasing deployment of offshore wind farms across the globe.
  • An increase in offshore oil and gas exploration projects, especially deepwater projects, is estimated to create massive opportunities in the untapped areas for the subsea power grid system market.
  • Middle-East and Africa is expected witness significant growth owing to the offshore oil and gas activities and plans to develop offshore wind energy.

Scope of the Report

The subsea power grid system market report includes:

Power Generation Type
Captive Generation
Wind Energy
Others
Geogrpahy
North America
Europe
Asia-Pacific
South America
Middle-East and Africa

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Key Market Trends

Wind Energy to Witness Significant Growth

  • As demand for energy is rising, major countries and companies across the globe are turning toward the adoption of renewable energy as it can provide clean energy. The adoption of offshore wind energy with advanced technology attracted the countries and companies for high investment.
  • In 2019, the new offshore installation across Europe increased to 3.6 GW, taking the cumulative installed capacity to 22 GW. Additionally, the average rating of the turbine was 7.2 MW.
  • With the advancement in wind turbine capacity, China introduced 10 MW wind turbines by the end of 2019. The new turbines will enhance the productivity of offshore wind farms by generating more power.
  • In 2019, investments of EUR 6 billion were financed for the construction of four offshore wind farms of total capacity 1.4 GW in France, the Netherlands, Norway, and the United Kingdom.
  • The global offshore wind energy capacity reached more than 28 GW in 2019. With further growth anticipated in the forecast period, wind energy is expected to drive the subsea power grid system market.
Subsea Power Grid System Market-Offshore Wind Energy Installed Capacity

Middle-East and Africa to Witness Significant Growth

  • The increasing rate of exploration and production of offshore oil wells and thriving investment in oil fields developments in deeper waters is the major driving factor for the subsea power grid system market.
  • In 2020, Zakum Development Company (ZADCO) is planning to increase the production from the Upper Zakum field from 500,000 b/d to around 750,000 b/d. The increased production will also increase the demand for subsea power.
  • In 2020, development started in The Hail and Ghasha sour gas fields in Abu Dhabi to produce up to 1.5 billion cubic feet per day. The project is likely to drive the subsea power market in the forecast period.
  • In 2020, Abu Dhabi National Oil Co launched a joint tender with electricity and water company ADPower to develop a 3.2 GW subsea power transmission network for its offshore facilities. The transmission system will include two independent sub-sea HVDC transmission links and converter stations that will be connected to ADPower's onshore electricity grid.
  • In 2018, the Middle-East and Africa produced more than 40 million barrels per day of crude oil. The share is expected to grow in the future, driving the need for offshore power supply also.
Subsea Power Grid System Market-Growth Rate by Region

Competitive Landscape

The subsea power grid system market is moderately consolidated. Some of the major companies include Aker Solutions ASA, ABB Ltd, General Electric Company, Aker Solutions ASA, Siemens Gamesa Renewable Energy S.A, and MHI Vestas Offshore Wind A/S.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of Study

    2. 1.2 Market Definiton

    3. 1.3 Study Assumptions

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2025

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Supply Chain Analysis

    7. 4.7 Porter's Five Forces Analysis

      1. 4.7.1 Bargaining Power of Suppliers

      2. 4.7.2 Bargaining Power of Consumers

      3. 4.7.3 Threat of New Entrants

      4. 4.7.4 Threat of Substitute Products and Services

      5. 4.7.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Power Generation Type

      1. 5.1.1 Captive Generation

      2. 5.1.2 Wind Energy

      3. 5.1.3 Others

    2. 5.2 Geogrpahy

      1. 5.2.1 North America

      2. 5.2.2 Europe

      3. 5.2.3 Asia-Pacific

      4. 5.2.4 South America

      5. 5.2.5 Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 ABB Ltd

      2. 6.3.2 General Electric Company

      3. 6.3.3 Aker Solutions ASA

      4. 6.3.4 Siemens Gamesa Renewable Energy S.A.

      5. 6.3.5 MHI Vestas Offshore Wind A/S

      6. 6.3.6 Abu Dhabi National Energy Co PJSC

      7. 6.3.7 TechnipFMC plc

      8. 6.3.8 Siemens AG

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Subsea Power Grid System Market market is studied from 2016 - 2026.

The Subsea Power Grid System Market is growing at a CAGR of >8% over the next 5 years.

Middle-East and Africa is growing at the highest CAGR over 2021- 2026.

Europe holds highest share in 2021.

ABB Ltd , General Electric Company , Aker Solutions ASA , Siemens Gamesa Renewable Energy S.A., MHI Vestas Offshore Wind A/S are the major companies operating in Subsea Power Grid System Market.

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