Technavio’s latest report on the global subsea power cable market provides an analysis on the most important trends expected to impact the market outlook from 2016-2020.
Technavio’s market research analysts have predicted that the global submarine power cable market will grow steadily at a moderate CAGR of almost 6% by 2020.
The top three emerging trends driving the global submarine power cable market according to Technavio heavy industry research analysts are:
- Volatile raw material price
- Rise in sales of HVDC power cables
- High R&D investment
Anju Ajaykumar, a lead analyst at Technavio for research on engineering tools, said: “The offshore wind power generation sector is the major end-user of submarine power cables. Utility companies deploy these cables for efficient transportation of electric power. The cables play a vital role from electricity generation to transmitting power, and finally transporting the power onshore.
“Rising investments worldwide to support renewable energy generation such as tidal turbine, wave energy, and offshore wind power generation will trigger a major demand for submarine power cables during the forecast period.”
This market research report analyzes the key players in the submarine power cable market such as ABB, General Cable, Nexans, nkt cables, Prysmian, and Sumitomo.
The report also presents a competitive analysis of the market by end user (offshore wind power generation, inter-country and island connection, offshore oil rigs, and others) and by geography (the Americas, APAC, and EMEA).
Technavio is a global technology research and advisory company.