2022-26 Global submarine power cable market grows by 4.5% compound annual growth

According to a report released by Technavio, an international market research institution, the global submarine power cable market demand is expected to grow
at a compound annual growth rate of 4.
5% by 2026.

The study results show that the growth in offshore renewable energy installations is one of the major factors contributing to the steady growth of
submarine power cables during the forecast period.

Among them, the installed capacity of offshore wind power will grow rapidly due to the application of high-power offshore wind turbines, driving the demand for submarine power cables, because offshore wind turbine fleets need to continuously transmit power to power consumption areas
.

At the same time, submarine power cables enable renewable energy integration
.
Notably, the growth of the submarine cable market is closely related to
the expansion of offshore renewable energy installations and capacity.

From the perspective of development trends, the increasing demand for submarine high-voltage DC cables will become one of the main trends in the development of submarine power cables during the
forecast period.
Underground HVDC transmission cables are considered a viable alternative
to transmitting subsea power over long distances.
Such projects aim to end energy isolation, mainly in Europe, and remove constraints that hinder the growth of internal energy markets
.

Renewable energy is on the rise thanks to the Kyoto Protocol, which is linked to the United Nations Framework Convention on Climate Change and sets binding targets
for 37 industrialized countries and the European Community to reduce greenhouse gas emissions.
The growing need to connect renewable energy projects to the grid is affecting many renewable energy projects, including offshore wind farms and solar power plants
in different parts of Europe.

The laying and maintenance of submarine cables is one of the main factors restricting the growth of the
submarine power cable market.
The first step in cable laying is the selection of
the installation path.
The laying of any submarine cable needs to last 25 years, which makes the choice of path a major challenge, which must have minimal risk and should not cause any damage
to the cable.
At the same time, however, the path should also be in an area
where maintenance activities are facilitated.

The second step in cable laying is to obtain permission from the relevant authorities, which is also very challenging, as long-distance cables often pass through the seas of different countries, and after obtaining permission, the path is surveyed and the cable is designed, manufactured and loaded onto the cable laying vessel
.
Any one of these steps can cause the entire project to fail
.

Cable laying is the most critical step in the process, which involves additional challenges, such as laying the cable to the correct location, keeping it under the seabed to avoid damage and ensuring project reliability
.
After the laying is completed, the submarine cable is also commissioned before it is delivered to the owner
.
There are many challenges involved at every step of the process, so submarine cable laying and maintenance is a major challenge
for the global submarine power cable market.

In terms of regional markets, 47% of the market growth during the forecast period will come from Europe, especially Germany and the United Kingdom
.
On the other hand, government support and growing focus on wind energy will boost the growth of the European submarine cable market during the forecast period
.
At the same time, demand in North America and Asia Pacific will also grow
significantly during the forecast period.