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ALBANY, N.Y. , June 9, 2022 /PRNewswire/ -- The global submarine power cable market was worth more than US$ 6.9 Bn in 2021. The global market is expected to rise at a CAGR of 12% during the forecast period, from 2022 to 2031. The market value of the submarine power cable is expected to cross valuation of US$ 21.7 Bn by 2031. Due to a rise in offshore wind power production, the submarine power cable market is expected to develop significantly during the forecast period. In addition, demand is likely to be driven by offshore oil rigs, an increase in inter-country and island connections, and an increase in spending on HVDC connections due to high demand.
Submarine power transmission cables transport electricity beneath the sea's surface. Submarine cables for inter-country and island connections are intended to boost energy commerce and electricity provision to remote areas. Demand analysis of submarine power cable market predicts increasing usage of these cables in offshore wind power production, offshore oil rings, and inter-country and island connections.
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As the number of offshore wind parks grows and the national electric grid becomes more integrated, demand for high-efficiency submarine power cables is projected to rise. Submarine power cables are used to carry electric energy beneath the water between islands, nations, and sometimes even continents at the maximum voltages and power levels. Offshore renewable energy projects require underwater power cables. Submarine power cable construction and operation, on the other hand, differs significantly from land-based cables and necessitates the use of more advanced technologies.
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Key Findings of Market Report
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Global Submarine Power Cable Market: Growth Drivers
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Global Submarine Power Cable Market: Key Players
Some of the key market players are
Global Submarine Power Cable Market: Segmentation
Global Submarine Power Cable Market, by Region
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