Power Grid System Market in Subsea Worth $2,365.1 Million by 2018
DALLAS, June 17, 2013 /PRNewswire/ –
The report “Power Grid System Market In Subsea, By Offshore Power (Captive Generation,
Wind Power, Others), Components (Cables, Variable Speed Drives, Transformers, Switchgears,
Others), and Geography – Global Trends & Forecast To 2018″, defines and segments the
Global Market with analysis and forecast of the global revenue. Subsea Power Grid Market
will grow from an estimated $1,196.6 million in 2013 to $2,365.1 million by 2018, with a
CAGR of 11.9% through 2018.
- 99 Market Data Tables - 25 Figures - 241 Pages and an in-depth Table of Content on "Power Grid System Market"
Early buyers will receive 10% customization on this report.
Power grid system market in subsea is mainly driven by growing demand for energy and
increasing investment in offshore infrastructure. High rate of exploration and production
of offshore oil wells and thriving investment in oil fields developments in deeper waters
is the major growth engine for this market. African region is the largest end user market
for subsea power grid services and solutions and is expected to continue with the same
Subsea and offshore industry acts as the parent market of Power Grids System Market in
Subsea. Its growth and demand is highly influenced by the parent market. Capital spending
of the subsea has significantly increased, which clearly depicts the growth of the subsea
sector globally. Subsea equipment like compressors, boosters, etc., requires power supply
for various Subsea exploration processes, and this is provided by the subsea power grid
system, which is quite essential in order to have an efficient subsea operation.
The Deepwater Subsea Market is growing and will continue to grow significantly over
the next five years, with West Africa, North America, and Europe leading the way in total
expenditures. This has created a considerable market for power grids in subsea and power
supply equipment, and will continue to expand with the subsea market. This trend makes the
Subsea Power Grid System Industry lucrative for both grid/components manufacturers and
service operators. On account of heavy offshore infrastructure development and shifting
focus towards renewable energy sources, the power grid system market in subsea will
experience a tremendous increase in demand in the years to come.
In the current global Power Grid System Market
in subsea, the cables are the key component on the basis of market size and are
projected to grow with significant rate in the near future. The cables demand is projected
to increase heavily due to the increased subsea equipments requiring power supply.
The captive generation is the largest energy generation mode across the globe
supplemented by the huge number of established offshore oil and gas platforms. On the
other hand, offshore wind farms are gaining a sharp focus as a renewable energy generation
source. Europe is representing a huge potential in terms of renewable energy supply for
subsea power grids system. Subsea power grid manufactures and solution providers are
continuously trying to integrate their existing technologies in order to provide a more
cost effective and efficient solution, which in turn helps them to secure bulk supply and
service contracts. Being a high technologically innovative market, it has a few number of
industry players which are well established. Contracts, agreements, joint ventures and
partnership activities are some of the key strategies followed by leading industry players
to increase their market penetration in various regions.
Leading Industry Players of this Market Include:
- FMC Technologies Inc. (U.S.) - ABB Ltd (Switzerland) - General Electric's Co. (U.S.) - Aker Solutions ASA (Norway) - Cameron International Corp (U.S.), and - Siemens AG (Germany).
The Report forecasts Global Revenue of Power Grid System Market in Subsea and its
various submarkets with respect to six main regions such as Africa, Latin America, Europe,
Asia-Pacific, North America, and Rest of World.
The Report segments the Global Power Grid System Market in Subsea by components type,
power supply type, and geography. It also focuses on market share analysis, value chain,
Porters five force analysis, and market metrics such as drivers, restraints, and
opportunities. This report also presents the competitive landscape and company profiles.
In addition, 18 key players in the market have also been profiled.
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