Submarine Power Cable Market to Capture Unparalleled Growth with A 15.32% CAGR By 2023
The overall submarine power cable market is estimated to be valued at USD 8.12 billion in 2018 and is projected to reach USD 16.56 billion by 2023, at a CAGR of 15.32% during the forecast period. In 2018, Europe is estimated to be the largest market for submarine power cables, followed by Asia Pacific and North America. The growth of the submarine power cable market is driven by new offshore wind...
Increasing Demand from Oil & Gas Offshore Operations expected to boost the Demand for Submarine Power Cables
Submarine power cables are mostly for transmitting electricity to offshore installations such as offshore power generation units, and if needed, these cables can also be used for energy transmission across cities or remote locations by laying them on river beds. Due to the increasing demand for renewable energy, many countries are now actively focusing on harnessing wind energy and wave energy of seas...