The increased deepwater oil and gas exploration activities due to depleting onshore fossil fuel reserves and favorable government policies for offshore renewable power production, especially using wind energy is expected to drive the demand for global power grid system market in subsea. According to the BP Statistical Review of 2021, the top countries with the most untapped oil reserves include the US, Saudi Arabia, and Russia. Discoveries of such reserves will lead to increased well drilling and production activities. This will support the growth of the power grid system market in subsea.

According to a new research report, the global power grid system market in subsea is projected to reach USD 14.8 billion by 2027 from an estimated USD 9.1 billion in 2022, at a CAGR of 10.2% during the forecast period.

The global power grid system market in subsea is served by a mix of large international players with operational presence across the globe and local players commanding a strong supply network in the domestic market. The leading players in the global power grid system market in subsea include Prysmian Group (Italy), Nexans (France), TechnipFMC (UK), General Electric (US) Baker Hughes (US), ABB (Switzerland), and Siemens Energy (Germany).

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This research report categorizes the power grid system market in subsea by component, application, depth and region

On the basis of component:

• Cables
• Variable Speed Drives
• Transformers
• Switchgears
• Others (connectors, actuators, sensors, and penetrators)

On the basis of application:

• Captive Generation
• Wind Power
• Others (tidal power, solar power and diesel & gas based floating power plants)

On the basis of by depth:

• Shallow Water
• Deepwater

On the basis of region:

• Asia Pacific
• Europe
• North America
• Middle East & Africa
• South America

Recent Developments

• In January 2022, TechnipFMC was awarded a subsea EPCI contract by Petrobras for its Búzios 6 field (module 7), greenfield development in the pre-salt area. The contract covered the provision of flexible and rigid pipes, umbilicals, pipeline end terminals, rigid jumpers, umbilical termination assemblies and a mooring system.
• In January 2022, Nexans received a contract under the frame agreement to manufacture approximately 110 km of high-voltage subsea cables to South Fork Wind, a joint venture between Ørsted and Eversource. The three-phase 138 kV high-voltage alternative current (HVAC) subsea export cables will be integrated with two fiber-optic cables and transmit 132 MW of electricity to Long Island, New York.
• In February 2022, Prysmian Group plans on opening a new submarine power cable plant in Brayton Point site, Massachusetts, US. The new plant will allow the company to provide support to customers in US.
• In February 2022, ABB entered into an agreement with OneSubsea to support its subsea multiphase compression system for Shell’s Ormen Lange field. According to this agreement, ABB is expected to supply variable-speed drives and subsea transformers to power subsea compressors.
• In October 2021, Siemens Energy, together with  Aker Solutions, won a contract for an offshore grid connection project in the US. The company will supply the high-voltage direct-current (HVDC) transmission system to bring green energy from Sunrise Wind, a utility-scale offshore wind project, to the mainland.
• In August 2021, GE Renewable Energy, a subsidiary of General Electric (GE), and PKN ORLEN signed an agreement to develop offshore wind projects in Poland jointly.
• In September 2019, Baker Hughes and Ocean Installer AS won a subsea contract for the engineering, procurement, construction, and installation (EPCI) of subsea systems and associated services by Vår Energi AS for the Balder X project on the Norwegian Continental Shelf (NCS). Under the contract, the companies delivered and installed 16 new subsea production systems (SPS), umbilicals, risers, and flowlines to the Jotun A floating production storage and offloading (FPSO) unit.

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Europe is expected to dominate the global power grid system market in subsea during the forecast period

In this report, the power grid system market in subsea has been analyzed for 5 regions, namely Asia Pacific, North America, Europe, Middle East & Africa, South America. Europe is estimated to be the largest market for power grid systems in subsea during the forecast period. Countries such as Norway, the UK, and the Netherlands are witnessing heightened construction of offshore wind farms due to stringent energy efficiency mandates, and the strong focus of most European countries on utilizing renewable energy sources for power generation propels European market growth.