2017-2021 global submarine power cable compound by 5.12%
According to Technavio released research report, 2017-2021 global submarine power cable annual compound rate will reach 5.12%.
The report argues that the increase in electricity demand is the main reason for the steady growth of the market.
According to the International Energy Agency, the next few years, electricity demand will increase by 40%. The strengthening of environmental demand will promote the demand for renewable energy power, so as to promote the rapid development of wind power market. And offshore wind power by virtue of its advantages will be more and more welcomed by the developers, thus further stimulating the increase in demand for submarine power cables.
At present, most countries are trying to invest in renewable energy projects, such as wind and tidal energy projects, which will increase the demand for submarine power cables.
However, there are many countries or islands due to geographical factors such as power generation. As a result, the international grid interconnection and the power link between the islands will also increase the market demand for submarine power cables.
On the other hand, the report also pointed out that human intervention on cable damage is a major challenge in this market development. Fishing boats, ships, sharks and other marine environment and human marine operations are likely to cause accidental damage to the sea cable.
Over the past few years, the Asia-Pacific region has witnessed the large-scale development of offshore wind power projects. By the end of 2016, India's wind power installed capacity exceeded 28 GW, China is breaking 168 GW. The next few years, led by China and India, the Asia-Pacific region will also usher in the rapid development of clean electricity, thereby stimulating the Asia-Pacific region on the submarine cable demand growth.
Europe is the dominant market for offshore wind power, especially in Germany, Spain and the United Kingdom in the past few years to invest in offshore wind power projects, aimed at renewable energy through the energy structure of the transition, while the excess clean electricity through the grid between countries And interconnection with islands to increase revenue. Therefore, the next five years, Europe's demand for submarine power cables will be significantly increased.
From the enterprise point of view, by 2021, Prysmian, Nexans, Ankate cable, general cable, Sumitomo Electric, LS cable will continue to be the world's leading supplier of submarine power cables.