According to a report recently published by Technavio, The global market demand for submarine power cables is expected to grow at a rate of 4,5% until 2026.
Due to the carbon requirements of the United Nations Framework Convention on Climate Change, countries are accelerating the development of renewable energy sources. The needs to connect renewable energy projects to existing grids are increasing. Above all, there is a growing number of offshore wind and solar power plants in various regions of Europe.
According to him World Wind Energy Report 2021 of the World Wind Energy Council, the European region is expected to have 70,35 GW of installed capacity for 2030. While, for 2050 the total amount of offshore wind power installed in Europe will have multiplied by more than 25 compared to the current level.
According to IRENA forecasts, global growth in offshore wind power will come primarily from Europe and Asia to 2030, with a 47% and a 40% of total global offshore wind power, respectively.
Regarding the regional markets, The countries with the highest expected growth in the European market for submarine lines are Germany and the UK. The UK has proposed a cumulative offshore wind installation target of 40 GW or more for 2030. Currently installed offshore wind power in the UK is around 10GW and is expected to increase by 30GW.
The four EU countries currently have around 16GW of offshore wind power and are expected to reach 65GW in 2030, with an increase of about 50GW. So, It is roughly estimated that the European market will see an average annual increase of around 10GW of installed offshore wind power in Europe to 2030.
Government support and growing interest in wind energy will boost the European market for submarine power cables during the planned period. At the same time, demand in North America and Asia-Pacific is also expected to grow significantly during the forecast period.
The report identifies the growth of offshore renewable energy installations as one of the main factors contributing to the steady growth of the submarine power cable market.. Installed offshore wind power capacity is set to grow rapidly. This will boost the demand for submarine power cables. This is because submarine cables make it possible to integrate renewable energy offshore.
Increasing demand for high-voltage direct current submarine cables will be one of the main trends in the development of submarine lines during the forecast period. The underground HVDC transmission considered a viable option for transmitting power underwater over long distances. Offshore power generation and transmission projects are expected to solve the dilemma of energy isolation mainly facing the European region.
Laying submarine cables is a technical challenge. It should be placed in the correct position and kept under the seabed to avoid damage and ensure the reliability of the project.. Once the cable is placed, you have to put it into service. If the cable fails, it will also be difficult to repair. Therefore, the laying and maintenance of submarine cables is a major challenge for the global market for submarine power cables.
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