wire and Cable Exhibition 2024 News: Submarine Power Cable Market to Grow by $5.11 Billion
From 2024 to 2028, the global submarine power cable market is expected to grow by $5.11 billion. wire and Cable Exhibition 2024 has learned that during the forecast period, the market is anticipated to expand at a compound annual growth rate (CAGR) of over 13.64%. High Voltage Direct Current (HVDC) power cables are leading the overall sales growth.
Safe zones and underwater power lines are crucial for international electrical grid connections and renewable energy production. The market can be segmented into high-voltage and medium-voltage power cables, dry plant components, and wet plant components, as well as cable systems for thermal power generation, offshore wind turbines, and both offshore and onshore wind turbine applications. Urbanization and rising demand globally are driving increased demand for submarine cables. Cross-border transport requires corresponding contract agreements and regulations.
wire and Cable Exhibition 2024 is aware that under the Kyoto Protocol and the EU's goal of sourcing 20% of energy from alternative sources by 2020, the use of renewable energy is on the rise. Many renewable energy projects, such as offshore wind farms and solar power plants, are located far from energy load centers, leading to high power transmission losses using alternating current (AC) lines.
HVDC cables, being lightweight, are able to transmit electricity over long distances with minimal loss. The growing number of European offshore wind projects is driving demand for submarine HVDC cables.
With the upward trend in renewable energy, especially offshore wind power, the submarine power cable market is thriving.
Submarine High Voltage Direct Current (HVDC) power cables offer clear advantages in long-distance, high-capacity power transmission. HVDC transmission systems are economically viable for cross-border energy projects, promising to end energy isolation and boost growth within the European internal energy market.
wire and Cable Exhibition 2024 reposted this article with the purpose of sharing industry information, which does not mean that our company supports the views stated in the article, nor are we responsible for the truthfulness of the entire article. If any infringement occurs, please contact us promptly to delete it.
