According to the report released by technavio, an international market research institution, the global submarine power cable market demand is expected to grow at a compound annual growth rate of 4.5% by 2026.
The research results show that the growth of offshore renewable energy installation is one of the main factors to promote the stable growth of submarine power cables in the forecast period.
Submarine power cables make the integration of renewable energy possible. It is worth noting that the growth of submarine cable market is closely related to the expansion of offshore renewable energy devices and capacity. From the perspective of development trend, the increase in demand for submarine high-voltage DC cables will become one of the main trends in the development of submarine power cables in the forecast period. Underground HVDC transmission cable is considered as a feasible alternative for long-distance transmission of submarine power. Such projects aim to end the energy isolation mainly in the European region and remove the constraints that hinder the growth of the internal energy market.
From the perspective of regional markets, 47% of the market growth in the forecast period will come from Europe, especially Germany and the United Kingdom. On the other hand, the government's support and increasing attention to wind energy will promote the growth of the European submarine cable market in the forecast period. At the same time, the demand in North America and Asia Pacific will also be significant in the forecast period