Power Grid System Market in Subsea by Component (Cables, Variable Speed Drives, Transformers, Switchgears), Application (Captive Generation, Wind Power), Depth (Shallow Water and Deepwater) and Region - Global Forecast to 2027

海底送電網システムの世界市場予測(~2027):構成別、用途別、深さ別、地域別

◆タイトル:Power Grid System Market in Subsea by Component (Cables, Variable Speed Drives, Transformers, Switchgears), Application (Captive Generation, Wind Power), Depth (Shallow Water and Deepwater) and Region - Global Forecast to 2027
◆商品コード:EP1554-22
◆調査・発行会社:MarketsandMarkets
◆発行日:2022年3月31日
◆ページ数:209
◆レポート形式:PDF / 英語
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◆調査対象地域:グローバル
◆産業分野:電力
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【レポートの概要】

マーケッツアンドマーケッツ社は、世界の海底送電網システム市場規模が、2022年91億ドルから2027年148億ドルまで年平均10.2%成長すると予測しています。本調査資料では、海底送電網システムの世界市場を調査対象とし、イントロダクション、調査手法、エグゼクティブサマリー、プレミアムインサイト、市場概要、構成別(ケーブル、可変速ドライブ、変圧器、開閉装置、その他)分析、用途別(風力発電、自家発電、その他)分析、深さ別(浅水、深水)分析、地域別分析、競争状況、企業情報などの項目を掲載しています。
・イントロダクション
・調査手法
・エグゼクティブサマリー
・プレミアムインサイト
・市場概要
・世界の海底送電網システム市場規模:構成別(ケーブル、可変速ドライブ、変圧器、開閉装置、その他)
・世界の海底送電網システム市場規模:用途別(風力発電、自家発電、その他)
・世界の海底送電網システム市場規模:深さ別(浅水、深水)
・世界の海底送電網システム市場規模:地域別
・競争状況
・企業情報

“The power grid system market in subsea is expected to grow from an estimated USD 9.1 billion in 2022 to USD 14.8 billion in 2027, at a CAGR of 10.2% during the forecast period.”
Subsea power grid comprise of several components such as cables, transformers, variable speed drives, switchgears, and others used for various applications such as captive generation, offshore wind power, and other applications. Favorable government policies for offshore renewable power production, especially using wind energy along with urgent need to reduce carbon emissions and improve grid reliability and efficiency is expected to drive the demand for subsea power grid systems. Potential of tidal energy to meet subsea power requirements and easy access of wind turbine technology to offshore locations are expected to offer lucrative opportunities for the power grid system market in subsea during the forecast period. However, shortage of technical professionals in subsea industry, low cost of onshore electricity generation, and climatic challenges pertaining to operations of offshore wind farms may act as challenges restraint for the power grid system market in subsea.

“The wind power segment, by application, is expected to record the highest CAGR from 2022 to 2027”
The power grid system market in subsea, by application, has been broadly classified into wind power, captive generation, and Others. The others segment includes solar power, tidal power and gas & diesel based floating power plants. The wind power segment is expected to record the highest CAGR from 2022 to 2027. The increase in the use of subsea power cables in long-distance HV power transmission applications propel the growth of the power grid system market in subsea for wind power. Medium-voltage subsea power cables are often used to connect offshore wind platforms to distant onshore installations. However, high-voltage subsea power cables are preferred for offshore wind power farms installed with many turbines. According to China’s National Energy Administration (NEA), 16.9 GW of offshore wind power projects were commissioned in 2021 compared to 9.49 GW installed capacity in 2020. Countries such as the UK, Germany, China, Japan, and Taiwan have plans to invest significantly to expand and develop their regional offshore wind energy industry. These factors are expected to fuel the demand for subsea power grid systems for offshore wind power generation during the forecast period.

“Cables is expected to emerge as the largest segment based on component”
The power grid system market in subsea, on the basis of component, has been segmented into cables, transformers, switchgears, variable speed drives, and others. The others segment includes connectors, actuators, sensors, and penetrators. The cables segment, by component, is expected to dominate the power grid system market in subsea during the forecast period. The adoption of subsea power cables has been mainly driven by the HV power transmission and offshore oil & gas industries. Subsea power cables are widely used to link shore-based power grids. These cables carry power from one country to another, as well as from one offshore platform to another, and transfer power from offshore renewable energy generation plants, which use wind, wave, and tidal energy to generate electricity; regional electrical transmission networks; etc.

“Europe: The largest power grid system market in subsea”
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 expected to dominate the global power grid system market in subsea between 2022–2027, followed by Asia Pacific and North America. Europe and Asia Pacific are the major contributors to the global power grid system market in subsea owing to the strong demand for renewable energy sources and favorable government policies in these regions. Most countries in Europe are mainly focusing on renewable energy capacity addition. Countries such as Germany, the UK, the Netherlands, and Norway are leading the renewable energy capacity addition. The growth of the power grid system market in subsea is supported by the European Wind Initiative (EWI), a wind energy R&D program developed to take the wind industry to the next level in Europe.

Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:

By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%
By Designation: C-Level- 30%, Director Level- 25%, and Others- 45%
By Region: Europe- 32%, Asia Pacific- 30%, North America- 18%, the Middle East & Africa- 12%, and South America- 8%
Note: Others includes product engineers, product specialists, and engineering leads.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2017. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million

The power grid system market in subsea is dominated by a few major players that have a wide regional presence. The leading players in the power grid system market in subsea are Prysmian Group (Italy), Nexans (France), TechnipFMC (UK), General Electric (US) Baker Hughes (US), ABB (Switzerland), and Siemens Energy (Germany). Some of the other major players include Schlumberger (US), Aker Solutions ASA (Norway), Hitachi Energy (Switzerland), Oceaneering International (US), NKT (Denmark), LS Cable & System (South Korea), ZTT (China), Sumitomo Electric Industries, Ltd. (Japan), TE Connectivity (Switzerland), Schneider Electric (France), Apar Industries (India) and Intertek Group (UK) among others.

Research Coverage:
The report defines, describes, and forecasts the global power grid system market in subsea, by component, application, depth, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the power grid system market in subsea.

Key Benefits of Buying the Report
1. The report identifies and addresses the key markets for power grid system market in subsea, which would help equipment manufacturers and service providers review the growth in demand.
2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.

【レポートの目次】

1 INTRODUCTION 25
1.1 STUDY OBJECTIVES 25
1.2 DEFINITION 25
1.2.1 POWER GRID SYSTEM MARKET IN SUBSEA, BY COMPONENT: INCLUSIONS
& EXCLUSIONS 26
1.2.2 POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION: INCLUSIONS
& EXCLUSIONS 26
1.2.3 POWER GRID SYSTEM MARKET IN SUBSEA, BY DEPTH: INCLUSIONS
& EXCLUSIONS 26
1.3 MARKET SCOPE 27
1.3.1 POWER GRID SYSTEM MARKET IN SUBSEA SEGMENTATION 27
1.3.2 REGIONAL SCOPE 27
1.4 YEARS CONSIDERED 28
1.5 CURRENCY 28
1.6 LIMITATIONS 28
1.7 STAKEHOLDERS 29
1.8 SUMMARY OF CHANGES 29
2 RESEARCH METHODOLOGY 30
2.1 RESEARCH DATA 30
FIGURE 1 POWER GRID SYSTEM MARKET IN SUBSEA: RESEARCH DESIGN 30
2.2 MARKET BREAKDOWN AND DATA TRIANGULATION 31
FIGURE 2 DATA TRIANGULATION METHODOLOGY 31
2.2.1 SECONDARY DATA 32
2.2.1.1 Key data from secondary sources 32
2.2.2 PRIMARY DATA 32
2.2.2.1 Key data from primary sources 33
2.2.2.2 Breakdown of primaries 33
FIGURE 3 BREAKDOWN OF PRIMARIES 34
2.3 IMPACT OF COVID-19 34
2.4 MARKET SIZE ESTIMATION 35
2.4.1 BOTTOM-UP APPROACH 35
FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 35
2.4.2 TOP-DOWN APPROACH 36
FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 36
2.4.3 DEMAND-SIDE ANALYSIS 37
FIGURE 6 MAIN METRICS CONSIDERED WHILE ANALYZING AND ASSESSING
DEMAND FOR SUBSEA POWER GRID SYSTEMS 37
2.4.3.1 Demand-side calculation 37
2.4.3.2 Assumptions for demand-side analysis 38
2.4.4 SUPPLY-SIDE ANALYSIS 38
FIGURE 7 MAIN METRICS CONSIDERED IN ASSESSING SUPPLY FOR SUBSEA
POWER GRID SYSTEMS 38
FIGURE 8 POWER GRID SYSTEM MARKET IN SUBSEA: SUPPLY-SIDE ANALYSIS 39
2.4.4.1 Supply-side calculation 39
2.4.4.2 Assumptions for supply side 39
2.4.5 FORECAST 39
3 EXECUTIVE SUMMARY 40
TABLE 1 POWER GRID SYSTEM MARKET IN SUBSEA SNAPSHOT 41
FIGURE 9 EUROPE DOMINATED POWER GRID SYSTEM MARKET IN SUBSEA IN 2021 42
FIGURE 10 CABLES SEGMENT TO HOLD LARGEST SHARE OF POWER GRID SYSTEM MARKET IN SUBSEA, BY COMPONENT, DURING FORECAST PERIOD 42
FIGURE 11 CAPTIVE GENERATION SEGMENT TO ACCOUNT FOR LARGEST SHARE
OF POWER GRID SYSTEM MARKET IN 2027 43
FIGURE 12 DEEPWATER SEGMENT TO WITNESS HIGHER GROWTH RATE IN POWER
GRID SYSTEM MARKET IN SUBSEA, BY DEPTH, DURING FORECAST PERIOD 43
4 PREMIUM INSIGHTS 44
4.1 ATTRACTIVE OPPORTUNITIES IN POWER GRID SYSTEM MARKET IN SUBSEA 44
FIGURE 13 INCREASING DEEPWATER EXPLORATION DUE TO DEPLETING ONSHORE FOSSIL FUEL RESERVES TO DRIVE POWER GRID SYSTEM MARKET
IN SUBSEA, 2022–2027 44
4.2 POWER GRID SYSTEM MARKET IN SUBSEA, BY REGION 45
FIGURE 14 NORTH AMERICAN POWER GRID SYSTEM MARKET IN SUBSEA TO
GROW AT HIGHEST CAGR DURING FORECAST PERIOD 45
4.3 EUROPEAN POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION AND COUNTRY 45
FIGURE 15 WIND POWER SEGMENT AND UK DOMINATED POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION AND COUNTRY, RESPECTIVELY, IN 2021 45
4.4 POWER GRID SYSTEM MARKET IN SUBSEA, BY DEPTH 46
FIGURE 16 SHALLOW WATER SEGMENT TO ACCOUNT FOR LARGER SHARE THAN DEEPWATER SEGMENT IN 2027 46
4.5 POWER GRID SYSTEM MARKET IN SUBSEA, BY COMPONENT 46
FIGURE 17 CABLES SEGMENT TO ACCOUNT FOR LARGER SHARE IN 2027 46
4.6 POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION 47
FIGURE 18 CAPTIVE GENERATION SEGMENT TO ACCOUNT FOR LARGEST SHARE IN 2027 47
5 MARKET OVERVIEW 48
5.1 INTRODUCTION 48
5.2 MARKET DYNAMICS 48
FIGURE 19 POWER GRID SYSTEM MARKET IN SUBSEA: MARKET DRIVERS 48
5.2.1 DRIVERS 49
5.2.1.1 Increased deepwater oil and gas exploration activities due to depleting onshore fossil fuel reserves 49
TABLE 2 OIL RESERVES (BILLION BARRELS), BY COUNTRY, 2021 49
5.2.1.2 Favorable government policies for offshore renewable power production, especially using wind energy 50
FIGURE 20 GLOBAL ENERGY SUPPLY INVESTMENT, BY SECTOR, 2019–2021 50
FIGURE 21 NEW WIND POWER INSTALLATIONS, 2020 51
FIGURE 22 GROWTH OF WIND POWER CAPACITY FROM 2021 TO 2025, BY REGION (MW) 51
5.2.1.3 Urgent need to reduce carbon emissions and improve grid
reliability and efficiency 51
5.2.2 RESTRAINTS 52
5.2.2.1 High operational and technological risks 52
5.2.2.2 Greater energy losses witnessed during long-distance
power transmission 52
5.2.3 OPPORTUNITIES 52
5.2.3.1 Potential of tidal energy to meet subsea power requirements 52
5.2.3.2 Easy access of wind turbine technology to offshore locations 53
5.2.4 CHALLENGES 53
5.2.4.1 Shortage of technical professionals in subsea industry 53
5.2.4.2 Low cost of onshore electricity generation 53
5.2.4.3 Climatic challenges pertaining to operations of offshore wind farms 54
5.3 SUPPLY CHAIN ANALYSIS 54
FIGURE 23 POWER GRID SYSTEM MARKET IN SUBSEA: SUPPLY CHAIN ANALYSIS 54
5.3.1 GRID MANUFACTURER 54
5.3.2 GRID INFRASTRUCTURE INSTALLER 55
5.3.3 END USER 55
5.4 PORTER’S FIVE FORCES ANALYSIS 55
FIGURE 24 POWER GRID SYSTEM MARKET IN SUBSEA: PORTER’S FIVE
FORCES ANALYSIS 55
TABLE 3 POWER GRID SYSTEM MARKET IN SUBSEA: PORTER’S FIVE
FORCES ANALYSIS 56
5.4.1 THREAT OF NEW ENTRANTS 56
5.4.2 BARGAINING POWER OF SUPPLIERS 56
5.4.3 BARGAINING POWER OF BUYERS 56
5.4.4 THREAT OF SUBSTITUTES 56
5.4.5 DEGREE OF COMPETITION 56
5.5 PATENT ANALYSIS 57
TABLE 4 PATENTS RELATED TO OFFSHORE WIND AND OIL & GAS 57
6 POWER GRID SYSTEM MARKET IN SUBSEA, BY COMPONENT 59
6.1 INTRODUCTION 60
FIGURE 25 POWER GRID SYSTEM MARKET IN SUBSEA, BY COMPONENT, 2021 60
TABLE 5 POWER GRID SYSTEM MARKET IN SUBSEA, BY COMPONENT,
2020–2027 (USD MILLION) 61
6.2 CABLES 61
6.2.1 RISE IN DEMAND FROM OFFSHORE WIND AND OIL & GAS INDUSTRIES
TO BOOST GROWTH OF MARKET FOR CABLES 61
TABLE 6 CABLES: POWER GRID SYSTEM MARKET IN SUBSEA, BY REGION,
2020–2027 (USD MILLION) 62
6.3 VARIABLE SPEED DRIVES 62
6.3.1 REDUCTION IN CABLING COST TO DRIVE GROWTH OF MARKET FOR VARIABLE SPEED DRIVES DURING FORECAST PERIOD 62
TABLE 7 VARIABLE SPEED DRIVES: POWER GRID SYSTEM MARKET IN SUBSEA,
BY REGION, 2020–2027 (USD MILLION) 63
6.4 TRANSFORMERS 63
6.4.1 GROWTH IN OFFSHORE OIL & GAS EXPLORATION AND PRODUCTION ACTIVITIES TO BOOST MARKET GROWTH IN COMING YEARS 63
TABLE 8 TRANSFORMERS: POWER GRID SYSTEM MARKET IN SUBSEA, BY REGION, 2020–2027 (USD MILLION) 64
6.5 SWITCHGEARS 64
6.5.1 NEED FOR SAFE, EFFICIENT, AND RELIABLE POWER SUPPLY TO ACCELERATE CREATES DEMAND FOR SWITCHGEARS 64
TABLE 9 SWITCHGEARS: POWER GRID SYSTEM MARKET IN SUBSEA, BY REGION, 2020–2027 (USD MILLION) 65
6.6 OTHERS 65
TABLE 10 OTHERS: POWER GRID SYSTEM MARKET IN SUBSEA, BY REGION,
2020–2027 (USD MILLION) 65
7 POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION 66
7.1 INTRODUCTION 67
FIGURE 26 POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2021 67
TABLE 11 POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION,
2020–2027 (USD MILLION) 67
7.2 WIND POWER 68
7.2.1 SURGING USE OF SUBSEA POWER CABLES FOR LONG-DISTANCE POWER TRANSMISSION BY OFFSHORE WIND POWER GENERATION PLANTS 68
TABLE 12 WIND POWER: POWER GRID SYSTEM MARKET IN SUBSEA, BY REGION, 2020–2027 (USD MILLION) 69
7.3 CAPTIVE GENERATION 69
7.3.1 INCREASING SUBSEA OPERATIONS AND RISING NUMBER OF
DEEPWATER DRILLING ACTIVITIES ACCELERATE DEMAND FOR
SUBSEA POWER GRID SYSTEMS 69
TABLE 13 CAPTIVE GENERATION: POWER GRID SYSTEM MARKET IN SUBSEA,
BY REGION, 2020–2027 (USD MILLION) 70
7.4 OTHERS 70
TABLE 14 OTHERS: POWER GRID SYSTEM MARKET IN SUBSEA, BY REGION,
2020–2027 (USD MILLION) 71
8 POWER GRID SYSTEM MARKET IN SUBSEA, BY DEPTH 72
8.1 INTRODUCTION 73
FIGURE 27 POWER GRID SYSTEM MARKET IN SUBSEA, BY DEPTH, 2021 73
TABLE 15 POWER GRID SYSTEM MARKET IN SUBSEA, BY DEPTH,
2020–2027 (USD MILLION) 73
8.2 SHALLOW WATER 73
8.2.1 LOWER COSTS ASSOCIATED WITH SHALLOW WATER PROJECTS THAN DEEPWATER PROJECTS TO DRIVE MARKET GROWTH 73
TABLE 16 SHALLOW WATER: POWER GRID SYSTEM MARKET IN SUBSEA, BY REGION, 2020–2027 (USD MILLION) 74
8.3 DEEPWATER 74
8.3.1 INCREASING OFFSHORE OIL AND GAS EXPLORATION AND PRODUCTION ACTIVITIES IN DEEPWATER TO DRIVE MARKET GROWTH 74
TABLE 17 DEEPWATER: POWER GRID SYSTEM MARKET IN SUBSEA, BY REGION,
2020–2027 (USD MILLION) 74
9 POWER GRID SYSTEM MARKET IN SUBSEA, BY REGION 75
9.1 INTRODUCTION 76
FIGURE 28 NORTH AMERICA TO REGISTER HIGHEST CAGR IN POWER GRID SYSTEM MARKET IN SUBSEA DURING FORECAST PERIOD 76
FIGURE 29 REGION-WISE SHARE ANALYSIS OF POWER GRID SYSTEM MARKET
IN SUBSEA,2021 77
TABLE 18 POWER GRID SYSTEM MARKET IN SUBSEA, BY REGION,
2020–2027 (USD MILLION) 77
9.2 EUROPE 78
FIGURE 30 SNAPSHOT: POWER GRID SYSTEM MARKET IN SUBSEA IN EUROPE 79
9.2.1 BY COMPONENT 80
TABLE 19 EUROPE: POWER GRID SYSTEM MARKET IN SUBSEA, BY COMPONENT, 2020–2027 (USD MILLION) 80
9.2.2 BY APPLICATION 80
TABLE 20 EUROPE: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION) 80
9.2.3 BY DEPTH 80
TABLE 21 EUROPE: POWER GRID SYSTEM MARKET IN SUBSEA, BY DEPTH,
2020–2027 (USD MILLION) 80
9.2.4 BY COUNTRY 81
TABLE 22 EUROPE: POWER GRID SYSTEM MARKET IN SUBSEA, BY COUNTRY,
2020–2027 (USD MILLION) 81
9.2.4.1 Germany 81
9.2.4.1.1 Government initiatives to expand offshore wind power capacity to boost market growth 81
TABLE 23 GERMANY: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION) 82
9.2.4.2 Russia 82
9.2.4.2.1 New offshore drilling activities to accelerate market growth 82
TABLE 24 RUSSIA: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION,
2020–2027 (USD MILLION) 82
9.2.4.3 Norway 83
9.2.4.3.1 Increase in deepwater oil & gas exploration activities in Norwegian Continental Shelf fuels market growth 83
TABLE 25 NORWAY: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION) 83
9.2.4.4 UK 84
9.2.4.4.1 Government focus on increasing offshore wind capacity
to spur demand for subsea power grid systems 84
TABLE 26 UK: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION,
2020–2027 (USD MILLION) 85
9.2.4.5 Netherlands 85
9.2.4.5.1 Huge investments in offshore wind projects to promote market growth 85
TABLE 27 NETHERLANDS: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION) 86
9.2.4.6 Denmark 86
9.2.4.6.1 Significant investments in offshore wind industry to push market growth 86
TABLE 28 DENMARK: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION) 86
9.2.4.7 Rest of Europe 87
TABLE 29 REST OF EUROPE: POWER GRID SYSTEM MARKET IN SUBSEA,
BY APPLICATION, 2020–2027 (USD MILLION) 87
9.3 ASIA PACIFIC 88
FIGURE 31 SNAPSHOT: POWER GRID SYSTEM MARKET IN SUBSEA IN ASIA PACIFIC 89
9.3.1 BY COMPONENT 90
TABLE 30 ASIA PACIFIC: POWER GRID SYSTEM MARKET IN SUBSEA, BY COMPONENT, 2020–2027 (USD MILLION) 90
9.3.2 BY APPLICATION 90
TABLE 31 ASIA PACIFIC: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION) 90
9.3.3 BY DEPTH 90
TABLE 32 ASIA PACIFIC: POWER GRID SYSTEM MARKET IN SUBSEA, BY DEPTH,
2020–2027 (USD MILLION) 90
9.3.4 BY COUNTRY 91
TABLE 33 ASIA PACIFIC: POWER GRID SYSTEM MARKET IN SUBSEA, BY COUNTRY, 2020–2027 (USD MILLION) 91
9.3.4.1 China 91
9.3.4.1.1 Considerable investments in renewable energy projects
and strong commitment toward decarbonization to stimulate market growth 91
TABLE 34 CHINA: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION,
2020–2027 (USD MILLION) 92
9.3.4.2 India 92
9.3.4.2.1 Upcoming projects for offshore wind production are likely to drive market growth 92
TABLE 35 INDIA: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION,
2020–2027 (USD MILLION) 92
9.3.4.3 Japan 93
9.3.4.3.1 Active participation of government in offshore wind production and promoting wind farm developers 93
TABLE 36 JAPAN: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION,
2020–2027 (USD MILLION) 93
9.3.4.4 South Korea 93
9.3.4.4.1 Rise in offshore wind installations in South Korea to
support market growth 93
TABLE 37 SOUTH KOREA: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION) 94
9.3.4.5 Taiwan 94
9.3.4.5.1 Elevated offshore energy requirements and thriving renewable energy industry to fuel market growth 94
TABLE 38 TAIWAN: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION,
2020–2027 (USD MILLION) 94
9.3.4.6 Rest of Asia Pacific 95
TABLE 39 REST OF ASIA PACIFIC: POWER GRID SYSTEM MARKET IN SUBSEA,
BY APPLICATION, 2020–2027 (USD MILLION) 95
9.4 NORTH AMERICA 96
9.4.1 BY COMPONENT 96
TABLE 40 NORTH AMERICA: POWER GRID SYSTEM MARKET IN SUBSEA,
BY COMPONENT, 2020–2027 (USD MILLION) 96
9.4.2 BY APPLICATION 97
TABLE 41 NORTH AMERICA: POWER GRID SYSTEM MARKET IN SUBSEA,
BY APPLICATION, 2020–2027 (USD MILLION) 97
9.4.3 BY DEPTH 97
TABLE 42 NORTH AMERICA: POWER GRID SYSTEM MARKET IN SUBSEA, BY DEPTH, 2020–2027 (USD MILLION) 97
9.4.4 BY COUNTRY 97
TABLE 43 NORTH AMERICA: POWER GRID SYSTEM MARKET IN SUBSEA, BY COUNTRY, 2020–2027 (USD MILLION) 97
9.4.4.1 US 98
9.4.4.1.1 Increasing number of offshore wind projects and growing need to improve oil and gas production output to surge requirement for subsea power grid systems 98
TABLE 44 US: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION,
2020–2027 (USD MILLION) 99
9.4.4.2 Canada 99
9.4.4.2.1 Rising focus and growing investments in offshore wind projects to provide lucrative opportunities 99
TABLE 45 CANADA: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION) 100
9.4.4.3 Mexico 100
9.4.4.3.1 increasing CAPEX and investments toward offshore E&P activities and elevating energy requirements to boost demand for subsea power grid systems 100
TABLE 46 MEXICO: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION) 101

9.5 MIDDLE EAST & AFRICA 101
9.5.1 BY COMPONENT 102
TABLE 47 MIDDLE EAST & AFRICA: POWER GRID SYSTEM MARKET IN SUBSEA,
BY COMPONENT, 2020–2027 (USD MILLION) 102
9.5.2 BY APPLICATION 102
TABLE 48 MIDDLE EAST & AFRICA: POWER GRID SYSTEM MARKET IN SUBSEA,
BY APPLICATION, 2020–2027 (USD MILLION) 102
9.5.3 BY DEPTH 102
TABLE 49 MIDDLE EAST & AFRICA: POWER GRID SYSTEM MARKET IN SUBSEA,
BY DEPTH, 2020–2027 (USD MILLION) 102
9.5.4 BY COUNTRY 103
TABLE 50 MIDDLE EAST & AFRICA: POWER GRID SYSTEM MARKET IN SUBSEA,
BY COUNTRY, 2020–2027 (USD MILLION) 103
9.5.4.1 Saudi Arabia 103
9.5.4.1.1 Saudi Arabia to be fastest-growing market in MEA during forecast period 103
TABLE 51 SAUDI ARABIA: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION) 103
9.5.4.2 UAE 104
9.5.4.2.1 UAE to account for largest share of Middle Eastern
& African market throughout forecast period 104
TABLE 52 UAE: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION,
2020–2027 (USD MILLION) 104
9.5.4.3 Qatar 104
9.5.4.3.1 Country’s focus on offshore drilling activities is likely to propel growth of power grid system market in subsea 104
TABLE 53 QATAR: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION,
2020–2027 (USD MILLION) 104
9.5.4.4 Rest of Middle East & Africa 105
TABLE 54 REST OF MIDDLE EAST & AFRICA: POWER GRID SYSTEM MARKET
IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION) 105
9.6 SOUTH AMERICA 105
9.6.1 BY COMPONENT 106
TABLE 55 SOUTH AMERICA: POWER GRID SYSTEM MARKET IN SUBSEA,
BY COMPONENT, 2020–2027 (USD MILLION) 106
9.6.2 BY APPLICATION 106
TABLE 56 SOUTH AMERICA: POWER GRID SYSTEM MARKET IN SUBSEA,
BY APPLICATION, 2020–2027 (USD MILLION) 106
9.6.3 BY DEPTH 106
TABLE 57 SOUTH AMERICA: POWER GRID SYSTEM MARKET IN SUBSEA, BY DEPTH, 2020–2027 (USD MILLION) 106
9.6.4 BY COUNTRY 107
TABLE 58 SOUTH AMERICA: POWER GRID SYSTEM MARKET IN SUBSEA, BY COUNTRY, 2020–2027 (USD MILLION) 107
9.6.4.1 Brazil 107
9.6.4.1.1 Direct investments by foreign companies in oil & gas projects and growing deepwater exploration activities to foster market growth 107
TABLE 59 BRAZIL: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION,
2020–2027 (USD MILLION) 108
9.6.4.2 Argentina 108
9.6.4.2.1 Prime focus on offshore gas exploration and production activities and favorable government policies to support market growth 108
TABLE 60 ARGENTINA: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION) 109
9.6.4.3 Rest of South America 109
TABLE 61 REST OF SOUTH AMERICA: POWER GRID SYSTEM MARKET IN SUBSEA,
BY APPLICATION, 2020–2027 (USD MILLION) 110
10 COMPETITIVE LANDSCAPE 111
10.1 KEY PLAYERS STRATEGIES 111
TABLE 62 OVERVIEW OF KEY STRATEGIES ADOPTED BY TOP PLAYERS,
JANUARY 2018–MARCH 2022 111
10.2 MARKET SHARE ANALYSIS OF TOP FIVE PLAYERS 114
TABLE 63 POWER GRID SYSTEM MARKET IN SUBSEA: DEGREE OF COMPETITION 115
FIGURE 32 POWER GRID SYSTEM MARKET IN SUBSEA: MARKET SHARE ANALYSIS, 2021 115
10.3 REVENUE ANALYSIS OF TOP MARKET PLAYERS 116
FIGURE 33 REVENUE OF TOP PLAYERS IN POWER GRID SYSTEM MARKET IN SUBSEA FROM 2016 TO 2021 116
10.4 COMPANY EVALUATION QUADRANT 117
10.4.1 STAR 117
10.4.2 PERVASIVE 117
10.4.3 EMERGING LEADER 117
10.4.4 PARTICIPANT 117
FIGURE 34 COMPETITIVE LEADERSHIP MAPPING: POWER GRID SYSTEM
MARKET IN SUBSEA, 2021 118
10.5 POWER GRID SYSTEM MARKET IN SUBSEA: COMPANY FOOTPRINT 119
TABLE 64 BY COMPONENT: COMPANY FOOTPRINT 119
TABLE 65 BY APPLICATION: COMPANY FOOTPRINT 120
TABLE 66 BY REGION: COMPANY FOOTPRINT 121
TABLE 67 COMPANY FOOTPRINT 122
10.6 COMPETITIVE SCENARIO 123
TABLE 68 POWER GRID SYSTEM MARKET IN SUBSEA: DEALS, MARCH
2021–FEBRUARY 2022 123
TABLE 69 POWER GRID SYSTEM MARKET IN SUBSEA: OTHERS, SEPTEMBER
2019–MARCH 2022 124

11 COMPANY PROFILES 127
11.1 KEY PLAYERS 127
(Business and financial overview, Products/services offered, Recent Developments, Deals, MnM view, Key strengths/right to win, Strategic choices made, Weakness/competitive threats)*
11.1.1 ABB 127
TABLE 70 ABB: BUSINESS OVERVIEW 127
FIGURE 35 ABB: COMPANY SNAPSHOT, 2021 128
TABLE 71 ABB: PRODUCTS/SERVICES OFFERED 128
TABLE 72 ABB: DEALS 129
TABLE 73 ABB: OTHERS 130
11.1.2 SIEMENS ENERGY 133
TABLE 74 SIEMENS ENERGY: BUSINESS OVERVIEW 133
FIGURE 36 SIEMENS ENERGY: COMPANY SNAPSHOT, 2021 134
TABLE 75 SIEMENS ENERGY: PRODUCTS/SERVICES OFFERED 134
TABLE 76 SIEMENS ENERGY: OTHERS 135
11.1.3 GENERAL ELECTRIC 137
TABLE 77 GENERAL ELECTRIC: BUSINESS OVERVIEW 137
FIGURE 37 GENERAL ELECTRIC: COMPANY SNAPSHOT, 2021 138
TABLE 78 GENERAL ELECTRIC: PRODUCTS/SERVICES OFFERED 138
TABLE 79 GENERAL ELECTRIC: DEALS 139
TABLE 80 GENERAL ELECTRIC: OTHERS 140
11.1.4 PRYSMIAN GROUP 142
TABLE 81 PRYSMIAN GROUP: BUSINESS OVERVIEW 142
FIGURE 38 PRYSMIAN GROUP: COMPANY SNAPSHOT, 2020 143
TABLE 82 PRYSMIAN GROUP: PRODUCTS/SERVICES OFFERED 143
TABLE 83 PRYSMIAN GROUP: DEALS 145
TABLE 84 PRYSMIAN GROUP: OTHERS 146
11.1.5 NEXANS 155
TABLE 85 NEXANS: BUSINESS OVERVIEW 155
FIGURE 39 NEXANS: COMPANY SNAPSHOT, 2020 156
TABLE 86 NEXANS: PRODUCTS/SERVICES OFFERED 157
TABLE 87 NEXANS: DEALS 158
TABLE 88 NEXANS: OTHERS 158
11.1.6 BAKER HUGHES 164
TABLE 89 BAKER HUGHES: BUSINESS OVERVIEW 164
FIGURE 40 BAKER HUGHES: COMPANY SNAPSHOT, 2021 165
TABLE 90 BAKER HUGHES: PRODUCTS/SERVICES OFFERED 165
TABLE 91 BAKER HUGHES: OTHERS 166
11.1.7 SCHLUMBERGER 167
TABLE 92 SCHLUMBERGER: BUSINESS OVERVIEW 167
FIGURE 41 SCHLUMBERGER: COMPANY SNAPSHOT, 2021 168
TABLE 93 SCHLUMBERGER: PRODUCTS/SERVICES OFFERED 169
TABLE 94 SCHLUMBERGER: OTHERS 169
11.1.8 TECHNIPFMC 170
TABLE 95 TECHNIPFMC: BUSINESS OVERVIEW 170
FIGURE 42 TECHNIPFMC: COMPANY SNAPSHOT, 2021 171
TABLE 96 TECHNIPFMC: PRODUCTS/SERVICES OFFERED 171
TABLE 97 TECHNIPFMC: DEALS 172
TABLE 98 TECHNIPFMC: OTHERS 173
11.1.9 AKER SOLUTIONS ASA 177
TABLE 99 AKER SOLUTIONS ASA: BUSINESS OVERVIEW 177
FIGURE 43 AKER SOLUTIONS ASA: COMPANY SNAPSHOT, 2020 178
TABLE 100 AKER SOLUTIONS ASA: PRODUCTS/SERVICES OFFERED 178
TABLE 101 AKER SOLUTIONS ASA: DEALS 179
TABLE 102 AKER SOLUTIONS ASA: OTHERS 180
11.1.10 NKT 182
TABLE 103 NKT: BUSINESS OVERVIEW 182
FIGURE 44 NKT: COMPANY SNAPSHOT, 2021 183
TABLE 104 NKT: PRODUCTS/SERVICES OFFERED 183
TABLE 105 NKT: DEALS 184
TABLE 106 NKT: OTHERS 185
11.1.11 OCEANEERING INTERNATIONAL 188
TABLE 107 OCEANEERING INTERNATIONAL: BUSINESS OVERVIEW 188
FIGURE 45 OCEANEERING INTERNATIONAL: COMPANY SNAPSHOT, 2021 189
TABLE 108 OCEANEERING INTERNATIONAL: PRODUCTS/SERVICES OFFERED 189
TABLE 109 OCEANEERING INTERNATIONAL: OTHERS 190
11.1.12 HITACHI ENERGY 191
TABLE 110 HITACHI ENERGY: BUSINESS OVERVIEW 191
TABLE 111 HITACHI ENERGY: PRODUCTS/SERVICES OFFERED 191
TABLE 112 HITACHI ENERGY: DEALS 192
TABLE 113 HITACHI ENERGY: OTHERS 192
11.1.13 SUMITOMO ELECTRIC INDUSTRIES, LTD. 193
TABLE 114 SUMITOMO ELECTRIC INDUSTRIES, LTD.: BUSINESS OVERVIEW 193
FIGURE 46 SUMITOMO ELECTRIC INDUSTRIES, LTD.: COMPANY SNAPSHOT, 2020 194
TABLE 115 SUMITOMO ELECTRIC INDUSTRIES, LTD.: PRODUCTS/SERVICES OFFERED 194
TABLE 116 SUMITOMO ELECTRIC INDUSTRIES, LTD.: OTHERS 195
11.1.14 TE CONNECTIVITY 196
TABLE 117 TE CONNECTIVITY: BUSINESS OVERVIEW 196
FIGURE 47 TE CONNECTIVITY: COMPANY SNAPSHOT, 2021 197
TABLE 118 TE CONNECTIVITY: PRODUCTS/SERVICES OFFERED 198
11.1.15 TELEDYNE MARINE 199
TABLE 119 TELEDYNE MARINE: BUSINESS OVERVIEW 199
TABLE 120 TELEDYNE MARINE: PRODUCTS/SERVICES OFFERED 200

11.2 OTHER PLAYERS 201
11.2.1 ZTT 201
11.2.2 SCHNEIDER ELECTRIC 202
11.2.3 APAR INDUSTRIES LTD. 203
11.2.4 LS CABLE & SYSTEM LTD. 204
11.2.5 SSG CABLE 205
*Details on Business Overview, Products Offered, Recent Developments, Deals, MnM view, Key strengths/right to win, Strategic choices made, Weakness/competitive threats might not be captured in case of unlisted companies.
12 APPENDIX 206
12.1 INSIGHTS OF INDUSTRY EXPERTS 206
12.2 DISCUSSION GUIDE 207
12.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 211
12.4 AVAILABLE CUSTOMIZATIONS 213
12.5 RELATED REPORTS 213
12.6 AUTHOR DETAILS 214



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