Report: installed submarine electricity cables worldwide to top 300 by 2023
Submarine Electricity Transmission, a new report from Navigant Research, projects that the number of installed submarine cables will grow from 110 in 2013 to 304 in 2023, according to a conservative forecast, and that the actual results could top 450 by 2023.
A press release said that demand for high-voltage submarine electricity cables is growing steadily, as countries and regions make commitments to offshore renewable power generation, link remote landmasses, and interconnect their national grids. As cable technology advances, more projects are being proposed that require longer, deeper, and higher-capacity cables, it said.
"Only a few companies have the capability to construct and install high-voltage submarine cable, and the constricted supply chain for these highly specialized and expensive products has limited the industry's growth in the past," said Bob Lockhart, research director with Navigant Research. "The tide has changed, with market entrants from other sectors and other regions of the world beginning to step in to absorb the excess demand."
While the recent economic downturn has slowed the number of project installations, many governments and organizations remain committed to the types of projects that drive new high-voltage submarine cable installations, the release said. Offshore wind farms and grid interconnectors, it observed, "remain a focus of the European Union's 20-20-20 goal."
The report analyzes the global market for high-voltage submarine cables and also looks at the significant demand drivers for deploying them and related market issues, the release said. It also provides global market forecasts for demand and revenue from high-voltage submarine cables, segmented by world region, project and cable type, technology, and growth scenario, extend through 2023, main technology issues and profiles of key industry players, it said.
A free summary of the report is at www.navigantresearch.com.