The subsea power grid market was predicted at about USD 1, 196 million in 2013. It is anticipated to grow at around 12 percent CAGR through the forecast phase. This phase lasts from 2014 to 2018. The market is projected to observe a size of almost USD 2, 365 million by 2018. Augmented gas and oil discovery operations in deep offshore sites have caused the coming up of subsea power grids.
This factor has expanded the subsea power grid market further. Subsea power grids are upgraded and enhanced to meet the escalating power demand from offshore sites. The subsea power grid market is likely to expand substantially through the forecast period. This is on account of growing offshore discovery operations in the regions of Latin America and Africa.
Several discovery establishments and prime technology suppliers are spending capital and energy in coming up with power solutions for deep offshore sites. Rise in the number of deepwater gas and oil resources and boosting demand for fossil fuels have increased investments in the subsea power grid market. This factor drives further demand for the subsea power grid market.
Further growth in renewable energy in offshore sites is also one of the prime drivers of the market. It even encourages investments in the same. Technological restrictions and high functional dangers are the two major hindrances of the subsea power grid market. Conversely, growing concentration on renewable sources might offer development opportunities to the subsea power grid market in the years to come.
Latin America is expected to be a primary subsea power grid market of the world.
Posted on May 25, 2015 | Category Energy & Power