Submarine Power Cable Market :Growth in Offshore Wind Power Generation at a CAGR 11.3% By 2027.

Submarine Power Cable Market Growth in Offshore Wind Power Generation at a CAGR 11.3% By 2027 The global submarine power cable market was valued at US$ 5,141.8 Mn in 2018 and is anticipated to register a stable CAGR of 11.3% from 2019 to 2027, according to a new research report published by Transparency Market Research (TMR) titled ‘Submarine Power Cable Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027.’

Growing number of offshore wind generation capacity additions, increasing demand for grid interconnections and island connections, and rising demand from offshore oil & gas sector have augmented the global submarine power cable market. The market in Europe is expanding at the maximum CAGR of 10.8% owing to numerous technological innovations and increasing demand for submarine power cables in the region.

To know more, Request Sample@ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=26633 Growth in Offshore Wind Power Generation to Drive the Submarine Power Cable Market Submarine power cable systems are laid under the water for communication and electric transmission. These cables carry signals over long distances and they are primarily used to connect the mainland with large islands. The growing need to interconnect grids for optimum utilization of renewable energy, for example, offshore wind energy, is boosting the demand for submarine power cables. Increasing investments in the renewable energy sector, technology advancements and favorable government initiatives are major factors driving the global submarine power cable market. New additions to offshore wind generation capacity are undergoing in various developing countries.

Furthermore, the increasing demand to generate electricity from offshore oil and gas facilities is another factor that propels the global submarine power cable market. Submarine cables or submarine fiber optic cables are laid on the ocean beds with the objective to connect various regions across the world for the communication purpose. These cables are also employed by various telecom carrier providers and private companies, such as Google, Facebook, and Microsoft, to provide their services across the globe. Increasing online content and rising Internet speed have led to high demand for submarine power cables.

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Growing Adoption of Submarine Power Cables led by Technological Advancements and Rising Number of Offshore Wind Farms in China, India, the U.K., and South Africa to Create Lucrative Opportunities for Market