The Submarine Electricity Transmission Market Is Expected to Reach $25 Billion in 2024, According to Navigant Research
02 July 2015 - 7:15PM
Business Wire
Due to pressing interconnection needs, Europe currently
represents the largest market for this solution, report
finds
A new report from Navigant Research analyzes the global market
for submarine electricity transmission systems, including global
market forecasts for project value, segmented by technology and
region, through 2024.
Today, submarine electricity transmission systems are being used
more frequently for long and short hauls in undersea, lake, and
river interconnection applications, allowing transmission in areas
where water has made underground or overhead solutions impossible.
With at least 140 new high-voltage direct current (HVDC) and
high-voltage alternating current (HVAC) systems currently being
deployed or in planning stages, this highly specialized market is
expected to experience rapid growth in the near future. Click to
tweet: According to a new report from Navigant Research, the global
submarine electricity transmission market is expected to grow from
$16.8 billion in 2015 to $24.8 billion in 2024.
“Over the past several years, two market drivers have emerged as
dominant forces shaping this market: connecting offshore wind
generation to the mainland and reconfiguring or expanding
interconnections between states, countries, and regions,” says
James McCray, senior research analyst with Navigant Research.
“Submarine technologies are helping to address changing electric
generation mixes and isolated national grids are also being
interconnected for security, balance, and the sale of excess
electricity in cross-border exchanges.”
Europe’s transmission system, according to the report, currently
requires extensive reconfiguration and expansion to deal with coal
and nuclear generation plant retirements and the rapid growth of
offshore and onshore wind generation in the Nordic region, as well
as in other remote offshore areas. Because of this, the European
market, which currently represents more than 70 percent of regional
market share, will likely account for more than half of the global
submarine cable projects during the next decade.
The report, Submarine Electricity Transmission, analyzes the
global market for submarine electric transmission systems. The
study provides an analysis of the market issues, including market
drivers and regulations and policies, associated with submarine
electric transmission projects. Global market forecasts for project
value, segmented by technology and region, extend through 2024. The
report also provides case studies and examines the key technologies
related to submarine electric transmission systems, as well as the
competitive landscape. An Executive Summary of the report is
available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant,
provides market research and benchmarking services for rapidly
changing and often highly regulated industries. In the energy
sector, Navigant Research focuses on in-depth analysis and
reporting about global clean technology markets. The team’s
research methodology combines supply-side industry analysis,
end-user primary research and demand assessment, and deep
examination of technology trends to provide a comprehensive view of
the Smart Energy, Smart Utilities, Smart Transportation, and Smart
Buildings sectors. Additional information about Navigant Research
can be found at www.navigantresearch.com.
About Navigant
Navigant is a specialized, global professional services firm
dedicated to assisting clients in creating and protecting value in
the face of critical business risks and opportunities. Through
senior level engagement with clients, Navigant professionals
deliver expert and advisory work through implementation and
business process management services. The firm combines deep
technical expertise in Disputes and Investigations, Economics,
Financial Advisory and Management Consulting, with business
pragmatism to address clients’ needs in highly regulated
industries, including Construction, Energy, Financial Services and
Healthcare. More information about Navigant can be found at
navigant.com.
* The information contained in this press release concerning the
report, Submarine Electricity Transmission, is a summary and
reflects Navigant Research’s current expectations based on market
data and trend analysis. Market predictions and expectations are
inherently uncertain and actual results may differ materially from
those contained in this press release or the report. Please refer
to the full report for a complete understanding of the assumptions
underlying the report’s conclusions and the methodologies used to
create the report. Neither Navigant Research nor Navigant
undertakes any obligation to update any of the information
contained in this press release or the report.
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version on businesswire.com: http://www.businesswire.com/news/home/20150702005037/en/
Navigant ResearchEllie Stutts,
+1-202-973-3249ellie.stutts@navigant.comorMegan Maupin,
+1-312-583-5703megan.maupin@navigant.com