BOULDER, Colo.--(BUSINESS WIRE)--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.
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.