Power Grid System Market in Subsea by Component (Cables, Variable Speed Drives, Transformers, Switchgears), Application (Captive Generation, Wind Power), Depth (Shallow Water and Deepwater) and Region - Global Forecast to 2027

Abstract
The power grid system market in subsea is expected to grow from an estimated USD 9.1 billion in 2022 to USD 14.8 billion in 2027, at a CAGR of 10.2% during the forecast period. Subsea power grid comprise of several components such as cables, transformers, variable speed drives, switchgears, and others used for various applications such as captive generation, offshore wind power, and other applications. Favorable government policies for offshore renewable power production, especially using wind energy along with urgent need to reduce carbon emissions and improve grid reliability and efficiency is expected to drive the demand for subsea power grid systems.

Potential of tidal energy to meet subsea power requirements and easy access of wind turbine technology to offshore locations are expected to offer lucrative opportunities for the power grid system market in subsea during the forecast period. However, shortage of technical professionals in subsea industry, low cost of onshore electricity generation, and climatic challenges pertaining to operations of offshore wind farms may act as challenges restraint for the power grid system market in subsea.

“The wind power segment, by application, is expected to record the highest CAGR from 2022 to 2027”

The power grid system market in subsea, by application, has been broadly classified into wind power, captive generation, and Others. The others segment includes solar power, tidal power and gas & diesel based floating power plants. The wind power segment is expected to record the highest CAGR from 2022 to 2027. The increase in the use of subsea power cables in long-distance HV power transmission applications propel the growth of the power grid system market in subsea for wind power.

Medium-voltage subsea power cables are often used to connect offshore wind platforms to distant onshore installations. However, high-voltage subsea power cables are preferred for offshore wind power farms installed with many turbines. According to China's National Energy Administration (NEA), 16.9 GW of offshore wind power projects were commissioned in 2021 compared to 9.49 GW installed capacity in 2020. Countries such as the UK, Germany, China, Japan, and Taiwan have plans to invest significantly to expand and develop their regional offshore wind energy industry. These factors are expected to fuel the demand for subsea power grid systems for offshore wind power generation during the forecast period.

“Cables is expected to emerge as the largest segment based on component”

The power grid system market in subsea, on the basis of component, has been segmented into cables, transformers, switchgears, variable speed drives, and others. The others segment includes connectors, actuators, sensors, and penetrators. The cables segment, by component, is expected to dominate the power grid system market in subsea during the forecast period. The adoption of subsea power cables has been mainly driven by the HV power transmission and offshore oil & gas industries.

Subsea power cables are widely used to link shore-based power grids. These cables carry power from one country to another, as well as from one offshore platform to another, and transfer power from offshore renewable energy generation plants, which use wind, wave, and tidal energy to generate electricity; regional electrical transmission networks; etc.

“Europe: The largest power grid system market in subsea”
The power grid system market in subsea has been analyzed for 5 regions, namely Asia Pacific, North America, Europe, Middle East & Africa, South America. Europe is expected to dominate the global power grid system market in subsea between 2022–2027, followed by Asia Pacific and North America.

Europe and Asia Pacific are the major contributors to the global power grid system market in subsea owing to the strong demand for renewable energy sources and favorable government policies in these regions. Most countries in Europe are mainly focusing on renewable energy capacity addition. Countries such as Germany, the UK, the Netherlands, and Norway are leading the renewable energy capacity addition. The growth of the power grid system market in subsea is supported by the European Wind Initiative (EWI), a wind energy R&D program developed to take the wind industry to the next level in Europe.

Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.

The distribution of primary interviews is as follows:
By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%
By Designation: C-Level- 30%, Director Level- 25%, and Others- 45%
By Region: Europe- 32%, Asia Pacific- 30%, North America- 18%, the Middle East & Africa- 12%, and South America- 8%

Note:Others includes product engineers, product specialists, and engineering leads.

Note: The tiers of the companies are defined on the basis of their total revenues as of 2017. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
The power grid system market in subsea is dominated by a few major players that have a wide regional presence. The leading players in the power grid system market in subsea are Prysmian Group (Italy), Nexans (France), TechnipFMC (UK), General Electric (US) Baker Hughes (US), ABB (Switzerland), and Siemens Energy (Germany). Some of the other major players include Schlumberger (US), Aker Solutions ASA (Norway), Hitachi Energy (Switzerland), Oceaneering International (US), NKT (Denmark), LS Cable & System (South Korea), ZTT (China), Sumitomo Electric Industries, Ltd. (Japan), TE Connectivity (Switzerland), Schneider Electric (France), Apar Industries (India) and Intertek Group (UK) among others.

Research Coverage:
The report defines, describes, and forecasts the global power grid system market in subsea, by component, application, depth, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the power grid system market in subsea.

Key Benefits of Buying the Report
1.The report identifies and addresses the key markets for power grid system market in subsea, which would help equipment manufacturers and service providers review the growth in demand.
2.The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
3.The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.

Content
Table of Contents

1INTRODUCTION25
1.1STUDY OBJECTIVES25
1.2DEFINITION25
1.2.1POWER GRID SYSTEM MARKET IN SUBSEA, BY COMPONENT: INCLUSIONS
& EXCLUSIONS26
1.2.2POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION: INCLUSIONS
& EXCLUSIONS26
1.2.3POWER GRID SYSTEM MARKET IN SUBSEA, BY DEPTH: INCLUSIONS
& EXCLUSIONS26
1.3MARKET SCOPE27
1.3.1POWER GRID SYSTEM MARKET IN SUBSEA SEGMENTATION27
1.3.2REGIONAL SCOPE27
1.4YEARS CONSIDERED28
1.5CURRENCY28
1.6LIMITATIONS28
1.7STAKEHOLDERS29
1.8SUMMARY OF CHANGES29
2RESEARCH METHODOLOGY30
2.1RESEARCH DATA30
FIGURE 1POWER GRID SYSTEM MARKET IN SUBSEA: RESEARCH DESIGN30
2.2MARKET BREAKDOWN AND DATA TRIANGULATION31
FIGURE 2DATA TRIANGULATION METHODOLOGY31
2.2.1SECONDARY DATA32
2.2.1.1Key data from secondary sources32
2.2.2PRIMARY DATA32
2.2.2.1Key data from primary sources33
2.2.2.2Breakdown of primaries33
FIGURE 3BREAKDOWN OF PRIMARIES34
2.3IMPACT OF COVID-1934
2.4MARKET SIZE ESTIMATION35
2.4.1BOTTOM-UP APPROACH35
FIGURE 4MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH35
2.4.2TOP-DOWN APPROACH36
FIGURE 5MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH36
2.4.3DEMAND-SIDE ANALYSIS37
FIGURE 6MAIN METRICS CONSIDERED WHILE ANALYZING AND ASSESSING
DEMAND FOR SUBSEA POWER GRID SYSTEMS37
2.4.3.1Demand-side calculation37
2.4.3.2Assumptions for demand-side analysis38
2.4.4SUPPLY-SIDE ANALYSIS38
FIGURE 7MAIN METRICS CONSIDERED IN ASSESSING SUPPLY FOR SUBSEA
POWER GRID SYSTEMS38
FIGURE 8POWER GRID SYSTEM MARKET IN SUBSEA: SUPPLY-SIDE ANALYSIS39
2.4.4.1Supply-side calculation39
2.4.4.2Assumptions for supply side39
2.4.5FORECAST39
3EXECUTIVE SUMMARY40
TABLE 1POWER GRID SYSTEM MARKET IN SUBSEA SNAPSHOT41
FIGURE 9EUROPE DOMINATED POWER GRID SYSTEM MARKET IN SUBSEA IN 202142
FIGURE 10CABLES SEGMENT TO HOLD LARGEST SHARE OF POWER GRID SYSTEM MARKET IN SUBSEA, BY COMPONENT, DURING FORECAST PERIOD42
FIGURE 11CAPTIVE GENERATION SEGMENT TO ACCOUNT FOR LARGEST SHARE
OF POWER GRID SYSTEM MARKET IN 202743
FIGURE 12DEEPWATER SEGMENT TO WITNESS HIGHER GROWTH RATE IN POWER
GRID SYSTEM MARKET IN SUBSEA, BY DEPTH, DURING FORECAST PERIOD43
4PREMIUM INSIGHTS44
4.1ATTRACTIVE OPPORTUNITIES IN POWER GRID SYSTEM MARKET IN SUBSEA44
FIGURE 13INCREASING DEEPWATER EXPLORATION DUE TO DEPLETING ONSHORE FOSSIL FUEL RESERVES TO DRIVE POWER GRID SYSTEM MARKET
IN SUBSEA, 2022–202744
4.2POWER GRID SYSTEM MARKET IN SUBSEA, BY REGION45
FIGURE 14NORTH AMERICAN POWER GRID SYSTEM MARKET IN SUBSEA TO
GROW AT HIGHEST CAGR DURING FORECAST PERIOD45
4.3EUROPEAN POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION AND COUNTRY45
FIGURE 15WIND POWER SEGMENT AND UK DOMINATED POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION AND COUNTRY, RESPECTIVELY, IN 202145
4.4POWER GRID SYSTEM MARKET IN SUBSEA, BY DEPTH46
FIGURE 16SHALLOW WATER SEGMENT TO ACCOUNT FOR LARGER SHARE THAN DEEPWATER SEGMENT IN 202746
4.5POWER GRID SYSTEM MARKET IN SUBSEA, BY COMPONENT46
FIGURE 17CABLES SEGMENT TO ACCOUNT FOR LARGER SHARE IN 202746
4.6POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION47
FIGURE 18CAPTIVE GENERATION SEGMENT TO ACCOUNT FOR LARGEST SHARE IN 202747
5MARKET OVERVIEW48
5.1INTRODUCTION48
5.2MARKET DYNAMICS48
FIGURE 19POWER GRID SYSTEM MARKET IN SUBSEA: MARKET DRIVERS48
5.2.1DRIVERS49
5.2.1.1Increased deepwater oil and gas exploration activities due to depleting onshore fossil fuel reserves49
TABLE 2OIL RESERVES (BILLION BARRELS), BY COUNTRY, 202149
5.2.1.2Favorable government policies for offshore renewable power production, especially using wind energy50
FIGURE 20GLOBAL ENERGY SUPPLY INVESTMENT, BY SECTOR, 2019–202150
FIGURE 21NEW WIND POWER INSTALLATIONS, 202051
FIGURE 22GROWTH OF WIND POWER CAPACITY FROM 2021 TO 2025, BY REGION (MW)51
5.2.1.3Urgent need to reduce carbon emissions and improve grid
reliability and efficiency51
5.2.2RESTRAINTS52
5.2.2.1High operational and technological risks52
5.2.2.2Greater energy losses witnessed during long-distance
power transmission52
5.2.3OPPORTUNITIES52
5.2.3.1Potential of tidal energy to meet subsea power requirements52
5.2.3.2Easy access of wind turbine technology to offshore locations53
5.2.4CHALLENGES53
5.2.4.1Shortage of technical professionals in subsea industry53
5.2.4.2Low cost of onshore electricity generation53
5.2.4.3Climatic challenges pertaining to operations of offshore wind farms54
5.3SUPPLY CHAIN ANALYSIS54
FIGURE 23POWER GRID SYSTEM MARKET IN SUBSEA: SUPPLY CHAIN ANALYSIS54
5.3.1GRID MANUFACTURER54
5.3.2GRID INFRASTRUCTURE INSTALLER55
5.3.3END USER55
5.4PORTER’S FIVE FORCES ANALYSIS55
FIGURE 24POWER GRID SYSTEM MARKET IN SUBSEA: PORTER’S FIVE
FORCES ANALYSIS55
TABLE 3POWER GRID SYSTEM MARKET IN SUBSEA: PORTER’S FIVE
FORCES ANALYSIS56
5.4.1THREAT OF NEW ENTRANTS56
5.4.2BARGAINING POWER OF SUPPLIERS56
5.4.3BARGAINING POWER OF BUYERS56
5.4.4THREAT OF SUBSTITUTES56
5.4.5DEGREE OF COMPETITION56
5.5PATENT ANALYSIS57
TABLE 4PATENTS RELATED TO OFFSHORE WIND AND OIL & GAS57
6POWER GRID SYSTEM MARKET IN SUBSEA, BY COMPONENT59
6.1INTRODUCTION60
FIGURE 25POWER GRID SYSTEM MARKET IN SUBSEA, BY COMPONENT, 202160
TABLE 5POWER GRID SYSTEM MARKET IN SUBSEA, BY COMPONENT,
2020–2027 (USD MILLION)61
6.2CABLES61
6.2.1RISE IN DEMAND FROM OFFSHORE WIND AND OIL & GAS INDUSTRIES
TO BOOST GROWTH OF MARKET FOR CABLES61
TABLE 6CABLES: POWER GRID SYSTEM MARKET IN SUBSEA, BY REGION,
2020–2027 (USD MILLION)62
6.3VARIABLE SPEED DRIVES62
6.3.1REDUCTION IN CABLING COST TO DRIVE GROWTH OF MARKET FOR VARIABLE SPEED DRIVES DURING FORECAST PERIOD62
TABLE 7VARIABLE SPEED DRIVES: POWER GRID SYSTEM MARKET IN SUBSEA,
BY REGION, 2020–2027 (USD MILLION)63
6.4TRANSFORMERS63
6.4.1GROWTH IN OFFSHORE OIL & GAS EXPLORATION AND PRODUCTION ACTIVITIES TO BOOST MARKET GROWTH IN COMING YEARS63
TABLE 8TRANSFORMERS: POWER GRID SYSTEM MARKET IN SUBSEA, BY REGION, 2020–2027 (USD MILLION)64
6.5SWITCHGEARS64
6.5.1NEED FOR SAFE, EFFICIENT, AND RELIABLE POWER SUPPLY TO ACCELERATE CREATES DEMAND FOR SWITCHGEARS64
TABLE 9SWITCHGEARS: POWER GRID SYSTEM MARKET IN SUBSEA, BY REGION, 2020–2027 (USD MILLION)65
6.6OTHERS65
TABLE 10OTHERS: POWER GRID SYSTEM MARKET IN SUBSEA, BY REGION,
2020–2027 (USD MILLION)65
7POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION66
7.1INTRODUCTION67
FIGURE 26POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 202167
TABLE 11POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION,
2020–2027 (USD MILLION)67
7.2WIND POWER68
7.2.1SURGING USE OF SUBSEA POWER CABLES FOR LONG-DISTANCE POWER TRANSMISSION BY OFFSHORE WIND POWER GENERATION PLANTS68
TABLE 12WIND POWER: POWER GRID SYSTEM MARKET IN SUBSEA, BY REGION, 2020–2027 (USD MILLION)69
7.3CAPTIVE GENERATION69
7.3.1INCREASING SUBSEA OPERATIONS AND RISING NUMBER OF
DEEPWATER DRILLING ACTIVITIES ACCELERATE DEMAND FOR
SUBSEA POWER GRID SYSTEMS69
TABLE 13CAPTIVE GENERATION: POWER GRID SYSTEM MARKET IN SUBSEA,
BY REGION, 2020–2027 (USD MILLION)70
7.4OTHERS70
TABLE 14OTHERS: POWER GRID SYSTEM MARKET IN SUBSEA, BY REGION,
2020–2027 (USD MILLION)71
8POWER GRID SYSTEM MARKET IN SUBSEA, BY DEPTH72
8.1INTRODUCTION73
FIGURE 27POWER GRID SYSTEM MARKET IN SUBSEA, BY DEPTH, 202173
TABLE 15POWER GRID SYSTEM MARKET IN SUBSEA, BY DEPTH,
2020–2027 (USD MILLION)73
8.2SHALLOW WATER73
8.2.1LOWER COSTS ASSOCIATED WITH SHALLOW WATER PROJECTS THAN DEEPWATER PROJECTS TO DRIVE MARKET GROWTH73
TABLE 16SHALLOW WATER: POWER GRID SYSTEM MARKET IN SUBSEA, BY REGION, 2020–2027 (USD MILLION)74
8.3DEEPWATER74
8.3.1INCREASING OFFSHORE OIL AND GAS EXPLORATION AND PRODUCTION ACTIVITIES IN DEEPWATER TO DRIVE MARKET GROWTH74
TABLE 17DEEPWATER: POWER GRID SYSTEM MARKET IN SUBSEA, BY REGION,
2020–2027 (USD MILLION)74
9POWER GRID SYSTEM MARKET IN SUBSEA, BY REGION75
9.1INTRODUCTION76
FIGURE 28NORTH AMERICA TO REGISTER HIGHEST CAGR IN POWER GRID SYSTEM MARKET IN SUBSEA DURING FORECAST PERIOD76
FIGURE 29REGION-WISE SHARE ANALYSIS OF POWER GRID SYSTEM MARKET
IN SUBSEA,202177
TABLE 18POWER GRID SYSTEM MARKET IN SUBSEA, BY REGION,
2020–2027 (USD MILLION)77
9.2EUROPE78
FIGURE 30SNAPSHOT: POWER GRID SYSTEM MARKET IN SUBSEA IN EUROPE79
9.2.1BY COMPONENT80
TABLE 19EUROPE: POWER GRID SYSTEM MARKET IN SUBSEA, BY COMPONENT, 2020–2027 (USD MILLION)80
9.2.2BY APPLICATION80
TABLE 20EUROPE: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)80
9.2.3BY DEPTH80
TABLE 21EUROPE: POWER GRID SYSTEM MARKET IN SUBSEA, BY DEPTH,
2020–2027 (USD MILLION)80
9.2.4BY COUNTRY81
TABLE 22EUROPE: POWER GRID SYSTEM MARKET IN SUBSEA, BY COUNTRY,
2020–2027 (USD MILLION)81
9.2.4.1Germany81
9.2.4.1.1Government initiatives to expand offshore wind power capacity to boost market growth81
TABLE 23GERMANY: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)82
9.2.4.2Russia82
9.2.4.2.1New offshore drilling activities to accelerate market growth82
TABLE 24RUSSIA: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION,
2020–2027 (USD MILLION)82
9.2.4.3Norway83
9.2.4.3.1Increase in deepwater oil & gas exploration activities in Norwegian Continental Shelf fuels market growth83
TABLE 25NORWAY: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)83
9.2.4.4UK84
9.2.4.4.1Government focus on increasing offshore wind capacity
to spur demand for subsea power grid systems84
TABLE 26UK: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION,
2020–2027 (USD MILLION)85
9.2.4.5Netherlands85
9.2.4.5.1Huge investments in offshore wind projects to promote market growth85
TABLE 27NETHERLANDS: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)86
9.2.4.6Denmark86
9.2.4.6.1Significant investments in offshore wind industry to push market growth86
TABLE 28DENMARK: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)86
9.2.4.7Rest of Europe87
TABLE 29REST OF EUROPE: POWER GRID SYSTEM MARKET IN SUBSEA,
BY APPLICATION, 2020–2027 (USD MILLION)87
9.3ASIA PACIFIC88
FIGURE 31SNAPSHOT: POWER GRID SYSTEM MARKET IN SUBSEA IN ASIA PACIFIC89
9.3.1BY COMPONENT90
TABLE 30ASIA PACIFIC: POWER GRID SYSTEM MARKET IN SUBSEA, BY COMPONENT, 2020–2027 (USD MILLION)90
9.3.2BY APPLICATION90
TABLE 31ASIA PACIFIC: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)90
9.3.3BY DEPTH90
TABLE 32ASIA PACIFIC: POWER GRID SYSTEM MARKET IN SUBSEA, BY DEPTH,
2020–2027 (USD MILLION)90
9.3.4BY COUNTRY91
TABLE 33ASIA PACIFIC: POWER GRID SYSTEM MARKET IN SUBSEA, BY COUNTRY, 2020–2027 (USD MILLION)91
9.3.4.1China91
9.3.4.1.1Considerable investments in renewable energy projects
and strong commitment toward decarbonization to stimulate market growth91
TABLE 34CHINA: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION,
2020–2027 (USD MILLION)92
9.3.4.2India92
9.3.4.2.1Upcoming projects for offshore wind production are likely to drive market growth92
TABLE 35INDIA: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION,
2020–2027 (USD MILLION)92
9.3.4.3Japan93
9.3.4.3.1Active participation of government in offshore wind production and promoting wind farm developers93
TABLE 36JAPAN: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION,
2020–2027 (USD MILLION)93
9.3.4.4South Korea93
9.3.4.4.1Rise in offshore wind installations in South Korea to
support market growth93
TABLE 37SOUTH KOREA: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)94
9.3.4.5Taiwan94
9.3.4.5.1Elevated offshore energy requirements and thriving renewable energy industry to fuel market growth94
TABLE 38TAIWAN: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION,
2020–2027 (USD MILLION)94
9.3.4.6Rest of Asia Pacific95
TABLE 39REST OF ASIA PACIFIC: POWER GRID SYSTEM MARKET IN SUBSEA,
BY APPLICATION, 2020–2027 (USD MILLION)95
9.4NORTH AMERICA96
9.4.1BY COMPONENT96
TABLE 40NORTH AMERICA: POWER GRID SYSTEM MARKET IN SUBSEA,
BY COMPONENT, 2020–2027 (USD MILLION)96
9.4.2BY APPLICATION97
TABLE 41NORTH AMERICA: POWER GRID SYSTEM MARKET IN SUBSEA,
BY APPLICATION, 2020–2027 (USD MILLION)97
9.4.3BY DEPTH97
TABLE 42NORTH AMERICA: POWER GRID SYSTEM MARKET IN SUBSEA, BY DEPTH, 2020–2027 (USD MILLION)97
9.4.4BY COUNTRY97
TABLE 43NORTH AMERICA: POWER GRID SYSTEM MARKET IN SUBSEA, BY COUNTRY, 2020–2027 (USD MILLION)97
9.4.4.1US98
9.4.4.1.1Increasing number of offshore wind projects and growing need to improve oil and gas production output to surge requirement for subsea power grid systems98
TABLE 44US: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION,
2020–2027 (USD MILLION)99
9.4.4.2Canada99
9.4.4.2.1Rising focus and growing investments in offshore wind projects to provide lucrative opportunities99
TABLE 45CANADA: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)100
9.4.4.3Mexico100
9.4.4.3.1increasing CAPEX and investments toward offshore E&P activities and elevating energy requirements to boost demand for subsea power grid systems100
TABLE 46MEXICO: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)101
 
9.5MIDDLE EAST & AFRICA101
9.5.1BY COMPONENT102
TABLE 47MIDDLE EAST & AFRICA: POWER GRID SYSTEM MARKET IN SUBSEA,
BY COMPONENT, 2020–2027 (USD MILLION)102
9.5.2BY APPLICATION102
TABLE 48MIDDLE EAST & AFRICA: POWER GRID SYSTEM MARKET IN SUBSEA,
BY APPLICATION, 2020–2027 (USD MILLION)102
9.5.3BY DEPTH102
TABLE 49MIDDLE EAST & AFRICA: POWER GRID SYSTEM MARKET IN SUBSEA,
BY DEPTH, 2020–2027 (USD MILLION)102
9.5.4BY COUNTRY103
TABLE 50MIDDLE EAST & AFRICA: POWER GRID SYSTEM MARKET IN SUBSEA,
BY COUNTRY, 2020–2027 (USD MILLION)103
9.5.4.1Saudi Arabia103
9.5.4.1.1Saudi Arabia to be fastest-growing market in MEA during forecast period103
TABLE 51SAUDI ARABIA: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)103
9.5.4.2UAE104
9.5.4.2.1UAE to account for largest share of Middle Eastern
& African market throughout forecast period104
TABLE 52UAE: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION,
2020–2027 (USD MILLION)104
9.5.4.3Qatar104
9.5.4.3.1Country’s focus on offshore drilling activities is likely to propel growth of power grid system market in subsea104
TABLE 53QATAR: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION,
2020–2027 (USD MILLION)104
9.5.4.4Rest of Middle East & Africa105
TABLE 54REST OF MIDDLE EAST & AFRICA: POWER GRID SYSTEM MARKET
IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)105
9.6SOUTH AMERICA105
9.6.1BY COMPONENT106
TABLE 55SOUTH AMERICA: POWER GRID SYSTEM MARKET IN SUBSEA,
BY COMPONENT, 2020–2027 (USD MILLION)106
9.6.2BY APPLICATION106
TABLE 56SOUTH AMERICA: POWER GRID SYSTEM MARKET IN SUBSEA,
BY APPLICATION, 2020–2027 (USD MILLION)106
9.6.3BY DEPTH106
TABLE 57SOUTH AMERICA: POWER GRID SYSTEM MARKET IN SUBSEA, BY DEPTH, 2020–2027 (USD MILLION)106
9.6.4BY COUNTRY107
TABLE 58SOUTH AMERICA: POWER GRID SYSTEM MARKET IN SUBSEA, BY COUNTRY, 2020–2027 (USD MILLION)107
9.6.4.1Brazil107
9.6.4.1.1Direct investments by foreign companies in oil & gas projects and growing deepwater exploration activities to foster market growth107
TABLE 59BRAZIL: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION,
2020–2027 (USD MILLION)108
9.6.4.2Argentina108
9.6.4.2.1Prime focus on offshore gas exploration and production activities and favorable government policies to support market growth108
TABLE 60ARGENTINA: POWER GRID SYSTEM MARKET IN SUBSEA, BY APPLICATION, 2020–2027 (USD MILLION)109
9.6.4.3Rest of South America109
TABLE 61REST OF SOUTH AMERICA: POWER GRID SYSTEM MARKET IN SUBSEA,
BY APPLICATION, 2020–2027 (USD MILLION)110
10COMPETITIVE LANDSCAPE111
10.1KEY PLAYERS STRATEGIES111
TABLE 62OVERVIEW OF KEY STRATEGIES ADOPTED BY TOP PLAYERS,
JANUARY 2018–MARCH 2022111
10.2MARKET SHARE ANALYSIS OF TOP FIVE PLAYERS114
TABLE 63POWER GRID SYSTEM MARKET IN SUBSEA: DEGREE OF COMPETITION115
FIGURE 32POWER GRID SYSTEM MARKET IN SUBSEA: MARKET SHARE ANALYSIS, 2021115
10.3REVENUE ANALYSIS OF TOP MARKET PLAYERS116
FIGURE 33REVENUE OF TOP PLAYERS IN POWER GRID SYSTEM MARKET IN SUBSEA FROM 2016 TO 2021116
10.4COMPANY EVALUATION QUADRANT117
10.4.1STAR117
10.4.2PERVASIVE117
10.4.3EMERGING LEADER117
10.4.4PARTICIPANT117
FIGURE 34COMPETITIVE LEADERSHIP MAPPING: POWER GRID SYSTEM
MARKET IN SUBSEA, 2021118
10.5POWER GRID SYSTEM MARKET IN SUBSEA: COMPANY FOOTPRINT119
TABLE 64BY COMPONENT: COMPANY FOOTPRINT119
TABLE 65BY APPLICATION: COMPANY FOOTPRINT120
TABLE 66BY REGION: COMPANY FOOTPRINT121
TABLE 67COMPANY FOOTPRINT122
10.6COMPETITIVE SCENARIO123
TABLE 68POWER GRID SYSTEM MARKET IN SUBSEA: DEALS, MARCH
2021–FEBRUARY 2022123
TABLE 69POWER GRID SYSTEM MARKET IN SUBSEA: OTHERS, SEPTEMBER
2019–MARCH 2022124
 
11COMPANY PROFILES127
11.1KEY PLAYERS127
(Business and financial overview, Products/services offered, Recent Developments, Deals, MnM view, Key strengths/right to win, Strategic choices made, Weakness/competitive threats)*
11.1.1ABB127
TABLE 70ABB: BUSINESS OVERVIEW127
FIGURE 35ABB: COMPANY SNAPSHOT, 2021128
TABLE 71ABB: PRODUCTS/SERVICES OFFERED128
TABLE 72ABB: DEALS129
TABLE 73ABB: OTHERS130
11.1.2SIEMENS ENERGY133
TABLE 74SIEMENS ENERGY: BUSINESS OVERVIEW133
FIGURE 36SIEMENS ENERGY: COMPANY SNAPSHOT, 2021134
TABLE 75SIEMENS ENERGY: PRODUCTS/SERVICES OFFERED134
TABLE 76SIEMENS ENERGY: OTHERS135
11.1.3GENERAL ELECTRIC137
TABLE 77GENERAL ELECTRIC: BUSINESS OVERVIEW137
FIGURE 37GENERAL ELECTRIC: COMPANY SNAPSHOT, 2021138
TABLE 78GENERAL ELECTRIC: PRODUCTS/SERVICES OFFERED138
TABLE 79GENERAL ELECTRIC: DEALS139
TABLE 80GENERAL ELECTRIC: OTHERS140
11.1.4PRYSMIAN GROUP142
TABLE 81PRYSMIAN GROUP: BUSINESS OVERVIEW142
FIGURE 38PRYSMIAN GROUP: COMPANY SNAPSHOT, 2020143
TABLE 82PRYSMIAN GROUP: PRODUCTS/SERVICES OFFERED143
TABLE 83PRYSMIAN GROUP: DEALS145
TABLE 84PRYSMIAN GROUP: OTHERS146
11.1.5NEXANS155
TABLE 85NEXANS: BUSINESS OVERVIEW155
FIGURE 39NEXANS: COMPANY SNAPSHOT, 2020156
TABLE 86NEXANS: PRODUCTS/SERVICES OFFERED157
TABLE 87NEXANS: DEALS158
TABLE 88NEXANS: OTHERS158
11.1.6BAKER HUGHES164
TABLE 89BAKER HUGHES: BUSINESS OVERVIEW164
FIGURE 40BAKER HUGHES: COMPANY SNAPSHOT, 2021165
TABLE 90BAKER HUGHES: PRODUCTS/SERVICES OFFERED165
TABLE 91BAKER HUGHES: OTHERS166
11.1.7SCHLUMBERGER167
TABLE 92SCHLUMBERGER: BUSINESS OVERVIEW167
FIGURE 41SCHLUMBERGER: COMPANY SNAPSHOT, 2021168
TABLE 93SCHLUMBERGER: PRODUCTS/SERVICES OFFERED169
TABLE 94SCHLUMBERGER: OTHERS169
11.1.8TECHNIPFMC170
TABLE 95TECHNIPFMC: BUSINESS OVERVIEW170
FIGURE 42TECHNIPFMC: COMPANY SNAPSHOT, 2021171
TABLE 96TECHNIPFMC: PRODUCTS/SERVICES OFFERED171
TABLE 97TECHNIPFMC: DEALS172
TABLE 98TECHNIPFMC: OTHERS173
11.1.9AKER SOLUTIONS ASA177
TABLE 99AKER SOLUTIONS ASA: BUSINESS OVERVIEW177
FIGURE 43AKER SOLUTIONS ASA: COMPANY SNAPSHOT, 2020178
TABLE 100AKER SOLUTIONS ASA: PRODUCTS/SERVICES OFFERED178
TABLE 101AKER SOLUTIONS ASA: DEALS179
TABLE 102AKER SOLUTIONS ASA: OTHERS180
11.1.10NKT182
TABLE 103NKT: BUSINESS OVERVIEW182
FIGURE 44NKT: COMPANY SNAPSHOT, 2021183
TABLE 104NKT: PRODUCTS/SERVICES OFFERED183
TABLE 105NKT: DEALS184
TABLE 106NKT: OTHERS185
11.1.11OCEANEERING INTERNATIONAL188
TABLE 107OCEANEERING INTERNATIONAL: BUSINESS OVERVIEW188
FIGURE 45OCEANEERING INTERNATIONAL: COMPANY SNAPSHOT, 2021189
TABLE 108OCEANEERING INTERNATIONAL: PRODUCTS/SERVICES OFFERED189
TABLE 109OCEANEERING INTERNATIONAL: OTHERS190
11.1.12HITACHI ENERGY191
TABLE 110HITACHI ENERGY: BUSINESS OVERVIEW191
TABLE 111HITACHI ENERGY: PRODUCTS/SERVICES OFFERED191
TABLE 112HITACHI ENERGY: DEALS192
TABLE 113HITACHI ENERGY: OTHERS192
11.1.13SUMITOMO ELECTRIC INDUSTRIES, LTD.193
TABLE 114SUMITOMO ELECTRIC INDUSTRIES, LTD.: BUSINESS OVERVIEW193
FIGURE 46SUMITOMO ELECTRIC INDUSTRIES, LTD.: COMPANY SNAPSHOT, 2020194
TABLE 115SUMITOMO ELECTRIC INDUSTRIES, LTD.: PRODUCTS/SERVICES OFFERED194
TABLE 116SUMITOMO ELECTRIC INDUSTRIES, LTD.: OTHERS195
11.1.14TE CONNECTIVITY196
TABLE 117TE CONNECTIVITY: BUSINESS OVERVIEW196
FIGURE 47TE CONNECTIVITY: COMPANY SNAPSHOT, 2021197
TABLE 118TE CONNECTIVITY: PRODUCTS/SERVICES OFFERED198
11.1.15TELEDYNE MARINE199
TABLE 119TELEDYNE MARINE: BUSINESS OVERVIEW199
TABLE 120TELEDYNE MARINE: PRODUCTS/SERVICES OFFERED200
 
11.2OTHER PLAYERS201
11.2.1ZTT201
11.2.2SCHNEIDER ELECTRIC202
11.2.3APAR INDUSTRIES LTD.203
11.2.4LS CABLE & SYSTEM LTD.204
11.2.5SSG CABLE205
*Details on Business Overview, Products Offered, Recent Developments, Deals, MnM view, Key strengths/right to win, Strategic choices made, Weakness/competitive threats might not be captured in case of unlisted companies.
12APPENDIX206
12.1INSIGHTS OF INDUSTRY EXPERTS206
12.2DISCUSSION GUIDE207
12.3KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL211
12.4AVAILABLE CUSTOMIZATIONS213
12.5RELATED REPORTS213
12.6AUTHOR DETAILS214