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Global Submarine Power Cables Market to Grow in Size and Capacity with the Emergence of New Industrial Applications
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Quick Summary
Submarine power cables are vital for telecommunications and marine industries, with growth driven by new applications and renewable energy programs in Europe.
Submarine Power Cables Market Expands with New Applications
The relevance of submarine power cables cascades downs to a plethora of leading industries such as telecommunications, military, and scientific research. The marine industry is at the heart of key advancements in oceanography, exploration activities, and seabed research. Moreover, offshore oil production platforms also reply on the presence of a well-rounded and robust marine sector. Therefore, submarine power cables that blow life into the operations of the marine industry are laid with tremendous resilience and grit. Several efforts are underway to bring ashore energy derived from wave and tidal installations. This is also creating an indispensable need for submarine power cables that can transmit electric power. The startling growth in exploration activities shall generate a humongous revenue opportunity across the global submarine power cables market.
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Integration of New Cable Networks with Existing Architecture to Uphold Industrial Relevance
Submarine cable networks are not a nascent phenomenon, and have been in existence for over two centuries. The first submarine cable was laid in 1811 across the Isar River in Bavaria – this points to the consequential role of these cables across key industries. There is a fine network of power cables laid across marine expanses, some of them as old as 60 years. Therefore, the tipping point of advancements in submarine power cables infrastructure has already been reached. Companies are now looking at building new network architectures and integrating them with the massive expanse of existing networks. In the context of marine developments, power cables are expected to play a vital role in ensuring better connectivity and communication through various operational nodes.
Submarine Power Cables Serve Perennial Value to the Global Telecommunication Industry
The emergence of coherent optical modems has caused a paradigm shift across the submarine industry. Several of the leading telecommunication applications pertain to the use of heavy-lifting submarine cables. Therefore, submarine power cables are growing in popularity and network density across the marine industry. It is worthwhile to note that satellite communication makes limited contribution towards enhancing global connectivity. Conversely, a major chunk of data traffic that enables cloud services and video streaming flows through submarine cables. In recent years, the marine industry has felt the need to upgrade submarine infrastructure in order to keep up with varying industrial demands. This factor is playing a dynamic role in increasing demand for submarine power cables.
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Europe to Amass a Massive Share of Revenues with the Emergence of Key Renewable Energy Programs
The offshore renewable energy sector is flourishing across several parts of Europe. This is an important trend that is expected to accelerate the pace of deploying submarine power cables in the region. Moreover, the need to power key marine operations and offshore oil exploration activities shall also offer palpable growth opportunities to the vendors operating in the European market. Asia Pacific, on account of the recent swarm in renewable energy programs, shall also witness fructuous growth over the years to follow.
Some of the most well-established companies registering their growth footprint across the global submarine power cables market are Sumitomo Electric Industries, Ltd., Prysmian Group, NKT A/S, Nexans S.A., and Furukawa Electric Co., LTD.
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Key Takeaways
- •Submarine power cables are crucial for telecommunications and marine industries.
- •New industrial applications are driving market growth.
- •Europe leads in renewable energy programs, boosting cable demand.
- •Integration with existing networks is essential for industry relevance.
- •Key companies include Sumitomo Electric and Prysmian Group.
Frequently Asked Questions about Global Submarine Power Cables Market to Grow in Size and Capacity with the Emergence of New Industrial Applications
1What is the main topic?
The article discusses the growth of the submarine power cables market due to new industrial applications and renewable energy programs.
2How are submarine power cables used?
They are used in telecommunications, marine industries, and to support renewable energy initiatives like offshore wind farms.
3Which regions are leading in this market?
Europe is leading due to its renewable energy programs, with significant growth also expected in Asia Pacific.
