The Subsea Power Grid Systems consists of a transformer, a set of medium-voltage switchgear, and a variable-speed transmission. The distribution voltage is about 30 kV, and the output voltage of the variable speed transmission is 6.6 kV. The system is capable of powering equipment rated at 1 to 15 MW. Optical cables are also embedded in the cables connecting the system to the power station so that operators can do everything remotely. The Subsea Power Grid Systems combines with an automated control system to build a powerful network of sensors and monitoring points that are far more complex than any factory in the traditional sense. The Subsea Power Grid Systems are enabling technology for the subsea factory.
Global Subsea Power Grid Systems Market estimated to grow with a notable rate over the forecast period, 2020-2027. The growing demand for regular power supply in major offshore locations of oil & gas exploration activities estimated to boost the global subsea power grid systems market in the future time. Additionally, the rapid development in the subsea locations to provide increasing offshore exploration activities will fuel the demand for the global subsea power grid systems market in the upcoming periods. Subsea power distribution transforms the way operators develop and exploit offshore and deepwater fields by significantly reducing development costs, especially for long tiebacks, and for marginal and dispersed fields.
Moreover, the surge in global energy demand and the significant investment in the development of offshore oil estimated to trigger the global subsea power grid systems market in the upcoming years. Additionally, the shifting focus towards the generation of renewable energy anticipated to influence the subsea power grid systems market in the forthcoming periods. The subsea and offshore industries will become the source market for the development of the subsea power grid system market. Its growth and demand are mainly affected by the source market.
The future of oil and gas involves gaining and recovering the increasingly complex reserves, many of which located in deep and ultra-deep waters. The Subsea Power Grid can use for highly dispersed fields in water depths up to 3000 m. The subsea power distribution can transform the way operators exploit and develop deepwater and offshore fields by reducing development costs significantly for long tiebacks, and marginal and dispersed fields. To reduce the costs of deepwater developments, the commercialization of the Subsea Power Grid also has environmental implications. It helps to harness clean generation from offshore wind farms which are located long distances from production platforms and improve the economics of tying into onshore power grids.
The offshore renewable energy resources have great potential to contribute to the global energy supply chain. With a growing demand for offshore resources and considering the capacity of offshore renewable resources, it contributes a larger share of electric power in the next decade. The existing dispatch of offshore wind electricity through the offshore substation and subsea cables increases the cost of offshore electricity manifold.
Based on components, the global subsea power grid systems market categorized into cables, variable speed drives, transformers, switchgear, and others. The cables segment witnessed to generate revenue by 2027, owing to the ongoing expansion of offshore oil & gas platforms along with the rising deployment of offshore wind farms. Variable speed drives will grow by its features, improve energy efficiency, to boom the productivity of processes, and cut maintenance costs of electrical gear.
Based on Offshore Power, the subsea power grid systems market classified into Captive Generation, Wind Power, Others (Tidal Power, Solar Power, etc.). The Captive Generation segment estimated to dominate due to its benefits such as provide uninterrupted power supply in energy-intensive industries, minimization of losses associated with the transmission of electricity from centralized power plants, and high cost of power tariff.
Based on geography, the global subsea power grid systems market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Europe likely to occupy the lion’s market share by 2027 on account of the rising investment in prospective offshore locations such as Norway, along with increasing initiatives taken by the government for power generation from wind energy.
The Asia-Pacific will grow by increasing deepwater oil & gas exploration activities in the regions.
Companies such as FMC Technologies Inc., ABB Ltd, General Electric Co., Aker Solutions ASA, Cameron International Corp, and Siemens AG are the key players in the Global Subsea Power Grid Systems Market.
By Offshore Power