Submarine Power Cable Industry: An Exclusive Study on Upcoming Trends and Growth Opport... - 0 views
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Almira Coyne on 05 Sep 24According to a latest research, the submarine power cable industry is projected to reach USD 22.3 billion by 2028 from an estimated USD 12.9 billion in 2023, at a CAGR of 11.5% during the forecast period. Submarine power cables are essential for maintaining a stable and reliable electrical supply infrastructure by connecting power grids across bodies of water, overcoming natural barriers, and enabling the integration of renewable energy sources like offshore wind farms. They ensure continuous power supply to islands, enhance energy security through redundant pathways, facilitate international energy trade, reduce environmental impact compared to overhead lines, and support urban development in densely populated coastal areas. Technological advancements in submarine cable technology, particularly high-voltage direct current transmission, have further bolstered their importance for efficient, long-distance, and high-capacity power transmission, making them an indispensable component of modern electricity infrastructure, ensuring stable power supply, and supporting the transition to sustainable energy systems.