07.02.2023
The global submarine cable market size was estimated at USD25.50 billion in 2021 and is projected to grow at a compound annual growth rate of 6.1% from 2022 to 2030. One of the major factors driving this market is the increasing investments in offshore wind farms, amongst others of course such as the ever increasing data traffic. This is according to the Market Analysis Report by Grand View Search – Submarine Cable Market Size, Share & Trends Analysis Report 2022 – 2030. We know that submarine cables are widely used as a transmission mode of data, but it’s also important to know and understand that these cables are also widely used for power transmission to oil rigs and power generated from offshore wind farms to the power station.
The rise of wind power as an offshore renewable energy is an infinite energy source with a potential to supply large amount of green sustainable energy. And as the world is trying to tackle climate change and reduce greenhouse gases, offshore wind power plays an important role in the electricity generation. Progressively, the growth of offshore winds farms is expected to fuel the renewable energy sectors as more countries become aware of this opportunity and governments get ready to invest in it.
More wind farms only mean more demand for submarine cables solutions. As offshore wind continues to move further away from land to reach a fuller potential with stronger and consistent winds, the submarine cabling systems are gaining more importance in the wind power sector not only due to the need of connecting bigger turbines to one another in larger distances but also in deeper waters and connecting the far-away offshore substations to the onshore stations. This is why the submarine cables for the offshore wind power is getting more sophisticated and complex, thus outlining the importance of submarines cables for the offshore wind energy supply.
Undoubtedly, as wind power generation is leading as the new renewable energy solution, the submarine cables are gaining even more importance in this sector and are being transformed into something more dynamic to reflect this industry. In the meantime, all these critical infrastructures -telecommunication and power cables, pipelines, wellheads from O&G, and so on – need to be protected and watched over by the international community with rules, technology, and respect because they are a common global.
Oceans & Cables Limited is a company based in Malta, founded in 2014, operating in the submarine cable industry and related technical services, working with various industries and markets globally. Our specialisation is in the consultancy, planning and implementation of the submarine cable industry for governmental entities, commercial corporations, and offshore energy companies around the world. For more information about Oceans & Cables, please contact us on info@oceanscables.com.
Article written by guest writer Ms Charlene Sciberras.