The number of installed submarine transmission cables will grow from 110 in 2013 to 304 in 2023, according to a conservative forecast. Under a more aggressive scenario, that number could reach 453 by 2023, according to a new report from Navigant Research.
Demand for high-voltage submarine electricity cables is growing steadily, as countries and regions make commitments to offshore renewable power generation, link remote landmasses and interconnect their national grids. As subsea cable technology advances, more projects are being proposed that require longer, deeper, and higher-capacity cables.
While the economic downturn of the past few years has slowed the number of project installations, many governments and organizations remain committed to the types of projects that drive new high-voltage submarine cable installations, according to the report.
Offshore wind farms and grid interconnectors remain a focus of the European Union’s 20-20-20 goal. Further, developing nations in Asia Pacific are requiring larger and more complex cables for their grid and island interconnectors, opening up new opportunities for existing companies.