Power Cable Sales Will Exceed 32.5 Billion in 2023

There are now 80 wind turbines which are being built in the North Sea of Germany. If completed, these facilities will ensure sufficient power supply. Energy generates from power will transmit electricity in thousands of meters through the most advanced cable laying on the seafloor. In recent years, it can be usually seen that transmitting power is through submarine power cable. Moreover, it presents the development trend of high-speed growth.

 

Submarine power cable existed at the beginning of 1800. So far, in most cases, the submarine power cable stays in the stage that transmitting power to various regions and oil platforms by original methods such as coal, thermal power generation, etc.

 

Ten years ago, submarine cable industry had a declining tendency. The tendency probably began in the middle of 2000 because of rising energy prices and climate change concerns. More attention was paid to exploiting submarine power cable and more effective multinational power network.

 

In this decade, submarine power cables in the global market booms. Industry insiders predict that the submarine power cables in the future will also continue to develop. There has been set up a base in Boulder, Colorado. Navigant, a research company, has been focused on energy industry trend. It was said in a report released in November 2013 that global sales of high-pressure submarine power cable would grow nearly three times or so in the next 10 years. The sales will reach $1.9 billion, and the sales are expected to rise to $5.3 billion (about RMB 32.512 billion) in 2023.