Analyst Forecast: Submarine Power Cable Market Growing at +15% CAGR by Top Players Like Prysmian Group, Nexans, Furukawa Electric, LS Cable & System, General Cable, Sumitomo Electric
Submarine power cables are used to transmit electricity below the ocean, that is, deep under the sea bed. These cables are used to transfer electricity from offshore wind turbines, tidal power projects, and onshore locations to oil rigs as well as to transmit electricity across countries or islands. Countries such as the UK and Germany that generate huge amounts of renewable energy through wind turbines use submarine power cables to export it to neighboring countries having less energy generation capacity.
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