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Power Grid System Market in Subsea to See Posit...

Titile

The global power grid system market in subsea is projected to reach USD 14.8 billion by 2027 from an estimated USD 9.1 billion in 2022, at a CAGR of 10.2% during the forecast period. Favorable government policies for offshore renewable power production, especially using wind energy along with urgent need to reduce carbon emissions and improve grid reliability and efficiency is expected to drive the demand for subsea power grid systems. According to industry analysts, new investments worth USD 166 billion are likely to be in offshore wind power projects and USD 1.7 billion in new tax revenue for the US Treasury by 2022 while also supporting 80,000 jobs yearly by 2035. With an increasing number of offshore wind farms and a rising focus on integrating wind-generated energy into electrical power systems, modern control systems are anticipated to be deployed in subsea power grids.

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