2017-2021 global submarine power cable compound by 5.12%

According to Technavio released research report, 2017-2021 global submarine power cable annual compound rate will reach 5.12%.
The report argues that the increase in electricity demand is the main reason for the steady growth of the market.

According to the International Energy Agency, the next few years, electricity demand will increase by 40%. The strengthening of environmental demand will promote the demand for renewable energy power, so as to promote the rapid development of wind power market. And offshore wind power by virtue of its advantages will be more and more welcomed by the developers, thus further stimulating the increase in demand for submarine power cables.
At present, most countries are trying to invest in renewable energy projects, such as wind and tidal energy projects, which will increase the demand for submarine power cables.
However, there are many countries or islands due to geographical factors such as power generation. As a result, the international grid interconnection and the power link between the islands will also increase the market demand for submarine power cables.