SUBMARINE CABLES MARKET ANALYSIS

Market News

Recent Developments:

In July 2020, Hellenic Cables, a provider of submarine cable solutions, was received a contract by Seaway 7, the renewables business unit of Subsea 7, to supply 66kV inter-array cables & accessories for the Seagreen offshore wind farm.

In June 2020, Corning Incorporated announced that Innolux Corporation is using its large platform cutting tool and complete automation system for its high-end auto display panel manufacturing.

Market Opportunity:

Various Developments by Private and Public Companies; There are several companies involved in various developments in the submarine cables market. In October 2021, NEC Corporation developed a four-core-fiber-optic submarine cable by its subsidiary OCC Corporation in collaboration with Sumitomo Electric, a manufacturer of electric wire and optical fiber cables. Moreover, in August 2022, NEC Corporation, a multinational IT and electronics corporation announced that Seren Juno Network had selected NEC corporation to build a trans-Pacific subsea fiber-optic cable, "JUNO Cable System," connecting California in the U.S. with Chiba prefecture and Mie prefecture in Japan. The cable will span over a distance of 10,000 km and is expected to be completed by the end of 2024.

Upcoming Projects in Europe; Fast-evolving high voltage direct current (HVDC) power transmission technology enables the delivery of electrical energy from large-scale offshore power production facilities to the mainland. Several initiative projects such as North Seas Countries Offshore Grid Initiative, Friends of the supergrid, DESERTEC, and the council of large electric systems (CIGRE), support HVDC deployment in Europe, which accounts approximately 70% of the HVDC submarine cables. Such initiatives in Europe are expected to create lucrative opportunities for the submarine cables market growth during the forecast period.