New Energy Projects Boost the Use of Undersea Power Cables
Offshore wind energy and transnational grids bring power lines below the waves.
As recently as a decade ago, the submarine cable industry was in decline. That changed in the mid-2000s, as rising energy prices and concerns about climate change stimulated interest in developing offshore wind and more efficient transnational power grids.
The worldwide market for submarine electrical cables has surged over the past decade, according to industry observers, and is set to grow even more. A report published in November 2013 by Navigant Research, a Boulder, Colorado-based firm that tracks the energy industry, predicts that global sales of high-voltage submarine power cables will nearly triple over the next decade, from $1.9 billion in 2014 to more than $5.3 billion in 2023.
"I can tell you that there is a demand for submarine cables,"