Offshore Wind Cable Market size to exceed $3 billion by 2026

Offshore wind cable market is expected to surpass USD 3 Billion by 2026, as reported in the latest study by Global Market Insights Inc.
 

The offshore wind cable industry will witness a significant growth on account of the ongoing shift towards adoption of clean energy technologies due to the adoption of stringent environmental policies. For instance, according to WindEurope, a total of 502 new offshore wind turbines were established across 10 projects in Europe in 2019. The new offshore wind turbines produced over 3 GW of additional capacity, thereby creating a positive market outlook for offshore wind cables.
 

Growing investments in offshore wind farms & infrastructure will fuel the market demand for export cables

The export cable transmits electricity from offshore wind farm substation to a connection facility at the onshore sites. Rising installation of offshore substations in the recent years coupled with the rising export cable voltage has fueled the infrastructure development, thereby creating a cyclical market demand for export offshore wind cables. Ongoing investments toward the development of offshore wind installed capacity owing to introduction of utility scale projects and implementation of offsite projects will propel the market statistics.
 

Browse key industry insights spread across 220 pages with 388 market data tables & 29 figures & charts from the report, “Offshore Wind Cable Market Statistics By Technology (Inter – array {11kV to 33kV, 34kV – 66kV}, Export {132 kV & Less, 132 kV & Above}), Conductor Material (Aluminum, Copper) Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/offshore-wind-cable-market
 

Low costs of aluminum cables will augment the offshore wind cable market outlook

The aluminum cable market size across offshore wind farms will witness upsurge owing to its low cost and ease of installation capability. Aluminum cables are more desirable in case of extensive wiring and long distance projects on account of its comparative lower cost than copper cables. Increasing focus to reduce overall projects cost along with growing concerns to enhance operational parameters will propel the market trends. Furthermore, increasing current carrying capability & efficiency along with the enhanced durability of aluminum cable will further drive the market demand of offshore wind cables.
 

Growing energy demand on account of soaring population growth across the Asia Pacific region will enhance the market opportunities

Asia pacific region contributes to approximately 60% of the total world population. The population increases at a rate of 0.36% annually and the energy demand rises every year pertaining to the ongoing population growth. The major energy generation platforms across the region are plugged into fossil fuel infrastructure to effectively meet the rising energy demand, resulting massive GHG emissions across the region. To enhance sustainability across the power/energy sector, respective governments are introduction mandates & regulations inclining toward the adoption of sustainable renewable energy infrastructure to meet the rising demand.
 

Increasing investments toward the development of clean energy technologies has gained significant traction, most notably offshore wind energy, thereby creating a favorable scenario for offshore wind cable market. Growing offshore opportunities coupled with the presence of a robust commercial & industrial sector base will raise the energy demand, thereby complementing the industry growth over the overcast timeline. Supportive government reforms comprising the development of offshore zones for commercial-scale operations along with the rising focus toward cost reduction methods will further drive the offshore wind cable industry growth over the forecast timeline.
 

The prominent industry players profiled in the offshore wind cable market comprise of Hydro Group, ZTT, Hengtong Marine Cable Systems, Ningbo Orient Wires & Cables Co, JDR Cable Systems Ltd, Nexans, Prysmian Group, Parker Hannifin Corporation, Furukawa Electric, Sumitomo Electric Industries, Ltd, LS Cable & System, Cablel Hellenic Cables Group, Leoni Group, NKT and Fujikura Limited amongst others.