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Offshore Wind Cable Market size surpassed USD 2 billion in 2019 and the annual installation of offshore wind cable is anticipated to register over 19% CAGR through 2026. The growing electricity demand coupled with the rapidly rising emission levels from conventional power plants will drive the offshore wind cable industry outlook. The inter array cable segment accounted for the dominant installation market share in 2019.
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Shifting trends toward the adoption of renewable sources of energy comprising of wind, solar, geothermal, and waste-to-energy has proliferated a prominent market scenario. Offshore wind energy utilization on account of its high-power generation capability is gaining wide acceptance across the globe. No land acquisition requirement, reduced noise levels, and steadier supply of wind resource when compared to onshore wind farms are few of the eminent factors fueling the offshore wind cable market growth.
In order to reliably transmit high volume of power from offshore farms to base substations, the market demand for high capacity subsea offshore wind cables is gaining significant industry growth.
|Market Size in 2019:||2.0 Billion (USD)|
|Forecast Period:||2020 to 2026|
|Forecast Period 2020 to 2026 CAGR:||19.9%|
|2026 Value Projection:||8,000 (Km)|
|Historical Data for:||2015 to 2019|
|No. of Pages:||220|
|Tables, Charts & Figures:||417|
|Segments covered:||Technology, Conductor Material|
|Pitfalls & Challenges:|
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Offshore wind cables have achieved wide acceptance subjected to improved power carrying capabilities with safe & reliable delivery of power from the seabed to the substation located on the shore. The offshore wind cables are witnessing substantial market demand on account of aggressive investments by the market players to deploy large scale offshore wind energy farms. Hence, the policymakers across are engaged in the implementation of favorable policies & regulations for promotion of sustainable energy technologies which will further complement the industry trends over the forecast timeline.
The global offshore wind cable market report covers detailed analysis of the overall industry trends segmented on a regional & country basis across technology and conductor material. Moreover, the market forecasts & estimates are in line with the data represented by state and federal authorities including the Global Wind Energy Council (GWEC), American Wind Energy Association, Department of Energy, World Energy Outlook, European Commission, Asian Development Bank, World Bank, regulatory bodies and company annual reports.
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Inter-array cables are utilized for the transmission of electricity in between offshore wind turbines. Ongoing development of utility scale projects comprising large number of wind turbines along with rising installation capability across deep water will escalate the market demand for inter-array offshore wind cables. Low transmission losses and declining installation costs are some of the few prominent factors favoring the deployment of offshore wind cables.
The market players operating across the industry are channeling significant budgets toward the research & development activities aimed toward enhancing the operational efficiency and expanding their product portfolio. The availability of reliable wind resource potential across offshore sites coupled with the introduction of advance components will boost the offshore wind industry outlook over the forecast timeline.
For instance, in August 2018, Nexans introduced a new range of transmission cables for subsea operations at the CIGRE 2018. The product range includes subsea interconnectors, inter array cables up to 66kV, and exporting cables for offshore wind farms.
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High specific weight, capability to withstand extreme weather and high material flexibility are some of the key factors driving the market demand for copper based offshore wind cables Growing requirement of continuous power supply pertaining to the rising energy demand will propel the demand for effective power supply networks.
Ongoing integration of power transmission systems coupled with the ability of the copper-based cables to withstand harsh offshore condition including sea disruptions and high tides will further stimulate the product adoption. In addition, growing demand for cables with low rates of operational failure and high current carrying capacity will boost the market penetration of copper cables across offshore wind energy projects.
North America led by the U.S. is considered as an emerging market for the offshore wind cable industry. The presence of a state driven energy policy framework coupled with the higher PPA levels position has positioned the U.S. market as an attractive alternative to the maturing European offshore industry.
In addition, the strong inclination toward the development utility scale projects comprising of vast cable length along with identification of potential sites across the country will positively influence the market statistics.
To effectively capitalize on the emission reduction & renewable energy portfolio targets, respective state governments are revising and increasing their offshore wind energy installation goals and legislations. For instance, the New York state government increased the committed target of 2 GW by 2030 to 9 GW by 2035. The market sentiment across the U.S. toward the installation of offshore wind energy remains bullish, thereby attracting significant investments which will augment the installation of offshore wind cables over the forecast timeline.
The key market players operating across the offshore wind cable market are focusing on acquisitions to gain a competitive edge. The corporate strategy on acquisitions is devised to substantially transform the market trends by enhancing manufacturing efficiency and decrement the overall cable costs to consolidate a dominant market share. The prominent market players operating across the offshore wind cable industry includes Hengtong Marine Cable Systems, ZTT, Fujikura Limited, Hydro Group, JDR Cable Systems Ltd, Sumitomo Electric Industries, Ltd, and Prysmian Group, amongst others.
Offshore wind cable market research report includes in-depth coverage of the market trends with estimates & forecast in terms of “Km, and ‘USD” from 2015 to 2026, for the following segments:
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By Conductor material
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