Offshore Wind Cable Market Size, By Technology (Inter-array {11 kV to 36 kV, 37 kV to 66 kV}, Export), By Conductor Material (Aluminum, Copper) Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025

Published Date: Jul 2019  |  Report ID: GMI4218  |  Authors: Ankit Gupta, Aditya Singh Bais

Report Format: PDF   |   Pages: 170   |   Base Year: 2018

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Offshore Wind Cable Market size in 2018 was valued over USD 930 million and is anticipated to exceed an annual installation of 5,000 km by 2025.

Offshore Wind Cable Market

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The offshore wind cable demand has witnessed notable growth owing to paradigm shift toward establishment of new renewable technologies with rising awareness to limit carbon emissions. In 2018, as per to Global Wind Energy Council (GWEC), the offshore wind annual installation across globe expanded by 0.5 % when compared to 2017. Furthermore, increasing research and development activities inline of improving Capacity Utilization Factor (CUF) for various clean energy sources to achieve cost competency will stimulate the business outlook.

Growing energy consumption across emerging nations along with significant government efforts to reduce harmful greenhouse gas (GHG) emissions will positively influence the offshore wind cable industry share. Furthermore, low maintenance, limited land utilization along with limited human interventions will enhance the product adoption. In addition, rising technological advancements to reduce component cost are anticipated to enhance the business outlook.

Introduction of variable transmission devices, smart monitoring system, and advanced forecasting technologies are some of the few indispensable parameters which will significantly expand the industry size. Soaring investments towards the development of technologically advanced manufacturing facilities in line with burgeoning high capacity extensive transmission systems will further drive the product demand.

Offshore Wind Cable Market Report Coverage
Report Coverage Details
Base Year: 2018 Market Size in 2018: 930 Million (USD)
Historical Data for: 2014 to 2018 Forecast Period: 2019 to 2025
Forecast Period 2019 to 2025 CAGR: 10.6% 2025 Value Projection: 2 Billion (USD)
Pages: 170 Tables, Charts & Figures: 332
Geographies covered (15): U.S., Canada, UK, Germany, Denmark, France, Netherlands, Belgium, Norway, China, India, Japan, South Korea, Vietnam, Taiwan
Segments covered: Technology, Conductor Material and Region
Companies covered (15): Nexans, Prysmian Group, NKT, ZTT, LS Cable & System, Sumitomo Electric Industries, Ltd., Furukawa Electric, Fujikura Limited, Cablel Hellenic Cables Group, Ningbo Orient Wires & Cables Co, Hydro Group, Hengtong Marine Cable Systems, Parker Hannifin Corporation, Leoni Group, JDR Cable
Growth Drivers:
  • Asia Pacific
  • Increasing electricity demand
  • Europe
  • Government efforts toward the promotion of renewable energy
  • North America
  • Immense Offshore Wind Potential
Pitfalls & Challenges:
  • High cost of installation and maintenance of offshore wind farm

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Offshore Wind Cable Market, By Technology

Growing inclination toward utility scale offshore wind farm from existing low capacity projects will soar the installation of technologically advanced inter array cables across the globe. Furthermore, increasing demand for cost efficient and reliable turbine interconnecting medium with improved lifecycle cost will expand the technology outlook. In 2016, Nexans won the contract to supply for world’s first 66 kV inter-array cable system for Blyth offshore wind farm in UK.

11 kV to 36 kV inter-array installation is anticipated to witness growth of over 8% by 2025. Growing efforts toward the reduction in maintenance and repair cost with developing industry expertise in manufacturing of medium capacity cable will stimulate the business outlook. Furthermore, rising integration of smart monitoring and control systems to minimize losses and lead time by quick detection of cable failure location will further enhance the industry dynamics.

Rising concern to effectively transmit generated power over long distance will stimulate the export wind cable installation over the forecast timeframe. Furthermore, capability to effectively transport electricity from the offshore substation to landfall point when deployed under the waterbed will stimulate the business dynamics. Rising research and development investment to enhance the technology durability will further enhance the industry dynamics.


Offshore Wind Cable Market, By Conductor Material

Copper offshore wind cable industry is anticipated witness significant growth over forecast timeframe. High specific weight with extreme flexibility features and ability to withstand extreme weather conditions will drive the product penetration over the forecast period. For instance, Prysmian Group won a contract to supply 52km of cooper cable for Deutsche Bucht, a 252 MW Offshore wind project.

Taiwan Offshore Wind Cable Market By Conductor Material

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Rising need for continuous power supply along with increasing sea-based power generation installation capacity comprising solar and wind power generation will stimulate the copper-based offshore wind cable industry growth. Moreover, ongoing integration of efficient power transmission systems, ability to withstand tides and sea disruptions along with growing demand for cables possessing low failure rate and enhanced current carrying capacity will energize the industry dynamics.

Global aluminum offshore wind cable market in 2018 exceeded USD 66 million. Ease of handling & installation with versatile product configuration compared to copper wires are a few indispensable parameters favoring the deployment. Moreover, low material & maintenance costs and longer life span coupled with minimal transmission losses are some of the other factors driving product penetration. For instance, in June 2019, JDR won a contract to supply 78 km of aluminum inter-array cables and accessories, including connectors and repair joints for the wind farms in Taiwan.

Offshore Wind Cable Market, By Region

Positive economic outlook along with favorable government decarbonization reforms and regulations will drive the Asia Pacific offshore wind cable industry. In addition, cost mitigation through achieving economies of scale along with allocation of fund from international financing institutes will augment the product intervention. For instance, in 2017, Ministry of Economic Affairs (MOEA), Taiwan announced plans to install 5.5 GW of offshore wind capacity by 2025.

North America led by the U.S. is considered as an emerging market for the offshore wind cable industry. The rising consumer awareness about environmental impacts along with the realization of abundant wind potential across the U.S. will positively influence the industry dynamics. In December 2016, the U.S. commissioned its first commercial offshore windfarm with 30 MW capacity comprising 35 km of 34.5kV bidirectional Block Island transmission system.

Competitive Market Share

Major participants across offshore wind cable market comprise of ZTT, Sumitomo, Nexans, Prysmian, ABB, Furukawa, NKT, Ningbo, LS Cable & Systems, and TF Kable among others.

Effective inorganic growth through merger and acquisition, technological advancement to enhance surge carrying capability along with expanding manufacturing facility to achieve economies of scale have been the key strategic implications adopted by the leading industry players.

Offshore Wind Cable Industry Background

Offshore cable is an electricity transmission line which is employed to carry power generated from the offshore wind farm to the land site. The offshore cable comprises of inter-array and export cable which carry electricity from the turbines to the offshore facility and then to the landfall point, respectively.

Frequently Asked Questions (FAQ) :

Growing installation of offshore wind turbines along with rising R&D investments for enhancing the Capacity Utilization Factor (CUF) across renewable power generation will bolster offshore wind cable development.
Inter-array offshore wind cables are witnessing increased deployment owing to a higher demand for reliable and cost-effective turbine connecting medium and the need for more utility scale offshore wind farms.
Key players involved in the production and supply of offshore wind cables include ABB, Sumitomo, ZTT, LS Cable & Systems, NKT, Furukawa, Nexans and Prysmian, among others.
Rapid adoption of decarbonization reforms across developing countries and the provision of funding from international finance organizations is boosting wind capacity installation across the region, driving offshore wind cable demand.

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