Trusted Business Insights presents the Updated and Latest Study on Offshore Wind Cable Market 2019-2025. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Abstract, Snapshot, Market Analysis & Market Definition: Offshore Wind Cable Market
Industry / Sector 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.
Market Segmentation, Outlook & Regional Insights: Offshore Wind Cable Market
Offshore Wind Cable Market, By Technology, 2018 & 2025 (USD Million)
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, 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 worlds 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, 2025 (USD Million)
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.
Key Players, Recent Developments & Sector Viewpoints: Offshore Wind Cable Market
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 Viewpoint
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.
What are the Key Insights Covered: Exhaustive Offshore Wind Cable Market
1. Market size (sales, revenue and growth rate) of Offshore Wind Cable industry.
2. Global major manufacturers’ operating situation (sales, revenue, growth rate and gross margin) of Offshore Wind Cable industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Offshore Wind Cable industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Offshore Wind Cable industry.
Research Methodology: Offshore Wind Cable Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
- Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.
Quick Read Table of Contents of this Report @ WorldWide Offshore Wind Cable Market, Industry / Sector Analysis Report, Regional Outlook & Competitive Market Share & Forecast, 2019 – 2025
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