Offshore Wind Cable Market Value to Hit $2 Billion by 2025: Global Market Insights, Inc.
SELBYVILLE, Del., Aug. 1, 2019 /PRNewswire/ -- European offshore wind cable market is anticipated to observe significant growth on account of strict regulations toward carbon emission reduction along with rising efforts to utilize abundant offshore potential. In 2018, as per Wind Europe, total offshore wind financed capacity across region was USD 11.7 billion which in 2017 was USD 9 billion.
37 kV to 66 kV inter-array based offshore wind cable market by 2025 is expected to observe growth of over 23%. Shifting industry focus toward enhanced power carrying capability in line with the rising installation of larger turbines has instigated a favorable scenario. In 2018, the first offshore wind demonstrator project for 66kV cable was commissioned in the UK with a capacity of 41.5 MW. In addition, low electricity losses, reduction in the number of cables requirement, and minimization of installation costs are some of the prime features that will further complement the industry scenario.
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Growing investments to enhance sea-based energy generation capacity comprising wind and tidal power will enhance the copper offshore wind cable industry size. In addition, high current carrying capability, operational flexibility and high specific weight are some of the indispensable features which will stimulate the industry outlook.
Global Offshore Wind Cable Market is set to surpass USD 2 billion by 2025, as reported in the latest study by Global Market Insights, Inc. Shifting focus from conventional power generation systems to clean unconventional systems will drive the offshore wind cable market growth. In 2018, according to GWEC, the global offshore wind installed capacity increased by 0.5% in comparison to 2017, owing to 5 GW of new capacity installations, surging global installed capacity up to 23 GW. In addition, declining component prices on account of various incentive measures by the regulators to promote clean energy installation will drive the technology demand.
Limited land availability along with significant human intervention prevailing across onshore wind farms when compared to offshore wind project will tend to drive the business scenario across the globe. Positive outlook towards the development and integration of high capacity turbines coupled with progressing blade size, turbine competences and foundation practices will further augment the industry landscape.
Browse key industry insights spread across 170 pages with 304 market data tables & 28 figures & charts from the report, "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 (U.S., Canada, UK, Germany, Denmark, France, Netherlands, Belgium, Norway, China, India, Japan, South Korea, Vietnam, Taiwan), Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/offshore-wind-cable-market
Increasing electricity demand across various island nations with limited natural reserves will drive the installation of offshore wind technologies globally. In addition, increasing investments to develop HVDC networks for long distance power transmission will further propel the business outlook.
Discovery of new offshore wind potential sites coupled with rising fund allocation to scale up supply chain will positively influence the offshore wind cable industry across the Asia Pacific region. In addition, rising industry efforts to achieve economies of scale with growing assistance from international financing institutes comprising WB, IFC will further drive the business dynamics. For instance, in March 2019, World Bank and International Finance Corporation announced new program to accelerate the deployment of offshore wind power across developing countries.
Major industry players across the offshore wind cable market include Nexans, Prysmian, ZTT International, NKT, Sumitomo Electric, JDR Cable, Furukawa Electric, Ningbo Wires and Cables, and LS Cable & Systems among others.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Offshore Wind Cable Market Forecasts 2019-2025
The world offshore wind cable market is anticipated to register 10%+ CAGR up to 2025, driven by government efforts toward the promotion of renewable energy.
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SOURCE Global Market Insights, Inc.
