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Report Snapshots
Offshore Wind Cable Market- Competitive Analysis, Opportunity & Forecast, 2027

Global Offshore Wind Cable Market By Technology, By Conductor Material, By Region [North America, Europe, Asia Pacific, Middle East & Africa and Latin America], Forecast & Opportunities, 2020-2027.

Market Overview

The offshore wind cable market was valued at market size over USD 900 mn in 2018. It is expected to reach over USD 2.5 Bn by 2027.

Offshore wind farms are based out in the ocean. The wind turbines are placed in the continental shelf to capitalize the wind energy. Generally, it is constructed at 40 to 50 meters deep in shallow waters or in the continental shelf.  Advanced technologies like floating turbines can be used to construct wind farms inplaces far from coastlines and thereby capitalizing its high wind speeds. The offshore wind farms have undersea cables to transmit power to the grid. It supplies large amount of renewable energy to coastal cities.

The offshore wind energy is relatively a new concept. Increasing environmental awareness and the need to increase renewable energy supply has resulted in new innovations in this industry. According to International Energy Agency, the Wind energy accounts only 0.3% of global electricity generation in 2019. But the market grew around 30% each year from 2010-2018 and it is expected to expand 15 fold by 2040 according to IEA.

Offshore wind farm is expensive when compared to onshore wind farms. The technological problems are huge in offshore wind farms. The offshore turbines must be constructed properly and firmly anchored to achieve desired results. Maintenance and servicing isalso high in offshore wind farms. The installation period is long in offshore wind farms. Setting up the cable is the most time consuming part. Long cables are needed to take the electricity from the wind turbines to the power socket.Different cables are used for different environment and specific needs. The structure of cable is determined by the requirements of its range and environmental conditions. A cable with aluminum coated is beneficial as it weighs low and has small diameter. Cables with optical fiber elements are best for data communication.In onshore wind farms, cables are of least concern. But that is not the case with Offshore wind farms. The productivity of offshore wind farms largely depends on the cable. So protecting the cable against damage is of utmost priority. Hence the market for Offshore wind cable is high.

Moreover, the wind energy production from Offshore wind farm is relatively high when compared to onshore wind farm. According to IEA, Offshore wind farms have the potential to generate 4200TWH per year worldwide, which is 18 times more than the global electricity demand in 2019.This makes it as a lucrative business.

 

Market segmentation

The offshore wind cable market can be segmented on the basis of Technology, conductor material and  Region

By Technology, the offshore wind cable market can be divided into Inter array and others. Inter array cables are expected to grow over the forecasted period of 2020-2027 due to the increasing demand for cost efficient and improved lifecycle of cables.

By Conductor Material, the offshore wind turbine market is categorized into Aluminum and Copper. Aluminum cable market is expected to grow due to the demand for easy handling and light weight cables.

The copper offshore wind cable is expected to grow significantly due to its flexibility features and the ability withstand any weather conditions like sea disruptions and strong tides. The demand for strong, low failure cables, high current carrying capacity are the dynamics driving the growth of this segment.

By Region, the market for Offshore wind energy cable can be segmented into North America, Latin America, Asia Pacific, Europe, Middle East and South Africa.

Regional analysis

Regionally, European countries are pioneer in developing their offshore wind energy potential. Germany, UK and Denmark are particularly looking to expand their wind farms. The geographic location and EU’s regulation influence the offshore wind cable market.

In Asia pacific, China is leading the market with its aggressive investments in offshore wind energy. China added more than 1.6 GW of wind capacity in 2018 more than any other country in the world. Also other Asian countries like South Korea, Taiwan and India are increasingly investing in the offshore wind energy market. The rising environmental awareness, demand for power supply and the need to reduce carbon emission are the driving factors of growth of this market in this region. 

Competitor analysis

The key players in the Offshore wind cable market are ZT International Ltd, Deutsche Windtechnik, JDR Cable Systems Ltd, Nexans, NKT A/S, Ningbo shunchi wire & cable co., FURUKAWA ELECTRIC CO., LTD, LS Cable & Systems ltd., Prysmian Group, ABB, TFKable, Sumitomo corporation

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