2019 – 2025 | 3 pivotal trends impacting offshore wind cable market outlook - Nexans, Prysmian Group

Growing preferences for clean energy generation owing to the depleting fossil fuel reserves is anticipated to drive offshore wind cable market growth. As per GWEC, the global offshore wind installed capacity raised by 0.5% during 2017-2018. The fiscal term witnessed an increase of 5 GW up surging the total installed capacity to 23 GW.

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Additionally, the declining component prices from government subsidies to promote clean offshore energy generation will enhance the industry outlook. The offshore wind cable market is slated to grow exponentially pertaining to some the key influencers stated underneath.

Land availability and favorable climatic factors:
The land availability for onshore wind projects is less as compared to offshore wind projects. In addition, human intervention across onshore wind farms is also more that has been favoring growth of offshore wind projects. Limitations of land availability and increasing human interventions across onshore wind farm across the globe are expected to support offshore wind cable business scenario over forecast timeframe.

Moreover, the offshore wind farms provide numerous advantages over onshore sites. Wind speeds greatly influence the power generation process, even a slight increase in wind speed significantly amplifies the power generation. For instance, a wind turbine spun by 15 mph wind can yield almost double the energy produced from a turbine operating at 12 mph wind speed. The wind speeds at offshore locations are much higher and more constant as compared to the wind speeds of the onshore locations. These climatic factors are expected to lead toward increasing deployment of offshore winds farms, further boosting the offshore wind cable industry outlook.

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On-going offshore wind infrastructure investments across Europe:
Europe offshore wind cable market will observe significant gains on account of the enormous existence of offshore wind farms in the region. Government approaches to utilize the total offshore potential along with strict environmental codes to limit carbon footprint will significantly boost the regional offshore wind cable market size. Currently, Europe has 105 offshore wind farms having a total capacity of 18.5 GW spread across 11 countries of the region.

Europe is expected to lead offshore wind cable market growth on account of the increasing number of offshore wind farms and intercountry power transmissions to ensure security of the power supply. According to a report published by the Wind Europe, in 2018, Europe’s offshore wind capacity sharply increasing by 18% owing to a new installations of 2.6 GW offshore wind energy capacity. UK and Germany shared an about 85% of the new capacity of 1.3 GW and 969 MW respectively. The region witnessed about 15 new offshore wind farms that commenced energy production in the year.

The UK alone hosts a massive offshore energy generating capacity of 8 gigawatts. The offshore wind farms lining the British coastlines complements UK’s growing energy needs. The strategic government-industry collaborations are likely to fulfil 30% of electricity needs in UK from offshore wind energy projects by 2030. The new offshore Sector Deal laid foundations to provide this huge boost to offshore wind capacity of the country.
Furthermore, UK recently announced the world’s biggest offshore wind farm project Hornsea-One, spread across a huge area of approximately 407 square kilometers located off the Yorkshire coastline.

The project is currently partially operational with 50 of its 174 turbines spinning. Once the deployment is over by 2020, Hornsea-One will have a generating capacity of 1.2 gigawatt breaking all records of any existing offshore wind farm.

Growing GHGs emission concerns:
The rapidly increasing energy demand has been resulting in high growth in energy-related greenhouse gas emissions. According to IEA, in 2018, CO2from energy-related project increased by 1.7% owing to the increased energy demand across the globe. The power sector accounted for almost two-thirds of emissions growth pertaining to the fossil fuels used in energy generation. Particularly, the increasing energy demand from major countries including China, India, and the United States accounted for 85% of the net increase in emissions.

The alarming levels of greenhouse gases will necessitate to discover new offshore wind potential sites. New York State Energy Research and Development Authority has proposed an offshore wind farm of 880MW capacity to Sunrise Wind that is expected to power more than 500,000 homes. The project will be a joint development of Ørsted, a Danish power company and US-based energy provider, Eversource.

Development of the Sunrise project will commence from 2022 and the operations are scheduled to begin in 2024. Reportedly, New York State Governor aims of producing 9,000MW of offshore wind power by 2035 owing to the goal of generating 50% of the state’s electricity from renewable sources by 2030.
Limited land availability owing to the regional land disputes along with the wind obstructions caused increased urbanization will necessitate expansion of offshore wind energy generation projects. Hence the increasing deployment of offshore wind farms will augment offshore wind cable industry trends during the forecast period.

Furthermore, increasing inclinations toward renewable energy generation due to the rise in energy-related greenhouse gas emissions will also support industry outlook. According to a research report by Global Market Insights, Inc., offshore wind cable market share is anticipated to surpass USD 2 billion by 2025.

Partial Table of Contents (ToC) of the report: https://www.gminsights.com/toc/detail/offshore-wind-cable-market

Chapter 4 Offshore Wind Cable Market, By Technology

4.1 Offshore wind cable market share by technology, 2018 & 2025
4.2 Inter-array
4.2.1 Global market from Inter-array, 2014 - 2025
4.2.2 Global market from Inter-array, by region, 2014 – 2025
4.2.3 11kV to 36kV
4.2.3.1 Global market from 11kV to 36kV, 2014 - 2025
4.2.3.2 Global market from 11kV to 36kV, by region, 2014 – 2025
4.2.4 37kV to 66kV
4.2.4.1 Global market from 37kV to 66kV, 2014 - 2025
4.2.4.2 Global market from 37kV to 66kV, by region, 2014 – 2025
4.3 Export
4.3.1 Global market from Export, 2014 - 2025
4.3.2 Global market from Export, by region, 2014 – 2025

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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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