Offshore Wind Cable Market | Global Trends, Growth and Key Companies Analysis - JDR Cable, ZTT International, Prysmian, Sumitomo Electric, Nexans, Furukawa Electric, NKT, Ningbo Wires and Cables, LS Cable & Systems
Asia pacific region will witness considerable upsurge owing abundant wind potential with favorable regulatory frameworks. Furthermore, surging industry efforts to attain economies of scale in line with increasing assistance from various financial institutes comprising IFC, and WB will drive the business scenario. In March 2019, International Finance Corporation and World Bank announced a program to accelerate the installation of offshore wind farms across the emerging countries.
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Rising electricity consumption across developing nations coupled with considerable government efforts to minimize harmful greenhouse gas emissions will enhance the offshore wind cable market. In addition, limited human interventions with reduced land utilization and low maintenance will augment the product adoption. Furthermore, rising technological enhancements to reduce component cost is anticipated to stimulate the business landscape.
Increasing consumer awareness about environmental degradation along with rising federal efforts to grid integrate various clean energy sources will augment the U.S. offshore wind cable market. For instance, in December 2016, first commercial offshore windfarm across the U.S. was commissioned with the capacity of 30 MW capacity including 34.5 kV bidirectional Block Island transmission network for 35 km.
Advanced forecasting technologies, smart monitoring system, and introduction of high capacity transmission devices are some of the key factors which will significantly stimulate the industry share. Moreover, surging investments towards the establishment of advanced production facilities along with growing high capacity transmission systems will drive the product outlook.
11 kV to 36 kV based inter-array installation is expected to witness growth on the account of growing efforts toward the reduction in repair and maintenance cost. In addition, rising integration of smart control systems to minimize lead time and losses by accurate detection of failure location will further complement the business outlook.
Increasing concern to efficiently transmit electricity over long distance will positively influence the export offshore wind cable installation in the coming years. In addition. growing research and development (R&D) activities to improve the durability and current carrying capacity will further drive the industry scenario.
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Key industry participants operating in the offshore wind cable market comprise JDR Cable, ZTT International, Prysmian, Sumitomo Electric, Nexans, Furukawa Electric, NKT, Ningbo Wires and Cables, LS Cable & Systems, and Cablel group among others. Effective inorganic growth ventures through merger and acquisition along with surging investments to enhance the manufacturing capabilities are some of the key strategic measures opted by the industry participants across the globe.
Table of Content:
Chapter 1. Methodology & Scope
Chapter 2. Executive Summary
Chapter 3 Offshore Wind Cable Industry Insights
Chapter 4 Offshore Wind Cable Market, By Technology
Chapter 5 Offshore Wind Cable Market, By Conductor Material
Chapter 6 Offshore Wind Cable Market, By Region
Chapter 7 Company Profiles
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Global Offshore Wind Cable Market Insights, Forecast to 2025
Offshore wind power or offshore wind energy is the use of wind farms constructed in bodies of water, usually in the ocean on the continental shelf, to harvest wind energy to generate electricity. Offshore wind cable is used for transporting electricity to other places. This report researches the worldwide Offshore Wind Cable market size (value, capacity, production and consumption) in key regions like United States, Europe, Asia Pacific (China, Japan) and other regions.
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