Offshore Wind Cable Market 2020 Growth | Key Players: Nexans, Prysmian Group, NKT, ZTT, LS Cable & System, Sumitomo Electric Industries, Ltd
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Charts / Figures: 28
Companies covered: 15
Countries covered: 15
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.
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.
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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.
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