Global Offshore Wind Cable Market 2017 to 2021 - Analysis of key players (ABB, General Cable, Nexans, NKT, Prysmian, and Sumitomo Electric Industries)

MarketResearchNest.com adds “Global Offshore Wind Cable Market 2017-2021” new report to its research database. The report spread across in 78 pages with table and figures in it.

Research analysts forecast the global offshore wind cable market to grow at a CAGR of 16.52% during the period 2017-2021.
The power that is generated by an offshore wind turbine is delivered to an offshore substation with the use of power cables. Depending on the power capacity, the power is collected from multiple turbines using an inter-array cable. The power from the substation is transported to the mainland grid using an export cable. Depending on the distance and rating of the project, export cables can be either HVAC or HVDC, whereas inter-array cables use majorly AC.

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Technavio recognizes the following companies as the key players in the global offshore wind cable market: ABB, General Cable, Nexans, NKT, Prysmian, and Sumitomo Electric Industries.

Other Prominent Vendors in the market are: Able UK, Brugg Cables, Fujikura, JDR Cable Systems, LEONI, LS Cable & System, PARKER HANNIFIN, and TPC Wire & Cable.

One trend in the market is increase in demand for clean power. Power demand is constantly increasing across the globe. Furthermore, growth in population and global economy is expected to drive this trend in the future as well. Rising population growth and increasing economic development would require considerable amounts of power.

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According to the report, one driver in the market is innovations in the wind industry. Over the past 15 years, offshore wind power generation has grown from a novel technology to one of the competitive alternative power generation source helping in fighting climate change. In 2001, there were only two countries that had commercial offshore wind power generation, and as of 2016, there were more than 15 countries with offshore wind installed capacity. Similarly, in 1991, offshore turbine rated capacity was 0.5 MW, whereas now the average turbine installed is 4.5 MW. Higher wind speed and larger turbine capacity have made it possible for offshore projects to generate equivalent amount of electricity of onshore projects with fewer turbines.

Further, the report states that one challenge in the market is increase in reliability and accidental risk. To have a reliable and functional offshore wind farm, cables must be installed, manufactured, and protected from accidents. The protective covering over the cables offers good mechanical protection, and at the same time, these protective coverings will not interact chemically with the salt water. To minimize the risk, offshore wind cables are buried in the seabed. Even though these cables are laid under the seabed, accidents and malfunction happen. Accidents can happen in any form such as getting hooked by anchor or even fishing trawlers, thereby causing mechanical failure.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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