Offshore Wind Cable Market Size is set to Hit $3 Bn upto 2026

Offshore Wind Cable

A report by ARC estimated that the market will surpass $8 billion by 2026, representing an average annual growth rate of 6 percent from 2019 to 2026. The report provides analysis of global offshore wind cable market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.

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Market Dynamics

Offshore cable is a power transmission line used to transport energy produced from the offshore wind farm to the soil area. The offshore line includes the inter-array and transfer cable, which transport energy from the generators to the offshore plant and then to the landing. The energy produced by an offshore wind turbine is supplied with energy wires in an offshore substation. The energy is gathered from various turbines with an inter-array cable depending on the energy capability. The energy from the substation is transferred via an export cable to the continental grid.

Offshore wind turbines are rapidly growing, with a higher capacity production more than onshore wind generation. In addition, offshore wind wires play a major part in the transport of fresh produced electricity from offshore wind farms to the coast. In addition, offshore wind cables provide stronger inclusion of renewable energy sources. This development in power wires is strongly linked to the development in offshore renewable energy installations. The worldwide economy is experiencing considerable development owing to rising energy supply combined with increasing renewable electricity in the blend, energy-efficiency regulation, increasing trends in industrialization and urbanization, energy efficiency laws and energy use regulation. Furthermore, the price decrease for offshore apps will fuel demand for wind power systems. If the rates for wind power plants are highly competitive, suppliers offer reduced expenses than all other renewables.

The demand for offshore wind cables has seen significant development due to the paradigm shift towards fresh renewable techniques with increasing consciousness of carbon emission limits. Growing energy consumption across emerging economies and important public attempts to decrease damaging greenhouse gas emissions (GHG) will have a positive impact on the offshore wind cable industry’s share. Low storage, restricted soil use and restricted human intervention will also improve item acceptance. Furthermore, increasing technological progress to decrease the price of components is expected to improve the company prospects. The introduction of varying transmission systems, intelligent tracking and sophisticated forecasting techniques are some of the few essential parameters for expanding the size of the sector substantially. Further driving consumer requirement will be increased investment in the growth of technologically sophisticated factories in line with rising high-capacity large-scale transmission technologies.

Asia Pacific is anticipated to develop second to Europe because of its growing developments, such as rising urbanisation and industrialization that lead to greater supply in the electricity industry. The nations focus on renewable energy generation, and offshore wind is an essential component of renewable power generation. Technological progress and the use of clean energy would further boost the deployment of wind power and open up new options for emerging Asia-Pacific markets, especially in countries like China, Japan and South Korea, seeking alternative energy sources to diversify their energy mix to reduce CO2 emissions. Strict public rules on energy efficiency are the other main drivers.

Key Players & Strategies

The key players operating in the market include ZTT, Nexans, Prysmian, Furukawa, ABB, NKT, Sumitomo, LS Cable & Systems, Ningbo, and TF Kable among others. Major competitors focus on launching fresh products, purchases, advances in current products and technology and other policies to grow and reinforce their company portfolios. The main strategic activities for major players in the sector were effective inorganic development through merger and takeover, technological development to improve surge transport capacity together with the expansion of production facilities for economies of scale.

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About Acumen Research and Consulting:

Acumen Research and Consulting (ARC) is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.

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