Offshore Wind Cable Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028
Global Offshore Wind Cable Market: Snapshot
Offshore wind cables are installed from a power source on land to the turbines constructed in the sea. Increasing demand for electricity in several island countries that do not have sufficient natural reserves is triggering the development of offshore wind technologies in the world. This factor is expected to fuel the offshore wind cable market worldwide.
Increased funding for the production of high-voltage direct current networks to transmit electricity for far distances by using submarine cables is also expected to catalyze the growth of the global offshore wind cable market.
Asia Pacific is anticipated to emerge as an offshore wind cable market leader in future. A positive economic outlook coupled with supportive rules and regulations of decarbonization will fuel the growth of the offshore wind cable market in this region. Adding to that, cost mitigation, with fund allotment from several global funding agencies will further propel the offshore wind cable market in this region.
North America is one of the other leaders in the global market and is anticipated to stay dominant in future. In the US, the increasing awareness about environmental impacts along with the knowledge of the presence of large-scale wind energy potential are the key growth drivers for the offshore wind cable market. The offshore wind cable market around the world has gained enormously by the changing emphasis from normal systems of power generation to the atypical sources of power.
In addition, increasing research and development undertakings are taking place in coordination with the capacity utilization factor for many clean energy sources, helping to secure cost efficiency, which could help in the growth of the offshore wind cable market.
The global offshore wind cable market is forecast to experience significant growth in future, mainly because of the incredible rise in demand for clean energy to decrease the carbon footprint on the environment.
Global Offshore Wind Cable Market: Overview
Global offshore wind cable market is prognosticated to experience notable growth over the timeframe of stipulation, primarily due to remarkable increase in the demand for clean energy to reduce carbon footprint in the environment.
Burgeoning demand for electricity in many of the island nations with not enough natural reserves is trigger the setting up of offshore wind technologies across the globe. This factor is expected to propel the global offshore wind cable market.
In addition to that, increased funding for the development of HVDC networks to transmit electricity over long distances through use of submarine cables or overhead transmission lines is likely to stimulate growth of the global offshore wind cable market.
Technology, conductor material, and region comprise the segments of the global offshore wind cable market.
Global Offshore Wind Cable Market: Notable Developments
Global offshore wind cable market has witness the following development in recent times:
Some of the most prominent competitors operating in the competitive landscape of global offshore wind cable market include –
Global Offshore Wind Cable Market: Growth Drivers
Ability to Prevent Oxidative Damage Bolsters Market Demand of Offshore Wind Cable
Global offshore wind cable market has benefitted immensely by the changing focus from traditional systems of power generation to the clean unconventional sources of power.
In the year 2018, corporations across the globe set new records with the purchase of global renewable energy power purchase agreements that exceeded 13 gw. This year the amount has doubled from the previous year’s and it has propelled these corporate houses to the position of a sector competing with global utilities for the most clean energy. Around 121 organizations in 21 countries have entered into PPAs in the year 2018. Most of these companies are headquartered in the United States.
In addition to that, growing research and development activities are in line with the Capacity Utilization Factor (CUF) for several clean energy sources to obtain cost competency, which will trigger growth of offshore wind cable market.
Global Offshore Wind Cable Market: Regional Outlook
In terms of region, Asia Pacific is expected to emerge as a leading region for the global offshore wind cable market. Positive economic outlook together with encouraging regulations and reforms of de-carbonization will propel Asia Pacific toward growth during the period of assessment. In addition to that, mitigation of cost through economies of scale with fund allocation from various international funding agencies will boost the offshore wind cable market in the region. A case in point is Ministry of Economic Affairs of Taiwan made announcement to set up offshore wind with 5.5 GW capacity through 2025.
In the global offshore wind cable market, North America is a leading market and is likely to continue with its regional dominance during the appraisal period. The growing about environmental impacts together with the realization that there is abundance of wind energy potential are driving the market in the U.S.
The global offshore wind cable market is segmented as:
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