Offshore Wind Cable Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028

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Offshore Wind Cable Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028

Status : August, 2020 | Energy & Mining | PPT format

Report Digest


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:

  • In 2019, JDR Cables has finally inked a deal for the SeaMade offshore wind farm with DEME Offshore. Honoring the agreement, JDR will deliver, manufacture, and design 78.1 kms of aluminum core inter-array cables. JDR will also supply a range of cable accessories, which will comprise connectors and repair joints. Established record of accomplishment of JDR in supporting offshore wind projects secured the contract win. JDR Cable is a part of TELE-FONIKA Kable SA group.

Some of the most prominent competitors operating in the competitive landscape of global offshore wind cable market include –

  • ZTT International
  • Furukawa Electric
  • LS Cable & Systems
  • JDR Cable
  • Ningbo Wires and Cables

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:

Technology

  • Inter-array
    • 11 kV to 36 kV
    • 37 kV to 66 kV
  • Export

Conductor Material

  • Aluminum
  • Copper

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.