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 : October, 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

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

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

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?