Global Offshore Wind Cable Market to record substantial growth by 2025

January 24, 2020


According to a recent study titled ‘Offshore Wind Cable Market Size, By Technology (Inter-array {11 kV to 36 kV, 37 kV to 66 kV}, Export), By Conductor Material (Aluminum, Copper) Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, Denmark, France, Netherlands, Belgium, Norway, China, India, Japan, South Korea, Vietnam, Taiwan), Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’ available with Market Study Report LLC, the global offshore wind cable market is expected record substantial growth by the year 2025.

 

The global offshore wind cable market is poised for robust growth on the back of surging electricity consumption across developing nations. Moreover, the favorable regulatory initiatives to curb harmful greenhouse gas emissions would stimulate offshore wind cable market growth. Additionally, limited human interventions, reduced land utilization, and low maintenance are the key factors fueling the offshore wind cable market growth over the forecast period.
 

Technology is playing a pivotal role in offshore wind cable market growth. Industry participants are spending heavily on research and development to enhance the electric current carrying capacity and durability. Technological advancements have enabled market players to develop low-cost offshore wind cables. The advent of smart monitoring systems, advanced forecasting technologies, and high capacity transmission would fuel offshore wind cable market growth in the coming years.
 

Based on the material, the aluminum offshore wind cable market is expected to witness significant growth over forecast period.  Easy installation & handling along with versatile product configurations as compared to copper wires are few key parameters augmenting the aluminum offshore wind cable market size.
 

Based on the technology, 11 kV to 36 kV based inter-array segment is anticipated to witness decent growth over the forecast period. Surging integration of smart control systems to reduce lead time and losses by precise detection of failure location would complement the business outlook.
 

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Regionally, Asia Pacific is expected to offer lucrative growth opportunities to the offshore wind cable market. Abundant wind potential and favorable regulatory frameworks across the region are the key factors fueling the regional market growth. Moreover, surging industry efforts to attain economies of scale in line with rising assistance from several financial institutes including WB and IFC would positively support the industry growth. Taking March 2019 as an instance, World Bank and International Finance Corporation declared a program to speed up the installation of offshore wind farms across the emerging economies.


Frequently Asked Questions (FAQ) :

The global offshore wind cable market is poised for robust growth on the back of surging electricity consumption across developing nations. Moreover, the favorable regulatory initiatives to curb harmful greenhouse gas emissions would stimulate offshore wind cable market growth. Additionally, limited human interventions, reduced land utilization, and low maintenance are the key factors fueling the offshore wind cable market growth over the forecast period.
Based on the material, the aluminum offshore wind cable market is expected to witness significant growth over forecast period. Easy installation & handling along with versatile product configurations as compared to copper wires are few key parameters augmenting the aluminum offshore wind cable market size.
Technology is playing a pivotal role in offshore wind cable market growth. Industry participants are spending heavily on research and development to enhance the electric current carrying capacity and durability. Technological advancements have enabled market players to develop low-cost offshore wind cables. The advent of smart monitoring systems, advanced forecasting technologies, and high capacity transmission would fuel offshore wind cable market growth in the coming years.
Regionally, Asia Pacific is expected to offer lucrative growth opportunities to the offshore wind cable market. Abundant wind potential and favorable regulatory frameworks across the region are the key factors fueling the regional market growth. Moreover, surging industry efforts to attain economies of scale in line with rising assistance from several financial institutes including WB and IFC would positively support the industry growth. Taking March 2019 as an instance, World Bank and International Finance Corporation declared a program to speed up the installation of offshore wind farms across the emerging economies.