Offshore Wind Cable Market to register substantial growth by 2025

October 04, 2019

According to the latest study titled ‘Global Offshore Wind Cable Market Insights, Forecast to 2025’ available with Market Study Report LLC, the global offshore wind cable market is expected to grow substantially by the year 2025.

Offshore wind cables are power transmission lines which transport newly generated power from offshore wind turbines to the shore. These wind turbines are a part of wind farms constructed in ocean at continental shelf and harvest wind energy to generate power. Offshore wind farms are known to generate 40% more electricity as compared to onshore wind power generation plants. This factor, along with rising awareness regarding renewable energy is leading to increase in the number of offshore wind power installations, thereby propelling the growth of offshore wind cable market.

The study analyzes the global offshore wind cable market for industry shares and growth opportunities by different segments. Furthermore, it provides an exhaustive understanding of trends, challenges, marketing strategies, distribution channels, consumer spectrum, and drivers influencing the market growth.

Based on type, the market is segmented as export cable and inter-array cable. While based on application spectrum, the offshore wind cable market is divided into oil and gas drilling, offshore wind turbine, and others.

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Considering the geographical landscape, global offshore wind cable market is fragmented into five major regions. Middle East & Africa comprise of GCC countries, South Africa, Israel, Egypt, and Turkey; North America consist of the United States, Mexico, and Canada; Germany, Russia, France, UK, Italy, and rest of Europe fall under Europe; Brazil and rest of South America compose Central & South America; and Asia Pacific is split as  Vietnam, Malaysia, China, Japan, Thailand, India, South Korea, Philippines, Australia, and Indonesia.

The major contenders of offshore wind cable market outlined in the report are Nexans, ABB, Prysmian, NKT, Sumitomo Electric Industries, General Cable, Parker Hannifin, TPC Wire & Cable, LS Cable & System, JDR Cable Systems, Fujikura, Brugg Cables, LEONI, and Able.