Offshore Wind Cable Market to Reach $3B
The global offshore wind cable market is estimated to grow at CAGR above 16% over the forecast time frame 2019 to 2026 and reach the market value around $3 billion by 2026.
The demand for offshore wind cables has seen significant development due to the paradigm shift towards fresh renewable techniques with increasing consciousness of carbon emission limits, said a report by Acumen Research and Consulting.
"Offshore wind turbines are rapidly growing, with a higher capacity production more than onshore wind generation. In addition, offshore wind wires play a major part in the transport of fresh produced electricity from offshore wind farms to the coast. In addition, offshore wind cables provide stronger inclusion of renewable energy sources," said the report.
Growing energy consumption across emerging economies and important public attempts to decrease damaging greenhouse gas emissions (GHG) will have a positive impact on the offshore wind cable industry's share. Low storage, restricted soil use and restricted human intervention will also improve item acceptance.
Furthermore, increasing technological progress to decrease the price of components is expected to improve the company prospects. The introduction of varying transmission systems, intelligent tracking and sophisticated forecasting techniques are some of the few essential parameters for expanding the size of the sector substantially.
Further driving consumer requirement will be increased investment in the growth of technologically sophisticated factories in line with rising high-capacity large-scale transmission technologies.
Asia Pacific is anticipated to develop second to Europe because of its growing developments, such as rising urbanisation and industrialization that lead to greater supply in the electricity industry. The nations focus on renewable energy generation, and offshore wind is an essential component of renewable power generation.
Technological progress and the use of clean energy would further boost the deployment of wind power and open up new options for emerging Asia-Pacific markets, especially in countries like China, Japan and South Korea, seeking alternative energy sources to diversify their energy mix to reduce CO2 emissions. Strict public rules on energy efficiency are the other main drivers.
The key players operating in the market include ZTT, Nexans, Prysmian, Furukawa, ABB, NKT, Sumitomo, LS Cable & Systems, Ningbo, and TF Kable among others. Major competitors focus on launching fresh products, purchases, advances in current products and technology and other policies to grow and reinforce their company portfolios.