According to Acumen Research and Consulting, the global offshore wind cable market size is poised to worth around US$ 3 billion by 2026 and anticipated to grow at a CAGR of 16% from period 2019 to 2026.
The report provides analysis of global offshore wind cable market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
The energy produced by an offshore wind generator is supplied by energy cable to an offshore substation. The energy is gathered from several generators by means of an inter-array cable, depending on the energy capability. Power from the substation is transferred via an import cable to the continental grid. Export wires can be HVAC or HVDC according to the range and rank of the project, while inter-array wires mostly use AC.
The demand for offshore wind cables has seen significant development because of the paradigm shift towards the development of fresh renewable techniques that are increasingly aware of limiting carbon emissions. According to the Global Wind Energy Council (GWEC), the annual offshore wind deployment worldwide increased by 0.5 percent relative to 2017 in 2018. In addition, increased research and development operations in line with the Capacity use factor (CUF) improvement for multiple clean energy sources will enhance the company perspective to attain price skills.
Growing power usage across developing countries, combined with major public attempts to decrease damaging greenhouse gas (GHG) pollution, will have a positive effect on the share of the offshore wind power industry. In addition, low maintenance, restricted land use and restricted human interventions will improve item acceptance. In fact, increased technological developments aimed at reducing the price of components are expected to improve company prospects. The introduction of varying transmission equipment, intelligent tracking and sophisticated forecasting techniques are some of the few essential parameters that will considerably increase the scope of the sector. Increased investment in the creation of state-of - the-art equipment in line with burgeoning high-capacity comprehensive transmission technologies will further fuel consumer requirement.
The growing inclusion of current low-capacity offshore wind farms will increase the deployment of sophisticated interface wires worldwide. In addition, growing demand for cost-effective and reliable turbine interconnecting media with enhanced life cycle costs will broaden technology prospects. In 2016, Nexans was awarded the agreement for production of Blyth's first 66 kV interchangeable cable scheme in the UK. The inter-array capacity of 11 kV to 36 kV is expected to grow by more than 8 per cent by 2026. Growing attempts to reduce maintenance and repair costs by creating sector knowledge in the production of medium-sized cables will boost company perspective. In addition, increasing incorporation of intelligent surveillance and control technologies to minimize losses and guide time through rapid identification of the place of cable failures will further improve the industry's dynamics.
An increased worry about efficiently transmitting energy over the lengthy range will encourage the assembly of export wind cables over the predicted time period. In addition, the ability to move electricity efficiently from the offshore substation to the waterfall stage will boost business dynamics. Increased investment in research and development to increase technological sustainability will further improve the dynamics of the sector. The offshore wind cable industry in Copper is expected to show important development over the timeframe. The item penetration will be driven by the highly particular weight with intense flexibility and capacity to resist severe climate circumstances during the prediction era. Prysmian Group, for example, received a deal to supply Deutsche Bucht with 52 kilometres of cooperation cable, a 252 MW offshore wind facility.
Continuing energy supplies and growing sea-based assembly capability including solar and wind energy will boost development in the copper-based offshore wind cable sector. In addition, continuing implementation of effective power transmission technologies, the ability to resist tides and ocean disturbances and the increased demand for small fail-rate wires and an improved present transport capability will energize business dynamics. Compared to copper cables, ease of processing and assembly with flexible item setup are a few parameters that favor implementation. In addition, small construction & servicing expenses and longer life cycle together with small transmission losses are some other variables that drive item penetration. In June 2019, for example, JDR received a deal to provide 78 km of aluminium cable and equipment including connectors and wind farms in Taiwan with repair joints.
The offshore wind cable market is divided into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa regionally. The Asia Pacific offshore wind cable industry will be driven by positive economic outlook along with favourable public decarbonisation policies and laws. Furthermore, price mitigation will increase the consumer action through the realization of economies of scale and distribution of funds from global funding institutions. Taiwan, for example, the Ministry of Economic Affairs (MOEA) has announced plans to introduce 5.6 GW of offshore wind capability by 2026. North America, dominated by the U.S., is regarded by the offshore wind sector as an evolving market. Increased customer knowledge of environmental effects, together with the recognition of wind capacity across the US, will affect the dynamics of the sector favorably. The U.S. commissioned its first commercial offshore wind farm in December 2016 with a capacity of 30 MW, comprising a bidirectional 34.6kV Block Island transmission system of 35 km.
Global Offshore Wind Cable Market, by Technology
Global Offshore Wind Cable Market, by Conductor Material
Global Offshore Wind Cable Market, by Geography
The market research study on “Offshore Wind Cable Market Size, Share & Trends Analysis Report by Technology, Conductor Material, End Use and Region - Global Industry Size, Share, Trends and Forecast 2019 - 2026” offers detailed insights on global offshore wind cable market segments with market dynamics and their impact. The report also covers basic technology development policies.
Key Players & Strategies
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 are concentrating on fresh brand launches, purchases, developments in current products and techniques and other policies to grow and reinforce their business. The most important strategic inferences were technological partnerships, mergers & acquisitions, inorganic growing companies and product range, followed by main competitors in the sector.
The main strategic activities for major players in the sector were effective inorganic development through merger and takeover, technological development to improve surge transport capacity together with the expansion of production facilities for economies of scale.
According to Acumen Research and Consulting, the offshore wind cable market value is expected to be worth around US$ 3 billion in 2026.
The offshore wind cable market is anticipated to grow over 16 % CAGR during the forecast period 2019 to 2026.
Asia-Pacific held maximum share in 2018 for offshore wind cable market.
ZTT, Nexans, Prysmian, Furukawa, ABB, NKT, Sumitomo, LS Cable & Systems, Ningbo, and TF Kable are the top players operating in the offshore wind cable market.