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  • 19 August 2019 22:14

Offshore Wind Cable Market to Expand by 2026

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 US$ 3 billion by 2026.

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. This development in power wires is strongly linked to the development in offshore renewable energy installations. The worldwide economy is experiencing considerable development owing to rising energy supply combined with increasing renewable electricity in the blend, energy-efficiency regulation, increasing trends in industrialization and urbanization, energy efficiency laws and energy use regulation. Furthermore, the price decrease for offshore apps will fuel demand for wind power systems. If the rates for wind power plants are highly competitive, suppliers offer reduced expenses than all other renewables.

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.

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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.

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 focus on launching fresh products, purchases, advances in current products and technology and other policies to grow and reinforce their company portfolios. 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.

Market Segmentation

By Technology: Inter Array, Export

By Conductor Material: Copper, Aluminum

By Geography: North America, Europe, Asia-Pacific, Latin America, Middle East and Africa (MEA)

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