Shifting preferences toward clean unconventional energy generation sources will drive the global offshore wind cable market growth. The widespread presence of coastlines characterized steady wind speeds will propel the industry outlook during the forecast timeframe.
China Offshore Wind Cable Market, By Technology, 2018 & 2025 (USD Million)
Additionally, the declining component cost on account of government subsidies to promote green energy will help enhance the industry outlook. In 2018, as per GWEC, the global offshore wind installed capacity surged up to 23 GW, a sharp increase by 5GW in comparison with 2017. Such factors are expected to drive the technology demand which will focus toward development and integration of high capacity turbines, further augmenting the industry landscape.
Will 37 kV to 66 kV inter-array offshore wind cable market record remarkable proceeds by the end of the forecast period?
37 kV to 66 kV inter-array offshore wind cable market is anticipated to grow over 23% over the forecast period. Increasing installations of large turbines and shifting industry focus toward higher power carrying capability will boost product demand. Minimized installation cost and decreasing requirement of number of cables along with low electricity losses will further complement industry growth.
What will impel copper offshore wind cable industry size?
Offshore wind cable market has been witnessing increased deployment of copper cables across sea-based energy generation projects like offshore wind farms and tidal energy generation. Growing fund allocations to expand offshore energy generation capacity is anticipated to augment the copper offshore wind cable industry size. Additionally, the vital features of copper cable including high current carrying capability, high specific weight, and great operational flexibility will stimulate the industry outlook.
Will Europe emerge to be a pivotal ground for offshore wind cable market?
Europe offshore wind cable industry is expected to witness significant gains on account of the strict codes to minimize the energy based carbon emissions. Additionally, the region boasts of a huge coastline which promises abundant offshore potential. Government approaches to limit carbon footprint by utilizing the offshore space for energy generation will drive the industry growth. The regulatory trends toward reducing energy emissions to achieve clean energy goals will proliferate product demand across Europe.