Offshore Wind Cable Market to hit $3 billion by 2026, Says Global Market Insights, Inc.

Offshore Wind Cable Industry is set to register more than 19% CAGR between 2020 and 2026, supported by positive outlook toward renewable energy technologies.

Selbyville, Delaware, UNITED STATES

Selbyville, Delaware, June 09, 2020 (GLOBE NEWSWIRE) --

Global offshore wind cable market revenue is projected to cross USD 3 Billion by 2026, as reported in the latest study by Global Market Insights, Inc. Increasing electricity demand along with ongoing transition toward renewable energy technologies will propel the industry landscape. The adoption of stringent regulations & mandates imposed by respective governments toward the combustion of fossil fuels will further compliment the business growth over the forecast timeline.

Ongoing efforts toward increasing the transmission voltage levels coupled with a positive outlook toward the installation of offshore wind energy projects will drive the adoption of export cables. Enhanced operating efficiency and, high thermal conductivity is some of the prominent features fuelling the product demand. Strong government focus toward utility scale projects and subsequent rise in investments will further fuel the deployment of export cables.

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Some major findings in offshore wind cable market report include:

  • Ongoing industrialization has augmented the energy demand, thereby complimenting the industry growth.
  • Increasing focus toward the installation of an efficient and reliable transmission system for offshore wind energy generation will boost product adoption
  • Ongoing transition toward sustainable energy generation technologies from conventional plants will augment the industry outlook
  • High wind energy resource potential across offshore sites will positively impact the business growth
  • Key players operating in offshore wind cable market include JDR Cable Systems Ltd., Leoni Group, Parker Hannifin Corporation, Hengtong Marine Cable Systems, Hydro Group, Ningbo Orient Wires & Cables Co. amongst others.

Browse key industry insights spread across 220 pages with 388 market data tables & 29 figures & charts from the report, “Offshore Wind Cable Market Report By Technology (Inter – array {11kV to 33kV, 34kV – 66kV}, Export {132 kV & Less, 132 kV & Above}), Conductor Material (Aluminum, Copper) Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:

High electrical ductility and non-magnetic properties are some of the key factors positively influencing the adoption of copper wires for both Inter-array and export cables. These cables will observe significant growth owing to a low failure rate, and heavy load bearing capabilities. In addition, the rising penetration of 66kV Inter-array cables which are primarily manufactured of copper material will further stimulate the global offshore wind cable market over the forecast timeline.

Ongoing technological advancements in line with the increasing demand for offshore wind system comprising large installed capacity will lead to an exponential growth across the Europe offshore wind cable market. Supportive government policy & regulatory framework along with increasing operational & installation efficiency will augment the industry outlook. For instance, in 2017, Germany introduced WindSeeG (Offshore Wind Act) aimed toward centralizing the planning approach for wind energy projects. It involves an area development approach and a new contract for difference support mechanism to accelerate infrastructure development.      

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Browse Related Reports:

Submarine Power Cable Industry By End User (Offshore Windfarm, Offshore Oil & Gas Production), Core (Single, Multi Core), Voltage (Medium {> 66 kV}, High {66 kV to 220 kV}, Extra High {> 220 kV to 400 kV}, Ultra High {> 400 kV}), By Conductor (Copper, Aluminium), Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2019 – 2025

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.


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