Offshore Wind Cable Market: Global Industry Overview and Forecast (2024-2030)

Offshore Wind Cable Market Overview:

Offshore wind farms use cables to transmit electricity to the grid. In this process, electricity generated by offshore wind turbines returns to the land through a series of cable systems buried in the ocean floor. Coastal winds have the potential to bring great clean, renewable energy to meet the electricity needs of the community. The National Renewable Energy Laboratory estimates that the power of the U.S. maritime technology with the help of offshore wind cable more than 2,000 capacity, or more than 7,200 terawatts per year of production.

 

Offshore Wind Cable Market report examines the market's growth drivers and segments (Conductive Material, Application, End-User, and Region). Data has been provided by market participants and regions (North America, APAC, Europe, MEA, and South America). This market study takes an in-depth look at all of the significant advancements occurring across all industry sectors. To provide key data analysis for the historical period (2018-2022), statistics, infographics, and presentations are used. The report examines the Offshore Wind Cable markets, Drivers, Restraints, Opportunities, and Challenges. This SMR report includes Offshore Wind Cable investor recommendations based on a detailed analysis of the current competitive landscape of the Offshore Wind Cable market.

 

 

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COVID-19 pandemic on the Offshore Wind Cable Market:

Coronavirus is now a threat to humanity and the global economy. Henceforth, it has delayed the growth of the air market on the coast, as countries are forced to use roadblocks in the first half of 2020. Strict guidelines were issued by governments and local authorities, and all non-essential functions were discontinued. This has had a negative impact on the maritime air market due to the lack of focus on the development of the coastal air market. In addition, delays in production and procurement were also confirmed in the second quarter which challenged the air market on the coast.

 

Offshore Wind Cable Market Dynamics:

There has been a marked change in the energy sector to renewable and renewable energy sources due to factors such as the need to reduce carbon emissions, reduction of fossil fuels, climate change, etc. There are many government policies in place to support green energy action. Many international companies are taking steps to reduce their carbon footprint in order to contribute to a green and sustainable planet. For example, Equinor (Norway) aims to halve its carbon emissions by 2050.

 

Part of the plan is to develop its renewable energy businesses, especially offshore wind cable market, which can reach 6,000 megawatts in six years and 16,000 megawatts in 15 years. Another example is the giant power company Total, which has entered into an agreement with SSE Renewables to acquire 51% of its Seagreen 1 wind farm project. The total is expected to invest 70 million Euros in this project. According to analysts, offshore wind could generate USD 166 billion in new investment and USD 1.7 billion in new U.S. Treasury tax revenue by 2022 while also supporting 80,000 jobs a year by 2035.

 

Although it has a large volume feature compared to related technologies, such as solar wind and coastal wind, its huge financial costs hamper its implementation. Coastal wind turbines are at risk of erosion, as they operate for decades in rough seas. Therefore, huge financial costs and problems related to operations, storage, transportation, and goods are hindering the global maritime air market.

 

Demand for renewable energy will continue to rise. Between 2019 and 2050, Bloomberg BNEF projects will spend USD 13.3 trillion on new energy production assets, and 15,145 GW of carbon offset potential. Wind and solar, according to the BNEF, will account for 50% of global electricity generation by 2050.

 

Offshore Wind Cable Market Segment Analysis:

Inter-array cables: Separated cables are used to transfer electricity between coastal wind turbines. The continuous development of operational scale projects involving a wide range of wind turbines and rising input capacity in shallow water will increase the market demand for inland air cables. Low transfer losses and lower installation costs are some of the few outstanding factors in favour of offshore wind turbine investments.

Export cables: In Europe, USA and Asia, Offshore windfarms are being built overseas increasingly production capacity over 1 GW, required high transmission voltages. Currently coastal windfarms are connected to it 245 kV power supply with several cables installed accordingly. With continuous development in insulation material, export cables may now be available delivered up to 420 kV HVAC in one or more contexts three core configurations.

 

 

by Conductor Material

Copper: Certain high weight, extreme weather resistance and high material volatility are some of the key factors driving the market demand for copper offshore-based wind turbines. The continuous integration of power transfer systems coupled with the ability of copper-based cables to withstand the rigid ocean environment including ocean turbulence and tidal waves will also promote product acceptance. In addition, the growing demand for low-performance cables and high carrying capacity will increase copper market access for all coastal wind power projects.

 

Aluminium: As copper is more expensive than aluminium. Therefore, switching to aluminium, which is lighter and less expensive than copper, is a viable option in most cases. Using aluminium successfully is a matter of understanding the capabilities of this steering wheel and how to deal with the challenges it presents. The average three-month price for copper 2021 is $ 4,417 per ton, which is about four times as high as aluminium, estimated at $ 1,138 per ton (as of Aug 2021). This significant difference in price is due to the greater availability of raw aluminium compared to copper.

 

Offshore Wind Cable Market Regional Insights:

Regionally, Europe is likely to retain its market dominance during the forecast period, with Germany, the UK, the key engines of regional market growth. The existence of a large number of coastal facilities and their effective use and energy policy framework approved by the EU is a major factor contributing to regional market dominance. But in the coming years, the region of North America and Asia Pacific is expected to grow. From the recent survey it is can be seen that China contribute 48% of total offshore wind power capacity in 2023, Hence, the growth of offshore wind cable market is increasing.

 

The Asia Pacific region has a growing demand for electricity, so it is increasingly focused on the adoption of sustainable energy. While in the European region there is a positive view of wind power on the coast, that is why it is a long-term investment in the coastal wind industry. The North American region has a promising technological power for wind power on the coast. Therefore, it is generally expected that the overseas cable market will grow significantly in these three regions.

 

The objective of this report is to present an in-depth analysis of the Offshore Wind Cable Market to industry stakeholders. The report provides the recent trends in the Offshore Wind Cable Market and how these factors will impact on new business investment and market enhancement during the forecast period. The report also provides an understanding of the potential of the Offshore Wind Cable Market and the competitive structure of the market by analysing market leaders, market fans, and regional players.

 

The quality and quantity data provided in the Offshore Wind Cable Market report assist the readers to understand which market Conductive Materials, regions are expected to grow in value, market factors, and key opportunity areas, which will impact industry growth and predictable market growth with respect to time. The report includes the competitive status of key competitors in the industry and their recent developments in the Offshore Wind Cable Market. The report also provides a comprehensive set of factors such as company size, market share, market growth, revenue, production capacity, and profits of key players in the Offshore Wind Cable Market.

 

 

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals are existing, who they are, and how their product quality is in the Market. The report also analyses if the Offshore Wind Cable Market is easy for a new player to gain an edge in the market, do they come and go in the market regularly if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political factors that help in analysing how much a government can impact the Market. Economic variables assist in the calculating economic performance drivers that can affect the Market. Analysing the impact of the overall environment and the impact of environmental concerns on the Offshore Wind Cable Market is aided by legal factors.

 

Offshore Wind Cable Market Scope:

Offshore Wind Cable Market
Market Size in 2023	USD 3.38 Bn.
Market Size in 2030	USD 11.65 Bn.
CAGR (2024-2030)	19.3 %
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	By Conducting material Copper Aluminium
	By Technology Inter-array cable Export cable
	By Application Turbine Oil and Gas Drilling Others
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

Offshore Wind Cable Market Key Players

• General Electric (US)
• Vestas (Denmark)
• Siemens Gamesa (Spain)
• Goldwind (China)
• Shanghai Electric Wind Power Equipment Co. (China)
• ABB (Switzerland)
• Doosan Heavy Industries and Construction (South Korea)
• Hitachi (Japan)
• Nordex SE (Germany)
• EEW (Germany), Nexans (France)
• DEME (Belgium)
• Ming Yang Smart Energy Group Co (China)
• Envision (China)
• Rockwell Automation (US)
• Hyundai Motor Group (South Korea)