According to the latest research by Global Market Insights (Inc.), the global offshore wind power cable market is expected to exceed $2 billion by 2025.
The shift in the global power industry's focus from traditional power generation systems to clean unconventional systems will drive growth in the offshore wind cable market. According to GWEC, the installed capacity of offshore wind power in the world increased by 0.5% in 2018 compared with 2017, due to the additional installed capacity of 5 GW of offshore wind power and a surge in global installed capacity to 23 GW. In addition, the decline in component prices will drive technology demand as regulators drive various incentives for clean energy installations.
From a regional perspective, the European offshore wind cable market is expected to grow significantly due to the increasing regulation of reducing carbon emissions and the increasing use of abundant maritime potential. In 2018, according to the European Wind Power Association Wind Europe report, offshore wind power financing for the entire European region totaled $11.7 billion, compared to $9 billion in 2017.
In terms of cable types, the market for 37 kV to 66 kV array-based offshore wind power cables is expected to grow by more than 23% by 2025. As the installation of large turbines continues to increase, shifting the industry's focus to improving power carrying capacity has contributed to the industry's growth.
In 2018, the first 66kV cable offshore wind power demonstration project was put into operation in the UK with a capacity of 41.5 MW. In addition, low power loss, reduced cable count, and minimal installation costs are some of the key features that further complement the industry.
From a technical perspective, increasing investment to increase offshore energy generation capacity, including wind and tidal energy, will enhance the scale of the offshore wind cable industry. In addition, some indispensable features such as high current carrying capacity, operational flexibility and high specific gravity will further stimulate the industry's prospects.
Compared with onshore wind power, the demand for land by offshore wind power and the widespread human intervention are stimulating further development of the offshore wind power market. More and more companies are engaged in the development and use of high capacity turbines.
From the market point of view, due to limited nature reserves and land resources, most island countries are promoting the development of global offshore wind power technology to meet the growing demand for electricity. In addition, the high-voltage DC transmission system network for long-distance transmission is also stimulating growth in the industry.
From the manufacturer's point of view, Prysmian, Nexans, Sumitomo Electric, JDR Cable, Furukawa Electric, LS Cable, Zhongtian Technology, etc. will become the world's leading manufacturers of offshore wind power cables.
Source: Cable Network