According to Global Market Insights, Inc. The global offshore wind power cable market is expected to exceed $2 billion by 2025, according to a new study.
The growth of the offshore wind cable market will be driven by the global power industry development's shift of emphasis from traditional power generation systems to clean and unconventional systems. According to GWEC, global offshore wind power installed capacity increased 0.5 percent in 2018 compared to 2017, due to a surge in global installed capacity to 23 gigawatts of new offshore wind capacity of 5 gigawatts. In addition, lower component prices will drive technology demand as regulators push incentives for clean energy installations.
Regionally, the European offshore wind cable market is expected to show significant growth due to strict regulation of carbon emissions and increasing efforts to exploit rich offshore potential. Offshore Wind financing across the European region totaled $11.7 billion in 2018, up from $9 billion in 2017, according to the Wind Europe report.
In terms of cable types, the market for 37-66kv array-based offshore wind power cables is expected to grow by more than 23% by 2025. With the installation of large turbines on the rise, the industry has been boosted by a shift in emphasis to increased power carrying capacity.
In 2018, the first 66kV cable offshore wind power demonstration project went into production in the UK with a capacity of 41.5 mw. In addition, low power losses, fewer cables and minimal installation costs are some of the key features that further complement the industry situation.
From a technical point of view, increased investment in improving offshore energy generation capacity, including wind and tidal power, will increase the scale of the offshore wind cable industry. In addition, some indispensable characteristics such as high current carrying capacity, operational flexibility and high specific gravity will further stimulate the industry prospects.
Compared with onshore wind power, offshore wind power's demand for land and widespread human intervention are stimulating the further development of the offshore wind power market. More and more enterprises are engaged in the development and use of high-capacity turbines.
From a market perspective, with 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 industry is being stimulated by a network of HVDC transmission systems that transmit electricity over long distances.
From the perspective of manufacturers, prysman, nexen, sumitomo electric, JDR cable, guhe electric, LS cable, zhongtian technology will become the world's leading offshore wind power cable