Offshore wind farms transmit electricity to the grid via cables. Electricity generated by offshore wind turbines is returned to land via a series of cable systems buried in the ocean floor in this process. Coastal winds have the potential to provide great clean, renewable energy to meet the community's electricity needs. According to the National Renewable Energy Laboratory, the power of US maritime technology with offshore wind cable will be more than 2,000 capacity, or more than 7,200 terawatts per year of production.
Offshore Wind Cable Market Report Scope and Research Methodology:
The key objective of the report is to provide a comprehensive assessment of the Offshore Wind Cable market, including major leading stakeholders in the Offshore Wind Cable industry. The assessment clearly shows the forecasted market size and trends, as well as the historical and present status of the Offshore Wind Cable market. The report provides information on the Offshore Wind Cable market’s revenue, share, production and sales. The report also includes Offshore Wind Cable market segment trends, investment and technology with the competitive landscape. It also includes the analysis of the regional as well as market segments, application areas and market growth strategies. An in-depth analysis of the market segmentation assists to determine the prevailing market opportunities and the major segments of the Offshore Wind Cable market are further divided into sub-segments.
The report provides a qualitative and quantitative analysis of the Offshore Wind Cable market from 2022 to 2029 to identify the prevailing market opportunity. Porter’s five forces analysis highlights the potency of the suppliers and buyers in the Offshore Wind Cable industry to enable stakeholders to make profit-oriented business decisions and strengthen their buyer-supplier network. The Offshore Wind Cable market study provides unique guidance in thoughtful details regarding the development factors and has used a top-down and bottom-up approach to keep it error-free and accurate. Extensive primary and secondary research methodologies have been used by SMR’s expert analysts to collect the data for the Offshore Wind Cable market report.
Offshore Wind Cable Market Overview:
The Offshore Wind Cable Market's drivers, restraints, technical advancements, product developments, market opportunities, restrictions, growth strategies, and market prospects, as well as the forecast period, have been covered in the report in detail. The report offers an in-depth look at the Offshore Wind Cable industry, including key figures such as Offshore Wind Cable market size, market share, revenue growth, and CAGR for the forecast p
eriod (2021 to 2027).
Offshore Wind Cable Market size was valued at US$ 2 Bn. in 2021 and the total revenue is expected to grow at 19.3% through 2022 to 2027, reaching nearly US$ 9.79 Bn. by 2027.
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Offshore Wind Cable Market Drivers:
Because of factors such as the need to reduce carbon emissions, the reduction of fossil fuels, climate change, and so on, there has been a significant shift in the energy sector toward renewable and renewable energy sources. Many government policies are in place to encourage green energy action. Many multinational corporations are taking steps to reduce their carbon footprint in order to contribute to a more environmentally friendly and sustainable world. Equinor (Norway), for example, aims to cut carbon emissions in half by 2050..
Offshore Wind Cable Market Segmentation:
Inter-array cables are used to transfer electricity between coastal wind turbines. The ongoing development of operational scale projects involving a diverse range of wind turbines, as well as rising input capacity in shallow water, will drive up market demand for inland air cables. Low transfer losses and lower installation costs are two of the few notable benefits of offshore wind turbine investments.
Export cables: As offshore windfarms with capacities exceeding 1 GW are built in Europe, the United States, and Asia, high transmission voltages are required. Currently, coastal windfarms are connected to its 245 kV power supply via several cables. With the continuous advancement of insulation materials.
Copper: Some of the key factors driving market demand for copper offshore-based wind turbines are their high weight, extreme weather resistance, and high material volatility. The continuous integration of power transfer systems, combined with the ability of copper-based cables to withstand the harsh ocean environment, including ocean turbulence and tidal waves, will also help to increase product acceptance. Furthermore, increased demand for low-performance cables with high carrying capacity will increase copper market access for all coastal wind power projects.
Because copper is more expensive than aluminum. As a result, in most cases, switching to aluminum, which is lighter and less expensive than copper, is a viable option. Understanding the capabilities of this steering wheel and how to deal with the challenges it presents is necessary for successful use of aluminum. Copper 2021 has an average three-month price of $4,417 per ton, which is nearly four times the price of aluminum, which is estimated to be $1,138 per ton (as of Aug 2021). This significant price difference is due to the greater availability of raw aluminum versus copper.
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)
Offshore Wind Cable Market Regional Insights:
Major countries in each region are included in the report according to their revenue contribution to the Offshore Wind Cable market. The study includes a region-wise detailed analysis of the Offshore Wind Cable market. The regions are:
- North America
- Asia Pacific
- Europe
- Latin America
- the Middle East, and Africa
Key Questions answered in the Offshore Wind Cable Market Report are:
- What are the sales, production, consumption, and import and export of Offshore Wind Cable globally (North America, Europe, Asia-Pacific, South America, Middle East, and Africa)?
- Who are the major players in the Offshore Wind Cable Industry on a worldwide scale?
- What is the state of business of Offshore Wind Cable market players?
- What are the market opportunities and restraints for Offshore Wind Cable suppliers in the Offshore Wind Cable industry?
- Which application, end-user, or product category might be looking for new growth opportunities? What is each type's and application's Offshore Wind Cable market share?
Key Offerings:
- Market Share, Size & Forecast by Revenue | 2022−2027
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by segments with their sub-segments and Region
- Competitive Landscape – Top Key Players and Other Prominent Players
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About Stellar Market Research
Established in 2018, Stellar Market Research is India Based consulting and advisory firm focused on helping clients to reach their business transformation objectives with advisory services and strategic business. The company’s vision is to be an integral part of the client’s business as a strategic knowledge partner. Stellar Market Research provides end-to-end solutions that go beyond key research technologies to help executives in any organization achieve their mission-critical goals. The company has clients from all across the globe, 23 % from India and others from Japan, Korea, Germany, United States, etc. The company uses its extensive industry knowledge, strong network, and know-how to provide complete insights that give clients a competitive advantage.
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