Offshore Wind Cable Market: Introduction
- Offshore wind farms use cables to transmit electricity to the grid. In this process, the electricity produced by offshore wind turbines travels back to the land through a series of cable systems that are buried in the sea floor.
- Electricity produced through offshore wind farms is channeled through coastal load centers that prioritize where the electricity should go and distribute it into the electrical grid to power homes, schools, and industries.
- Offshore winds are typically stronger during the day, allowing for a more stable and efficient production of energy when consumer demand is at its peak. Most land-based wind resources are stronger at night, usually when electricity demands are lower.
- Offshore wind has the potential to deliver large amounts of clean, renewable energy to fulfill electrical needs of society.
- The National Renewable Energy Laboratory estimates that the technical resource potential for the U.S. offshore wind is more than 2,000 gigawatts of capacity, or more than 7,200 terawatt-hours per year of generation
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Key Drivers of Global Offshore Wind Cable Market
- The global drive for offshore wind industry is creating huge new opportunities for manufacturers of array and export cables in Offshore Wind Cable Market. It is estimated that more than 9,600 km and 6,750 km cables would be needed, respectively, between 2020 and 2027.
- Offshore wind industry is offering new business opportunities to oil & gas supply chain companies
- There is an immediate need to reduce cost incorporated across the offshore wind industry and almost all the developers are looking for adopting better solutions for the cost reduction practices, thus it makes new opportunities for new entrants in oil and gas sector that can deliver this cross-sector enterprise solution.
- Growing energy consumption in emerging economies and initiatives to reduce greenhouse gas emissions (GHG) will have a positive impact on the offshore wind cable market
- Decline in component prices due to government subsidies to promote clean offshore energy generation is likely to drive the global market
Major Developments in Offshore Wind Cable Market:
- In October 15, 2019, Deutsche Windtechnik has been commissioned to provide maintenance for offshore wind turbines at the Trianel Windpark Borkum II project, off the German coast. The independent service provider is now responsible for maintenance of 32 Senvion 6.2 M152 turbines onsite.
- On June 5, 2019, JDR Cables signed a contract with DEME offshore for Sea made offshore wind farm. JDR will design, manufacture, and deliver 78.1 kilometers of aluminum core inter-array cables and a range of cable accessories, including repair joints and connectors.
- On July 24, 2019, Prysmian Group was awarded a contract by the National Grid Viking Link Limited and Energinet for the development of Viking Link, the first submarine cable connection between the U.K. and Denmark. The contract, worth US$895 million, includes turn-key design, manufacturing, and installation of the interconnector with 1,250 km cable for the submarine route and approximately 135 km of land cables on the U.K. side.
- The U.K. recently announced the world's biggest offshore wind farm project, Hornsea-One, spread across an area of approximately 407 square kilometers located off the Yorkshire coastline. The project is currently partially operational with 50 of its 174 turbines spinning. The deployment, which is expected to be over by 2020, will have a generating capacity of 1.2 gigawatt.
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Key Players Operating in Global Offshore Wind Cable Market
Some of the major players operating in the global offshore wind cable market are:
- ZT International Ltd
- Deutsche Windtechnik
- JDR Cable Systems Ltd
- Prysmian Group
- FURUKAWA ELECTRIC CO., LTD
- NKT A/S
- Sumitomo corporation
- LS Cable & Systems ltd.
- Ningbo shunchi wire & cable co., ltd
Global Offshore Wind Cable Market: Research Scope
Global Offshore Wind Cable Market, by Technology
Global Offshore Wind Cable Market, by Conductor Material
Global Offshore Wind Cable Market, by Configuration
Global Offshore Wind Cable Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East & Africa
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