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
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.