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Global Wind Turbine Cables Market: Introduction

  • Installation of wind turbines has been increasing across the globe for the last few years, as energy generated by wind turbines provides a cleaner alternate to that generated by fossil fuels. Wind turbine cables are used to transmit data and power from the wind turbine to the power station and wind farm control station. The wind turbine plays a crucial role in the wind energy industry. Therefore, companies are currently investing in R&D to develop more efficient and reliable cables for wind turbines.

Key Drivers and Restraints of Global Wind Turbine Cables Market

  • Rise in demand for energy is a key driver of the wind turbine cables market. Rapid industrialization and urbanization have fueled the demand for electricity in the last few years and wind turbines are being considered across the globe in order to cater to this demand. Thus, a rise in the number of wind turbines is projected to propel the demand for wind turbine cables.
  • Increased investment in offshore wind turbine projects is likely to propel the wind turbine cables market during the forecast period. Offshore wind turbines are more efficient as compared to onshore wind turbines, due to consistent wind speed and direction. Consequently, companies across the globe are presently investing more in offshore wind energy projects.
  • Availability of inexpensive alternate sources of energy such as solar, hydro power, and fossil fuel is estimated to restrain the wind energy market. Sales of wind turbine cables for wind energy depend directly on the sales of the wind turbines, which in turn is projected to restrain the wind turbine cables market during the forecast period.

Global Wind Turbine Cables Market: Segmentation

  • The global wind turbine cables market can be segmented in terms of application and installation
  • Based on application, the global wind turbine cables market can be segmented into power transmission, data transfer, and others. Power transmission cables are expected to witness significantly high demand due to high demand from power generation companies.
  • In terms of installation, the global wind turbine cables market can be bifurcated into onshore and offshore. The onshore segment is likely to expand considerably, as onshore installation of wind turbines is much higher than that of offshore wind turbines. This trend is anticipated to continue during the forecast period.

Global Wind Turbine Cables Market: Regional Outlook

  • Based on region, the global wind turbine cables market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
  • Asia Pacific is expected to dominate the global wind turbine cables market during the forecast period. Dominance of the region can be ascribed to the development of new wind farms in the region, coupled with a rise in investment in development related wind energy infrastructure. This is expected to boost the demand for the wind turbine cables in the region in the near future. China accounted for a leading share of the wind turbine cables market in Asia Pacific in 2019. This was primarily ascribed to the increased number of wind farms in the country.
  • Europe and North America are key regions of the global wind turbine cables market. Government policies promoting wind energy production in these regions are anticipated to boost the wind turbine cables market in Europe and North America during the forecast period.
  • Investments in wind energy projects in Latin America and Middles East & Africa have been rising considerably for the last few years, and this trend is expected to continue during the forecast period. This is likely to drive the wind turbine cables market in these regions during the forecast period.

COVID-19 Impact on Global Wind Turbine Cables Market

  • In initial phase of the COVID-19 Infection, lockdowns were imposed across the globe, which led to restriction on the movement of manpower and goods. This impacted wind energy projects; however, countries announced significant investment in wind energy projects in the second quarter of 2020. Investors in wind energy announced plans to introduce 28 new offshore wind farms worth US$ 35 Bn in 2020, four times more than that in the first half of 2019. Thus COVID-19 marginally hampered the wind turbine cables market in 2020.

Key Players Operating in Global Market

  • ZT International Ltd
  • Deutsche Windtechnik
  • JDR Cable Systems Ltd
  • Nexans
  • Prysmian Group
  • FURUKAWA ELECTRIC CO., LTD
  • ABB
  • NKT A/S
  • Sumitomo corporation
  • LS Cable & Systems ltd.

Global Wind Turbine Cables Market: Research Scope

Global Wind Turbine Cables Market, by Application

  • Power Transmission
  • Data Transfer
  • Others

Global Wind Turbine Cables Market, by Installation

  • Onshore
  • Offshore

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
  • Europe
  • 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.

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Wind Turbine Cables Market

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