Offshore wind farms use cables to connect to the grid. The electricity generated by offshore wind turbines is returned to the land via a series of cable systems buried in the ocean floor. Coastal winds have the potential to provide significant amounts of clean, renewable energy to meet the community's electricity needs. The National Renewable Energy Laboratory estimates that the power of US maritime technology with the help of 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 report is the guide for the organizations for the strategic planning, which includes Offshore Wind Cable market supply, trends, share and recent developments. The report assists in the analysis of the key players, price and revenue as well as Offshore Wind Cable Market industry sales channels, distributors, dealers and traders, company strengths, weaknesses, research findings, conclusion, data source and appendix.
The report covers key players in the Offshore Wind Cable industry including company profiles, Revenue, Price, product specifications, product capacity and sales and gross margin sales with in-depth examination of Offshore Wind Cable market’s competitive landscape with definite data on vendors. SWOT analysis was used to provide the strengths and weaknesses of the Offshore Wind Cable key players in the industry while the bottom-up approach used to estimate the regional and global Offshore Wind Cable market size.
Offshore Wind Cable Market Report Overview:
The research is based on forecasts from major organizations as well as Offshore Wind Cable Market statistics. The report on the Offshore Wind Cable Market enlightens about the growth variables, current market share, technological developments, applications, and regional penetrations by 2029.
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 Regional Analysis:
The Offshore Wind Cable Market report consists of an analysis of all the regions: Europe, North America, Asia-Pacific, the Middle East and Africa, and Latin America. The current state and the forecast of the regional Offshore Wind Cable market is provided in the report in terms of market size, share, and volume.
Offshore Wind Cable Market Segmentation:
Inter-array cables: Separated cables are used to transfer electricity from coastal wind turbines to other 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 just two of the many compelling reasons to invest in offshore wind turbines.
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. Export cables may now be delivered up to 420 kV HVAC in one or more contexts three core configurations due to continuous development in insulation material.
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 aluminium. As a result, in most cases, switching to aluminium, 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 aluminium. Copper 2021 has an average three-month price of $4,417 per tonne, which is nearly four times the price of aluminium, which is estimated at $1,138 per tonne (as of August 2021). This significant price difference is due to the greater availability of raw aluminium versus copper.
Offshore Wind Cable Market Key Players:
General Electric (US)
Siemens Gamesa (Spain)
Shanghai Electric Wind Power Equipment Co. (China)
Doosan Heavy Industries and Construction (South Korea)
Nordex SE (Germany)
EEW (Germany), Nexans (France)
Ming Yang Smart Energy Group Co (China)
Rockwell Automation (US)
Hyundai Motor Group (South Korea)
Key Questions answered in the Offshore Wind Cable Market Report are:
- What is Offshore Wind Cable Market?
- What are the Offshore Wind Cable market segments?
- Which segment of the Offshore Wind Cable market is expected to grow at a high rate during the forecast period?
- What is the expected CAGR of the Offshore Wind Cable market during the forecast period?
- Which factor is expected to create growth opportunities for the Offshore Wind Cable Market?
- What factors are affecting the Offshore Wind Cable market growth?
- Which regional Offshore Wind Cable market is expected to grow at a high rate during the forecast period?
- What key trends are expected to emerge in the Offshore Wind Cable market during the forecast?
- Market Share, Size, and Forecast by Revenue|2022-2029
- Market Dynamics- Growth drivers, Restraints, Investment Opportunities, and key trends
- Market Segmentation- A detailed analysis of each segment and their sub-segments
- Competitive Landscape - Leading key players and other prominent key players.
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