The offshore wind cable market is poised to garner remarkable growth on account of mounting demand for electricity and the ongoing shift towards renewable energy solutions. Rapid urbanization and increasing digitization across emerging economies is overburdening the utility sector. A study conducted by the U.S. Energy Information Administration (EIA) enumerates that energy consumption across the globe may exceed by nearly 50% until 2050.
Driven by the need to fulfill growing energy demand, construction of offshore wind farms has ramped considerably in recent years, evidently driving the demand for wind cables. Manufacturers in this sector are focusing on producing new versions of cables made using materials that provide utmost safety to the environment. Strict regulations and mandates regarding combustion of fossil fuels is supporting the construction of new offshore wind farms. On this note, Global Market Insights, Inc., the offshore wind cable market might register momentous revenue proceeds by 2026.
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Mentioned below are some of the ongoing trends advancing offshore wind cable market outlook:
- Increasing transition towards sustainable energy solutions
Several utility companies are now focusing on incorporating renewable energy solutions like solar, geothermal and wind energy for meeting energy demand. Offshore wind farms a proven to be a viable solutions give to steadier wind speed at offshore location. This has driven the demand of efficient wind cables that are capable of transferring steady energy supplies with reduced noise levels compared to onshore wind energy solutions.
- Adoption of copper based cables
Energy companies are increasingly adopting copper wires owing to its non-magnetic properties and high electrical ductility which them highly suitable for both export and inter-array cables. These cables have heavy load bearing capacity and offer a low failure rate, making them preferable over other wind cables. Use of specific 66kV inter-array cables that are mainly made of copper material might boost offshore wind cable market size.
Efforts are being taken to increase transmission voltage levels by installing new offshore wind energy projects. For instance, in 2020, French cable manufacturer, Nexans was awarded a contract by SSE Renewables to design, manufacture, and deploy high voltage (HV) onshore and offshore cables for the Phase 1 construction of Seagreen offshore wind project. High thermal conductivity and increased operating efficiency are some major product characteristics that may fuel the demand for copper wind cables.
- Implementation of stern emission regulations
Governments across the globe are narrowing down their focus on implementing stern regulations and policies to lower carbon footprint as well as promote the adoption of sustainable renewable energy technologies. A spurt in government investments in the utility sector will boost the adoption of export cables. While technological advancements done by leading cable manufacturers may suffice commendable demand in offshore wind cable market. Currently, companies like JDR Cable Systems Ltd., Hydro Group, Parker Hannifin Corporation, Leoni Group, Hengtong Marine Cable Systems, and Ningbo Orient Wires & Cables Co. dictating this business landscape.
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