By 2025, global demand for offshore wind cables is expected to exceed $2 billion

According to Global Market Insights, Inc
.
According to a recent research report, the global offshore wind power cable market is expected to exceed $2 billion
by 2025.

The shift in the focus of the global power industry from conventional power generation systems to clean unconventional systems will drive the growth of the
offshore wind cable market.
According to GWEC, global offshore wind capacity increased by 0.
5% in 2018 compared to 2017, as new offshore wind capacity was 5 GW, surging to 23 GW
globally.
In addition, lower component prices will drive technology demand
due to various incentives from regulators to drive clean energy installations.

Regionally, the European offshore wind cable market is expected to witness significant growth
due to stringent regulations to reduce carbon emissions and increasing efforts to harness abundant offshore potential.
In 2018, according to the European wind association Wind Europe, offshore wind financing across Europe totaled US$11.
7 billion, up from US$9 billion
in 2017.

In terms of cable type, the 37 kV to 66 kV array-based offshore wind power cable market is expected to grow by more than 23%
by 2025.
With the increasing installation of large turbines, shifting the industry's focus to improving power carrying capacity has boosted the industry
.

In 2018, the first 66kV cable offshore wind demonstration project was commissioned in the UK with a capacity of 41.
5 MW
.
In addition, low power losses, reduced number of cables, and minimized installation costs are some of the key features
that further complement the industry situation.

From a technology perspective, increased investment to increase offshore energy generation capacity, including wind and tidal power, will enhance the size of
the offshore wind cable industry.
In addition, some indispensable features such as high current-carrying capacity, operational flexibility, and high specific gravity will further stimulate the industry outlook
.

The demand for land for offshore wind compared to onshore wind and the prevalence of human intervention are stimulating further development
of the offshore wind market.
More and more enterprises are engaged in the development and use
of high-capacity turbines.

From the perspective of the market, due to nature reserves and limited land resources, most island countries are promoting the development of global offshore wind technology to meet the growing demand
for electricity.
In addition, the network of high-voltage direct current transmission systems for long-distance transmission is also stimulating the growth
of the industry.

From the perspective of manufacturers, Prysman, Nexans, Sumitomo Electric, JDR Cable, Furukawa Electric, LS Cable, Zhongtian Technology, etc.
will become the world's leading offshore wind power cable manufacturers
.