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Technavio, an international market research institution, recently released an offshore wind cable market report that from 2020 to 2024, the annual compound growth rate of the global offshore wind cable market is close to 7%.
The continued expansion of offshore wind capacity due to cost reduction is the main reason for the
steady growth of this market.
As technology improves, CAPEX, OPEX, project design, and the cost of financing turbine performance are the main drivers supporting lower costs for wind energy projects
.
As offshore wind farms continue to grow in size, coupled with the development and application of high-power offshore wind turbines, the scale of wind farms will continue to increase
.
This will increase the demand
for higher capacity export cables during the forecast period.
Europe was the largest regional market
for offshore wind cables in 2019.
The region will provide more growth opportunities
for vendors in the market during the forecast period.
Government support and growing focus on wind energy are expected to drive the growth of the offshore wind power market in the region during the forecast period
.
According to the report, 75% of the market growth during the forecast period will come from Europe
.
The UK, Germany and France are the main markets
for offshore wind in Europe.
However, the market growth in the region will be slower than in North America
.
Overall, the global offshore wind cable market is expected to increase by $655.
89 million
during the forecast period.
Leading global cable manufacturers such as Prysmann, Nexans, Sumitomo Electric, Nkt Cable, LS Cable, Furukawa Electric and Fujikura Cable will also become the leading offshore wind power cable suppliers
during the forecast period.
Technavio, an international market research institution, recently released an offshore wind cable market report that from 2020 to 2024, the annual compound growth rate of the global offshore wind cable market is close to 7%.
The continued expansion of offshore wind capacity due to cost reduction is the main reason for the
steady growth of this market.
As technology improves, CAPEX, OPEX, project design, and the cost of financing turbine performance are the main drivers supporting lower costs for wind energy projects
.
As offshore wind farms continue to grow in size, coupled with the development and application of high-power offshore wind turbines, the scale of wind farms will continue to increase
.
This will increase the demand
for higher capacity export cables during the forecast period.
Europe was the largest regional market
for offshore wind cables in 2019.
The region will provide more growth opportunities
for vendors in the market during the forecast period.
Government support and growing focus on wind energy are expected to drive the growth of the offshore wind power market in the region during the forecast period
.
According to the report, 75% of the market growth during the forecast period will come from Europe
.
The UK, Germany and France are the main markets
for offshore wind in Europe.
However, the market growth in the region will be slower than in North America
.
Overall, the global offshore wind cable market is expected to increase by $655.
89 million
during the forecast period.
Leading global cable manufacturers such as Prysmann, Nexans, Sumitomo Electric, Nkt Cable, LS Cable, Furukawa Electric and Fujikura Cable will also become the leading offshore wind power cable suppliers
during the forecast period.
