Europe Offshore Wind Cable Market Size to Make Substantial Gains by 2026

Published Date: 2020-11-23

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According to the Graphical Research new growth forecast report titled “Europe Offshore Wind Cable Market Size By Technology (Inter – array {11kV to 36kV, 37kV – 66kV}, Export {132 kV & Less, 132 kV & Above}), Conductor Material (Aluminum, Copper) Analysis Report, Regional Outlook (UK, Germany, Denmark, France, Netherlands, Belgium, Ireland), Price Trends, Competitive Market Share & Forecast, 2020 – 2026”, to Make Substantial Gains by 2026.

Europe Offshore Wind Cable Market size will witness a substantial growth owing to paradigm shift toward the development of new renewable technologies with rising awareness to limit carbon emissions. Increasing research and development activities aimed toward improving the Capacity Utilization Factor (CUF) for offshore wind farms along with the high availability of wind resource will stimulate the business growth. Moreover, no land acquisition costs significantly lower the overall CAPEX of the offshore wind energy project which will positively influence the demand for offshore wind cables substantially over the forecast period.

Rising installation of offshore substations coupled with the increasing export cable voltage owing to the upgradation in the surge carrying capacity has created a favorable scenario for offshore export cables. In addition, growing requirement of reliable cables with high voltage carrying capacity to allow safe energy transmission from the offshore wind farms to onshore substations will boost the share of export cables in the Europe offshore wind cable market.

Ease of installation, lower weight along with adaptable product configuration & installation capabilities as compared to copper wires are a few eminent parameters favoring the deployment of aluminum wires across offshore wind industry. The increasing dependence on RE based power generation technologies along with integration toward economical & high efficiency cable technology will stimulate the aluminum wire growth over the forecast timeline. Furthermore, low material & maintenance costs and longer life span coupled with limited transmission losses are some of the other major factors driving product penetration across the Europe offshore wind cable market.

Germany offshore wind cable market is set to witness strong growth on account of surging electricity demand along with government efforts to promote renewable integration. For instance, according to International Energy Agency (IEA), Germany targets to generate 15 to 20 GW of total energy demand in the nation through offshore wind energy by 2030. Moreover, Ongoing technological enhancements in line with the increasing demand for offshore wind system in shelves with high water depths will propel the installation of offshore inter-array and export cables across Germany.

Prominent industry participants in the offshore wind cable business are offering innovative product lines to sustain a competitive advantage over the competitors. Key players in the Europe offshore wind cable market include LS Cable & System, NKT, Prysmian Group, Nexans, ZTT, JDR Cable amongst others.