LONDON–(BUSINESS WIRE)–#GlobalOffshoreWindCableMarket–The global offshore wind cable market is expected to grow by USD 655.89 million as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of 7%. Request free sample pages
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The market is driven by the growing offshore renewable energy installations. In addition, the reduction of cost for wind energy is anticipated to boost the growth of the offshore wind cable market.
The installation of offshore wind power is rapidly increasing over onshore wind power as it has a higher capacity output of up to 40%. In addition, the demand for renewable energy is leading to an increase in the number of offshore wind farms. In 2019, the global cumulative installed offshore wind capacity was 29 GW. The increase in offshore wind power installations is propelling the adoption of offshore wind cables to enable the transportation of newly generated power to the shore from offshore wind turbines. HVAC (high voltage alternating current) and HVDC (high voltage direct current) are two widely used basic types of offshore wind cables. Offshore wind cable are being extensively used because they allow greater integration of renewable energies. Thus, the growing offshore renewable energy installations are expected to drive market growth during the forecast period.
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Major Five Offshore Wind Cable Companies:
ABB Ltd. operates the business under various segments such as Electrification, Industrial Automation, Motion, Robotics & Discrete Automation, and Corporate and Other. The company offers submarine power cables for offshore wind farms. They also provide drives, electric motors, power electronics, and generators.
Brugg Kabel AG
Brugg Kabel AG offers products through the following business units: Cable Systems, Rope Technology, Pipe Systems, Process Control Systems, and BRUGG Real Estate. The company offers fiber-optic sensing cables for subsea applications. They also provide industrial pipes for various applications.
Hellenic Cables SA
Hellenic Cables SA operates under various business segments, namely Cables, Enamelled wires, and Foundries. The company offers XLPE insulated submarine inter-array cables. They also provide enameled wires, tin-plated copper conduits, and copper wires used for winding.
Jiangsu Zhongtian Technology Co. Ltd.
Jiangsu Zhongtian Technology Co. Ltd. offers products through the following business segments: Information and communication, Smart grid, Marine system, and Others. The company offers MV submarine cable. They also provide HV power cable, insulator, MV power cable, arrester, LV power cable, and others.
Leoni AG offers products through the following business segments: Wiring Systems and Wire & Cable Solutions. The company offers high voltage power cables for offshore wind farms. They also provide strands and optical fibers, standardized cables, special cables, and wires.
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Offshore Wind Cable Market Product Outlook (Revenue, USD Million, 2020-2024)
- Export cable – size and forecast 2019-2024
- Inter-array cable – size and forecast 2019-2024
Offshore Wind Cable Market Geography Outlook (Revenue, USD Million, 2020-2024)
- Europe – size and forecast 2019-2024
- APAC – size and forecast 2019-2024
- North America – size and forecast 2019-2024
- MEA – size and forecast 2019-2024
- South America – size and forecast 2019-2024
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