What are the Key Drivers of Global Offshore Wind Cable Market?

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What are the Key Drivers of Global Offshore Wind Cable Market?

The global drive for offshore wind industry is creating huge new opportunities for manufacturers of array and export cables in Offshore Wind Cable Market.

Offshore Wind Cable Market: Introduction

· Offshore wind farms use cables to transmit electricity to thegrid. In this process, the electricity produced by offshore wind turbinestravels back to the land through a series of cable systems that are buried inthe sea floor.

· Electricity produced through offshore wind farms is channeledthrough coastal load centers that prioritize where the electricity should goand distribute it into the electrical grid to power homes, schools, andindustries.

· Offshore winds are typically stronger during the day, allowingfor a more stable and efficient production of energy when consumer demand is atits peak. Most land-based wind resources are stronger at night, usually whenelectricity demands are lower.

· Offshore wind has the potential to deliver large amounts ofclean, renewable energy to fulfill electrical needs of society.

· The National Renewable Energy Laboratory estimates that thetechnical resource potential for the U.S. offshore wind is more than 2,000gigawatts of capacity, or more than 7,200 terawatt-hours per year of generation

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Key Drivers of Global Offshore Wind Cable Market

· The global drive for offshore wind industry is creating huge newopportunities for manufacturers of array and export cables in OffshoreWind Cable Market. It is estimated that more than 9,600 km and 6,750 kmcables would be needed, respectively, between 2020 and 2027.

· Offshore wind industry is offering new business opportunities tooil & gas supply chain companies

· There is an immediate need to reduce cost incorporated acrossthe offshore wind industry and almost all the developers are looking foradopting better solutions for the cost reduction practices, thus it makes newopportunities for new entrants in oil and gas sector that can deliver thiscross-sector enterprise solution.

· Growing energy consumption in emerging economies and initiativesto reduce greenhouse gas emissions (GHG) will have a positive impact on theoffshore wind cable market

· Decline in component prices due to government subsidies topromote clean offshore energy generation is likely to drive the global market

Major Developments in Offshore Wind Cable Market:

· In October 15, 2019, Deutsche Windtechnik has been commissionedto provide maintenance for offshore wind turbines at the Trianel WindparkBorkum II project, off the German coast. The independent service provideris now responsible for maintenance of 32 Senvion 6.2 M152 turbinesonsite.

· On June 5, 2019, JDR Cables signed a contract with DEMEoffshore for Sea made offshore wind farm. JDR will design, manufacture, anddeliver 78.1 kilometers of aluminum core inter-array cables and a range ofcable accessories, including repair joints and connectors.

· On July 24, 2019, Prysmian Group was awarded a contract by theNational Grid Viking Link Limited and Energinet for the development of VikingLink, the first submarine cable connection between the U.K. and Denmark. Thecontract, worth US$895 million, includes turn-key design, manufacturing, andinstallation of the interconnector with 1,250 km cable for the submarine routeand approximately 135 km of land cables on the U.K. side.

· The U.K. recently announced the world's biggest offshore windfarm project, Hornsea-One, spread across an area of approximately 407 squarekilometers located off the Yorkshire coastline. The project is currentlypartially operational with 50 of its 174 turbines spinning. The deployment,which is expected to be over by 2020, will have a generating capacity of 1.2gigawatt.

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