Authored By: Sarah
11 Jul 2024

 Wind Energy Cables Market to grow by USD 16.58 billion between 2024-2028

According to a research report “ Wind Energy Cables Market” by Application (Offshore, Onshore) End-user (Utility, Industrial, Commercial) Geography (North America, Europe, APAC, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 16.58 billion at a CAGR of  30.45% during the forecast period. In the business sphere, the wind energy cables market experiences significant growth due to substantial investments in offshore wind turbines. The expansion of offshore wind power capacity is a key driver, fueled by the global push towards renewable and sustainable energy sources. This trend results in increased demand for wind energy cables, as large-scale offshore wind farm projects require substantial electrical infrastructure for power transmission to the onshore grid..

Browse market data tables, figures, and in-depth TOC on “Wind Energy Cables Market” by Application (Offshore, Onshore) End-user (Utility, Industrial, Commercial) Geography (North America, Europe, APAC, Middle East and Africa, South America) Global Forecast to 2028.

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By Application, the Offshore segment is projected to dominate the market size in 2024.

In the wind energy cables market, the utility segment represents a significant consumer base. These cables play a crucial role in connecting wind farms to the power grid, enabling the transmission of electricity from wind turbines to substations and ultimately to end-users. Within wind farms, utility segment cables interconnect individual turbines and aggregate electricity from multiple sources. Designed for high voltage and harsh conditions, these cables are essential for the efficient operation of onshore and offshore wind energy systems. The utility segment is poised for substantial growth in the wind energy market.

By End-user, Utility  segment is expected to hold the largest market size for the year 2024.

In the offshore wind energy cables market, the installation of specialized cables is essential for connecting offshore wind farms to onshore electrical grids. With increasing global investments in offshore wind projects, this segment is experiencing significant growth. Offshore wind farms offer advantages such as minimal environmental impact and reduced noise levels, coupled with higher wind speeds. However, the unique challenges of transmitting electricity over long distances and enduring harsh marine conditions necessitate the use of robust and durable wind energy cables.

North America is forecasted to hold the largest market size by region in 2024.

In North America, the wind energy cables market is experiencing robust growth due to the region's abundant wind resources and increasing demand for clean, renewable energy sources. Governments and utility companies are heavily investing in the development of transmission infrastructure and wind farms, primarily focused on onshore projects, to meet their renewable energy targets. This investment trend is driving the wind energy cables market in North America.

The Wind Energy Cables Market t growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • ABB Ltd.
  • Belden Inc.
  • Deutsche Windtechnik AG
  • Finolex Cables Ltd.
  • Fujikura Ltd.
  • Furukawa Electric Co. Ltd.
  • Hengtong Group Co. Ltd.
  • Hydro Group
  • KEI Industries Ltd.
  • LS Corp.
  • Nexans SA
  • Ningbo Orient Wires and Cables Co. Ltd.
  • NKT AS
  • Prysmian Spa
  • Southwire Co. LLC
  • Subsea 7 SA
  • Sumitomo Electric Industries Ltd.
  • Tele Fonika Kable SA
  • Viohalco S.A.
.

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Research Analysis Overview

The Wind Energy Cables Market encompasses the specialized equipment and manufacturing processes required for producing cables used in offshore wind energy projects. Installation procedures for these high-performance and safety-standard cables involve careful consideration of capacity, cable length, and maintenance requirements. Deep-sea wind turbines rely on high-voltage direct current (HVDC) transmission systems, necessitating cables with exceptional durability and corrosion resistance to ensure minimal power losses during electricity transmission. Offshore wind projects necessitate cross-border electrical infrastructure, necessitating cables capable of exporting clean energy from one country to another. Performance and safety standards are paramount in this industry, with cable manufacturing companies focusing on producing cables that meet these stringent requirements. The wind energy cables market plays a crucial role in the expansion of offshore wind energy, contributing to the generation potential of renewable energy sources and reducing reliance on offshore oil.

Market Research Overview

In the realm of renewable energy, the Wind Energy Cables Market holds significant importance in the transmission of electricity from offshore wind farms. These cables, available in medium and high voltage segments, facilitate the connection of wind turbines to the electrical grid. The voltage segment plays a crucial role in determining the capacitance and length limit of the cables. Power lines, an integral part of the electrical infrastructure, require specialized materials for wind energy cables to ensure durability, corrosion resistance, and performance standards. The construction of these projects, often complex and spanning multiple jurisdictions and international borders, necessitates expert workforces and specialized equipment for installation procedures. The completion of wind energy projects can be subject to delays due to various approvals, permits, and regulations. The opportunity for wind energy expansion is vast, with potential in deep-sea wind turbines and high-voltage direct current systems. Offshore oil industries can also benefit from the cross-border transmission of electricity using wind energy cables. Maintaining the wind energy cables is essential for minimizing power losses and ensuring the safe operation of the electrical infrastructure. Cable manufacturing is a critical aspect of the wind energy industry, with a focus on maximizing the power generation potential while adhering to safety and environmental standards.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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