According to the international market research firm Research and Markets report, 2017-2021, the global offshore wind power cable market will be the annual compound growth rate of 16.52% growth.
A major trend in the offshore wind power cable market is the growth in demand for clean electricity. The global electricity demand is growing. In addition, population and global economic growth is expected to continue in the future to promote this trend. Increasing population and economic growth will require considerable power.
According to the report, the wind power industry innovation will become a major driving force. Over the past 15 years, offshore wind power has evolved from a new generation of power technology to help compete against climate change to replace power generation resources. In 2001, only two countries in the world had commercial offshore wind power. As of 2016, the deployment of offshore wind power capacity of the country has more than 15.
The report also said that the market is also facing challenges, that is, reliability and accident risk growth. In order to have a reliable, practical offshore wind farm, it is necessary to produce and install cables to avoid accidents. The protective layer of the cable provides good mechanical protection, at the same time, these protective layers do not react chemically with sea water. In order to minimize the risk, offshore wind power cables are buried in the seabed.
The main suppliers of the global offshore wind power cable market include ABB, General Purpose Cable, Nexans, Ankate, Prysmian, Sumitomo Electric.