Dublin, Aug. 20, 2024 (GLOBE NEWSWIRE) -- The "Offshore Wind Cable - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The global market for Offshore Wind Cable is estimated at US$3.3 Billion in 2023 and is projected to reach US$10.5 Billion by 2030, growing at a CAGR of 18.0% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
Several key drivers are fueling the growth of the offshore wind cable market. Developments in material science, such as corrosion-resistant coatings and improved insulating materials, significantly enhance the durability and efficiency of cables. Smart monitoring systems integrated within cable systems allow for real-time data analysis, reducing maintenance costs through predictive maintenance.
The maturation of floating wind technology increases the demand for dynamic cables designed for deep-water installations. Advances in HVDC technology enable efficient long-distance power transmission, necessitating advanced cable solutions. Stricter safety and environmental regulations are driving innovations in cable technology to ensure they are efficient and environmentally friendly.
Certification and compliance with international standards reassure stakeholders of the cables` quality and reliability, encouraging large-scale investments in offshore wind projects. Increased awareness of the benefits of renewable energy and corporate commitments to renewable initiatives further drive demand for high-quality offshore wind cables, reflecting the industry`s response to market and environmental needs.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Export Cable Technology segment, which is expected to reach US$6.7 Billion by 2030 with a CAGR of a 17.6%. The Inter-Array Cable Technology segment is also set to grow at 18.8% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, estimated at $893.5 Million in 2023, and China, forecasted to grow at an impressive 23.6% CAGR to reach $2.4 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as BlueZone Group, Eland Cables, Fujikura Ltd., and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Questions Answered:
- How is the Global Offshore Wind Cable Market expected to evolve by 2030?
- What are the main drivers and restraints affecting the market?
- Which market segments will grow the most over the forecast period?
- How will market shares for different regions and segments change by 2030?
- Who are the leading players in the market, and what are their prospects?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 378 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $3.3 Billion |
| Forecasted Market Value (USD) by 2030 | $10.5 Billion |
| Compound Annual Growth Rate | 18.0% |
| Regions Covered | Global |
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Global Economic Update
- Offshore Wind Cable - Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- Expansion of Offshore Wind Projects Propels Cable Market Growth
- Government Initiatives and Subsidies Strengthen Market Position
- Development of High Voltage Cables Expands Addressable Market
- Innovations in Cable Installation Techniques Propel Market Growth
- Increased Energy Consumption Drives Adoption of Efficient Cables
- Development of Floating Wind Farms Generates New Demand for Specialized Cables
- Advances in Material Science Strengthen Business Case for Durable Cables
- Impact of Digitalization on Cable Monitoring and Maintenance
- Innovations in Subsea Cable Technology Propel Market Development
FOCUS ON SELECT PLAYERS (Total 51 Featured)
- BlueZone Group
- Eland Cables
- Fujikura Ltd.
- FuruKawa Electric Co., Ltd
- Hellenic Cables S.A.
- Hengtong Group Co. Ltd.
- Hydro Group Ltd
- JDR Cable Systems (Holdings) Ltd
- Nexans S.A.
- Ningbo Orient Wires & Cables Co., Ltd.
- NKT A/S
- SSG Cable
- Sumitomo Electric Industries, Ltd.
- Tratos Cavi SpA
- ZTT Group (Jiangsu Zhongtian Technology Co., Ltd.)
For more information about this report visit https://www.researchandmarkets.com/r/vxvfv0
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