Europe Offshore Wind Cable Market Size 2020 | Growth Factors, Regional Analysis, Key Players and Forecasts By 2026
Category: #energy-and-environment  By Ronak Bora  Date: 2021-04-19
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Europe Offshore Wind Cable Market Size 2020 | Growth Factors, Regional Analysis, Key Players and Forecasts By 2026

The Europe offshore wind cable market size provides an in-depth analysis on this industry with accurate details pertaining to its overall foothold in the global landscape and its application across major end-user industries and sectors. Favorable government initiatives are also expected to drive the market for offshore wind cables in Europe. Governments across the globe have started promoting the benefits of switching from non-renewable sources of energy to renewable ones. For example, as per the report published by the International Energy Agency (IEA), with the help of offshore wind energy, the government of Germany aims to generate 15 to 20 GW of energy to meet the country’s growing demand by 2030.

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Low capital expenditure is another major factor favoring offshore wind cable market growth in Europe. One doesn’t need to buy a piece of land to start a wind energy project and this proves to be a lifesaver for many people aiming to generate power through it.

Copper wires will see significant growth in their demand which will in turn, favor the growth of offshore wind cables in Europe. The reason behind this is the important properties copper wires possess; they are non-magnetic in nature and also have high electrical ductility, which means they can be shaped into strong pipes and flexible wires as well. These wires have high corrosion resistance and are also good conductors of electricity. They are also light in weight which makes them easily portable as well.

Increased demand for electricity is expected to drive Europe offshore wind cables market outlook. The overall world population is growing at a rapid rate which automatically creates pressure on different natural and man-made resources to cater to its growing demands. Electricity has become an essential need today, especially in urban areas and the IT sector boom has increased its demand by many folds. Since renewable sources of energy like solar, hydropower and in this case wind, is abundantly available across the world, it becomes easier to generate energy from these alternatives.

Government programs and laws including the Renewable Energy Act, the Electricity Feed Law, National Hydrogen Strategy have been preparing the ground for a stronger economy in the post-COVID landscape. Surpassing the Asian wind power industry, Germany appears to be aiming to lead the global market for ‘tomorrow’s oil’—green hydrogen, by using offshore wind power. With this, the proposal of the government of Bavaria to produce green hydrogen is one of the developments in the region that can fuel the Europe offshore wind cable market growth over the forthcoming times.

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Some of the companies involved in manufacturing offshore wind cables are Prysmian Group, Fujikura Ltd., LS Cable and System, Sumitomo Electric Industries, among others.

Table of Contents (ToC) of the report:

Chapter 3   Europe Offshore Wind Cable Market Trends

3.1    Industry coverage

3.2    Industry size & forecast, 2015 – 2026

3.3    Value chain analysis

3.3.1    Company product snapshot

3.4    Innovation Landscape

3.5    COVID-19 impact on the industry outlook

3.6    Regulatory norms & directives

3.7    Price trend analysis

3.8    Drivers & restraints

3.8.1    Offshore Wind Cable Market drivers

3.8.2    Market restraints

3.9    Industry analysis - Porter's

3.10    Product growth mapping

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About Author

Ronak Bora

Ronak Bora    

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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