Technavio market research analysts forecast the global offshore wind cable marketto grow at a CAGR of close to 17% during the forecast period, according to their latest report.
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Technavio has published a new report on the global offshore wind cable market from 2017-2021. (Graphic: Business Wire)
The market study covers the present scenario and growth prospects of the global offshore wind cable marketfor 2017-2021. The report also lists OEM and aftermarket as the two major end-user segments, of which the market was dominated by the OEMs with 70% of the market share in 2016.
According to Thanikachalam Chandrasekaran, a lead analyst at Technavio for power research, "The growth in the wind energy industry due to rising environmental concerns, increased demand for power, favorable government regulations, and the need to reduce dependence on fossil fuels will lead to the growth of the offshore wind cable market worldwide."
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global offshore wind cable market:
- Growing offshore renewable energy installations
- Innovations in the wind industry
- Introduction of vessels designed for offshore wind cable laying
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Growing offshore renewable energy installations
Demand for more renewable energy has seen tremendous growth in the number of offshore wind farms. The global cumulative installed offshore wind capacity in 2016 was 14.38 GW. More than 85% of the installed offshore wind capacity was in Europe. There is a rapid increase in offshore wind power installations as it has a higher capacity output of up to 40% more when compared with onshore wind power generation. Offshore wind cables play a vital role in transporting newly generated power from offshore wind turbines to the shore. Offshore wind cable provides greater integration of renewable energies. Therefore, the growth of power cables is closely correlated with the growth of installation of offshore renewable energy.
Innovations in the wind industry
Over the past 15 years, offshore wind power generation has grown from a novel technology to one of the competitive alternative power generation sources helping in fighting climate change. In 2001, there were only two countries that had commercial offshore wind power generation, and as of 2016, there were more than 15 countries with offshore wind installed capacity.
"The involvement of industry stakeholders such as technology participants, project developers, suppliers, contractors, financiers, and government to name a few have been vital in the development, growth and successful delivery of offshore wind projects over the past decade. The efforts put in by the stakeholders and their push for innovation and collaboration have helped in engineering new offshore wind turbine technology that is driving down the cost of generation," says Thanikachalam.
Introduction of vessels designed for offshore wind cable laying
Offshore wind power is more efficient when compared with onshore due to the accessibility to higher wind speed that is more consistent. This makes turbines that are optimized for common wind speed to operate at higher efficiency over the ocean when compared with the turbines installed onshore. However, connection/transporting of wind power to the grid is one of the most challenging factors in offshore wind development. It requires miles of power cables to be laid deep in the ocean bed and connect it to the substation on the grid. Although this is challenging, it alleviates all the other problems faced in onshore wind farm installation such as safety, proximity to the towers, environmental aspects, and communication with multiple contractors and client.
The use of ships with dynamic positioning has helped in speeding up the installation process as ships can alter themselves according to the changes in the winds and waves without having to compromise on their main purpose. The cable-laying process is usually contracted, and the use of ships for this process augurs well for the growth of the global offshore wind cable market.
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