Global Wind Energy Cables Market 2017-2021
About Wind Energy Cables
Wind power accounts for the largest growth in renewable-based energy generation. Growing demand for renewable energy, particularly, wind energy, is expected to spur the demand for the wind energy cables market. Wind energy cables play a key role in transferring the energy generated by wind turbines. Different types of cables are used depending on the application - power transmission and distribution, data transmission, and fiber optic cables.
Technavio’s analysts forecast the global wind energy cables market to grow at a CAGR of 7.04% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global wind energy cables market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Wind Energy Cables Market 2017-2021
Technavio recognizes the following companies as the key players in the global wind energy cables market: General Cable Technologies, Nexans, NKT Group, Prysmian Group, and Sumitomo Electric Industries.
Other Prominent Vendors in the market are: Belden, Encore Wire, Finolex Cables, Hangzhou Cable, HENGTONG GROUP, International Wire Group, JDR Cables Systems, KEI Industries, LS CABLE & SYSTEM, Southwire Company, and TPC Wire and Cable.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is growing need for clean energy. The need for clean energy is on the rise due to increasing demand for energy owing to continuous population growth across the world. Population growth has led to higher emissions of carbon dioxide and GHGs into the environment due to the burning of fossil fuels and other industrial activities.”
According to the report, one driver in the market is growing demand for power. Global population is growing exponentially and is expected to grow more in the future. This will lead to an increase in the demand for power. The growing need for power can be met with the help of renewables, owing to growing concerns about environmental pollution from fossil fuels. As a result, most countries are shifting their focus to renewable power generation, thereby driving wind power generation. The global wind power market is growing significantly and expanding in all geographic regions. It is expected that by 2020, wind power will contribute significantly to global electricity generation.
Further, the report states that one challenge in the market is challenges in laying cables. The installation and maintenance of wind energy cables are challenging and expensive. The installation of these cables involves various stages; each stage carries a certain amount of risk in it. The selection of the path for cable laying is a crucial initial step as it is expected to sustain for a period of 25-30 years. This proves to be challenging particularly for offshore wind farms as the path selected must not cause any damage to the cable and this leads to unnecessary expenditure to the offshore wind farm companies.
General Cable Technologies, Nexans, NKT Group, Prysmian Group, Sumitomo Electric Industries, Belden, Encore Wire, Finolex Cables, Hangzhou Cable, HENGTONG GROUP, International Wire Group, JDR Cables Systems, KEI Industries, LS CABLE & SYSTEM, Southwire Company, and TPC Wire and Cable.
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