Global Wind Turbine Cables Market: Introduction
- Installation of wind turbines has been increasing across the globe for the last few years, as energy generated by wind turbines provides a cleaner alternate to that generated by fossil fuels. Wind turbine cables are used to transmit data and power from the wind turbine to the power station and wind farm control station. The wind turbine plays a crucial role in the wind energy industry. Therefore, companies are currently investing in R&D to develop more efficient and reliable cables for wind turbines.
Key Drivers and Restraints of Global Wind Turbine Cables Market
- Rise in demand for energy is a key driver of the wind turbine cables market. Rapid industrialization and urbanization have fueled the demand for electricity in the last few years and wind turbines are being considered across the globe in order to cater to this demand. Thus, a rise in the number of wind turbines is projected to propel the demand for wind turbine cables.
- Increased investment in offshore wind turbine projects is likely to propel the wind turbine cables market during the forecast period. Offshore wind turbines are more efficient as compared to onshore wind turbines, due to consistent wind speed and direction. Consequently, companies across the globe are presently investing more in offshore wind energy projects.
- Availability of inexpensive alternate sources of energy such as solar, hydro power, and fossil fuel is estimated to restrain the wind energy market. Sales of wind turbine cables for wind energy depend directly on the sales of the wind turbines, which in turn is projected to restrain the wind turbine cables market during the forecast period.
Global Wind Turbine Cables Market: Segmentation
- The global wind turbine cables market can be segmented in terms of application and installation
- Based on application, the global wind turbine cables market can be segmented into power transmission, data transfer, and others. Power transmission cables are expected to witness significantly high demand due to high demand from power generation companies.
- In terms of installation, the global wind turbine cables market can be bifurcated into onshore and offshore. The onshore segment is likely to expand considerably, as onshore installation of wind turbines is much higher than that of offshore wind turbines. This trend is anticipated to continue during the forecast period.
Global Wind Turbine Cables Market: Regional Outlook
- Based on region, the global wind turbine cables market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific is expected to dominate the global wind turbine cables market during the forecast period. Dominance of the region can be ascribed to the development of new wind farms in the region, coupled with a rise in investment in development related wind energy infrastructure. This is expected to boost the demand for the wind turbine cables in the region in the near future. China accounted for a leading share of the wind turbine cables market in Asia Pacific in 2019. This was primarily ascribed to the increased number of wind farms in the country.
- Europe and North America are key regions of the global wind turbine cables market. Government policies promoting wind energy production in these regions are anticipated to boost the wind turbine cables market in Europe and North America during the forecast period.
- Investments in wind energy projects in Latin America and Middles East & Africa have been rising considerably for the last few years, and this trend is expected to continue during the forecast period. This is likely to drive the wind turbine cables market in these regions during the forecast period.
COVID-19 Impact on Global Wind Turbine Cables Market
- In initial phase of the COVID-19 Infection, lockdowns were imposed across the globe, which led to restriction on the movement of manpower and goods. This impacted wind energy projects; however, countries announced significant investment in wind energy projects in the second quarter of 2020. Investors in wind energy announced plans to introduce 28 new offshore wind farms worth US$ 35 Bn in 2020, four times more than that in the first half of 2019. Thus COVID-19 marginally hampered the wind turbine cables market in 2020.
