Offshore wind cable market has been traversing alongside a highly lucrative growth path since the last decade, being majorly driven by factors such as surging adoption of renewable energy.
Not to mention the growing global concerns pertaining to carbon emissions and introduction of regulations favoring offshore wind energy production are also fueling the industry trends. Rising investment by government and private organizations in offshore energy projects is yet another prominent growth propeller for offshore wind cable industry.
Offshore wind energy has been moving forward at an uncontrolled pace, particularly in Europe, North America, and the Asia Pacific, triggering offshore wind cable demand. The spike in the acceptance of offshore wind energy as a mainstream source is moreover attributed to offshore wind speeds, which have a tendency to flow faster.
It is claimed that even a slight increase in wind speed yields significant amplification in power generation. For example, a turbine operating amid 15 mph wind can yield double energy of what a turbine operating at 12 mph wind can yield. Also, wind speeds at offshore locations are much steadier compared to land, hence establishing it as a reliable source of energy production.
Offshore wind cable demand is slated to increase as offshore farms offer a plethora of advantages such as no land occupancy, no dependency on water, supply of steady and reliable renewable energy, providing a domestic energy source, creating employment opportunities, and almost nil emission of environmental pollutants or greenhouse gases.
Case in point, New York based Sunrise Wind project, an upcoming 880 megawatt offshore wind farm endorsed by New York State Energy Research and Development Authority, is anticipated to produce enough electricity to power approximately 500,000 homes across NY. The project will support NY State Governor’s target of generating 9000 MW of offshore wind energy by the year 2035 as part of the Green New Deal program, together with a mandate to produce 50 percent of the state’s electricity from renewable sources by the year 2030.
It will also generate 800 job opportunities, while its operation & maintenance hub will produce up to hundred full-time positions. The increasing number of global initiatives to support and promote green energy will positively favor offshore wind cable market size in the coming years.