Global offshore wind cable market is likely to ride high on the back of notable rise in the demand for clean energy across the globe. In an effort to diminish the carbon footprint that is causing environmental pollution, the world has now shifted its focus toward clean energy.
In addition to that, growing demand for electricity in numerous natural resource starved island nations like the UK is estimated to add impetus to the global offshore wind cable market.
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Increase in the investment of HVDC network development for electricity transmission over long distances via overhead transmission lines or submarine cables is anticipated to offer growth opportunities to the global offshore wind cable market.
A Shift to Clean Sources of Power to Reduce Environmental Pollution Drives Market
The shift to renewable and clean sources of power from conventional systems of power generation has benefitted the global offshore wind cable market.
In an unprecedented move, several corporate houses from different parts of the world have set an example with the global renewable energy power purchase agreements, which exceeded 13 gw of power. This year in 2019, the amount doubled from the last year’s leading to stiff competition between the corporations and the global utilities for the position of most clean energy provider.
In an effort to achieve cost competency, increased research and development activities are strictly adhering to the standards of Capacity Utilization Factor (CUF) for many sources of clean energy. Such a move is expected to support the growth of the global offshore wind cable market.
North America accounts for one of the leading shares of the market, thanks to the rising awareness about the impact of environmental pollution along with the potential and abundance if wind energy. The regional dominance of North America is likely to continue during the period of forecast.
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Asia Pacific is also prophesized to emerge as a rapidly growing region during the forecast period. Government initiatives to support the adoption of clean energy sources for power generation is expected to drive the global offshore wind cable market in years to come.