Growing Demand for Power to Boost the Wind Energy Cables Market

Technavio market research analysts forecast the global wind energy cables market to grow at a CAGR of more than 7% during the forecast period, according to their latest report. 

The market study covers the present scenario and growth prospects of the global wind energy cables market for 2017-2021. The report also segments the market based on the type of wind energy, which includes onshore wind energy and offshore wind energy. The offshore wind energy segment accounted for more than 70% of the market share in 2016. 

According to Anju Ajaykumar, a lead analyst at Technavio for unit operations research, “The global wind energy cables market is expected witness steady growth during the forecast period. Rapid urbanization and growing population have led to an increase in the demand for electricity. In addition, governments are taking initiatives to reduce carbon emissions by encouraging renewable energy resources such as wind power. This is 

expected to propel the market for wind energy, thereby driving the demand for wind energy cables.”

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