Environmental Concerns and Focus on Utilizing Renewable Energy Resources to Propel Market
Over the past couple of decades, governments in both developed as well as developing regions have expressed immense desire to explore the potential of renewable energy resources and technologies. Significant rise in global population, expansion of industries particularly in developing regions, and booming automotive sector have provided a considerable boost to the world economy, however, at the cost of environment. In recent years, wind turbines have emerged as a viable energy producing alternative around the world due to which, the Asia Pacific fiber optical cable & cable assembly products market for wind turbines is expected to witness considerable growth during the forecast period.
Fiber optical cables are likely to be one of the most effective ways to attain the required efficiency levels across offshore wind turbines around the world. At present, one of the most glaring challenges within the power generation sector is to minimize downtime and simultaneously reduce operational costs. Moreover, as the cost-effectiveness of wind turbines primarily relies on a number of factors, including size of turbine, location, standardization of components for the production of nacelles, blades, and tower parts, innovations are anticipated to increase across the Asia Pacific fiber optical cable & cable assembly products market for wind turbines.
As players operating in the onshore and offshore wind turbine sector continue to seek novel ways to maximize operational efficiency in line with climatic conditions, ensuring consistent power supply with a constant main frequency is imperative. At the back of these factors, along with increasing focus on the implementation of green technologies, the Asia Pacific fiber optical cable & cable assembly products market for wind turbines is expected to reach US$ 1 Bn mark by the end of 2030.
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Increase in Demand for Fiber Optical Cables for Use in Offshore Wind Farms to Bolster Market Growth
As the momentum in offshore wind technology continues to shift toward the Asia Pacific region from Europe, the overall prospects of players operating in the current landscape across the Asia Pacific fiber optical cable & cable assembly products market for wind turbines are staring at a bright future. China has emerged as one of the most prominent countries that continues to invest considerable amount of resources in the development of new wind farms, hence driving the Asia Pacific fiber optical cable & cable assembly products market. A number of other nations, including India, Malaysia, Thailand, Vietnam, and Japan has turned their attention toward offshore wind power, owing to the economic benefits and low-carbon levels. While China is at the forefront in the development of offshore wind technologies, countries such as Vietnam and India are closely following its footsteps.
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Vietnam is anticipated to play an imperative role in the overall growth of the Asia Pacific fiber optical cable & cable assembly products market for wind turbines, as several foreign players are eyeing opportunities in the region. For instance, the Danish Energy Agency, in collaboration with the Renewable Energy Authority of Vietnam, is expected to harness power from the vast coastline of the country in quantities that are seven times more than that of Europe. South Korea is another promising nation that is projected to provide considerable opportunities to the players operating in the current Asia Pacific fiber optical cable & cable assembly products market for wind turbines. The emergence of the Green New Deal offers immense monetary support to companies that are focused on de-carbonization. Due to economic efficiency of offshore wind turbines, the regulatory framework of the government continues to encourage local power companies to lean toward power production using the wind turbine technology.
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Steady Market Growth despite COVID-19 Outbreak
The outbreak of the COVID-19 pandemic is expected to have a moderate impact on the overall growth of the Asia Pacific fiber optical cable & cable assembly products market for wind turbines market during the assessment period. Despite the pandemic, a number of companies continued to invest in offshore wind projects to establish a solid foothold. In addition, nations, including China, are expected to continue with the development of 17 offshore wind projects in 2024– a factor that is likely to boost the expansion of the Asia Pacific fiber optical cable & cable assembly products market for wind turbines.
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Analysts’ Viewpoint
The Asia Pacific fiber optical cable & cable assembly products market for wind turbines is expected to expand at an impressive CAGR of ~9% during the assessment period. The market growth is mainly driven by growing demand for green technologies, mounting environmental concerns, and increasing investments toward the development of new wind farms and projects. Furthermore, several players based out of Europe and North America are eyeing opportunities in various nations of the Asia Pacific region, including Vietnam, China, and India. Thus, the Asia Pacific fiber optical cable & cable assembly products market for wind turbines is estimated to witness significant growth.
Asia Pacific Fiber Optical Cpable & Cable Assembly Products Market for Wind Turbines: Overview
- According to Transparency Market Research’s latest research report on the fiber optical cable & cable assembly products market for wind turbines in Asia Pacific for the forecast period 2024 to 2030, demand for fiber optical cable & cable assembly products for wind turbines is rising in Asia Pacific due to increase in investments in renewable energy sources in the region. Growth in installation of onshore and offshore wind energy is estimated to boost the fiber optical cable & cable assembly products market for wind turbines in Asia Pacific during the next few years.
- In terms of revenue, the fiber optical cable & cable assembly products market for wind turbines in Asia Pacific is anticipated to reach US$ 1 Bn by 2030. The fiber optical cable & cable assembly products market for wind turbines in Asia Pacific is anticipated to expand at a CAGR of ~9% during the forecast period.
Significant Expansion of Wind Power Renewable Technology: Key Driver of Asia Pacific Fiber Optical Cable & Cable Assembly Products Market for Wind Turbines
- Wind power has been a pioneering renewable technology since the past few decades. The wind industry has witnessed significant evolution and investment in the past four decades. Deployment of renewables has accelerated since 2010, reaching record levels and outpacing annual additions of conventional power capacity in numerous regions.
- According to the International Renewable Energy Agency (IRENA), the global installed capacity of onshore wind power reached 622,704 MW at the end of 2019; Asia Pacific accounted for 258,323 MW of wind energy production capacity. Wind energy is estimated to drive the overall growth of renewables in several regions in the next decade, owing to the availability of ample resources, large market potential, and cost competitiveness.
- Asia Pacific is likely to continue to lead wind power installations across the globe. It is projected to account for more than half of the total global capacity by 2050. Prominent countries in the region are China with installed capacity of 210,478 MW and India with capacity of 37,505 MW. Finding a sustainable way to cater to the growing energy needs is a core development challenge for developing countries in Asia Pacific. Wind energy can reduce the dependence on fossil fuel energy sources, owing to its rich resource potential. Therefore, increase in wind projects is estimated to fuel the demand for fiber optical cable & cable assembly products market for wind turbines.
- Fiber optical cable & cable assembly products market for wind turbines provides critical data transfer that is useful to maintain better energy generation in wind turbines
- Fiber optical cable & cable assembly products for wind turbines are resistant to various outside forces that degrade copper cabling. This is estimated to boost the fiber optical cable & cable assembly products market for wind turbines in Asia Pacific during the next few years.
Rise in Investment in Offshore Wind Farms to Boost Asia Pacific Fiber Optical Cable & Cable Assembly Products Market for Wind Turbines
- Demand for fiber optical cable & cable assembly products for wind turbines is rising across the globe, owing to increase in investments in offshore wind farms
- Companies around the globe have been investing significantly in the development of offshore wind farms since the past few years. Offshore wind turbines are efficient as compared to onshore ones, due to consistent wind speed and direction.
- Investment in offshore wind farms has been increasing at a steady pace since the last few years, especially in Asia Pacific. Electricity produced from wind mills in Asia Pacific stood at around 4,832 MW in 2018 and 6,295 MW in 2019. China dominates Asia Pacific in terms of production of electricity.
- Fiber optical cable & cable assembly products for wind turbines are considered highly secure means of communication
- This trend of increase in investment in offshore wind farms is expected to continue during the forecast period. In turn, this is projected to boost the demand for fiber optical cable & cable assembly products market for wind turbines in Asia Pacific.
Asia Pacific Fiber Optical Cable & Cable Assembly Products Market for Wind Turbines: Competition Landscape
- Detailed profiles of providers of fiber optical cable & cable assembly products market for wind turbines have been included in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Major players operating in the fiber optical cable & cable assembly products market for wind turbines in Asia Pacific are
- Radiall
- Amphenol Corporation
- TE Connectivity
- Japan Aviation Electronics Industry, Ltd.
- Luxshare Precision Industry Co., Ltd.
- Koch Industries, Inc.
- W. L. Gore & Associates, Inc.
- Epec
- LLC.
- Yangtze Optical Fibre and Cable Joint Stock Limited Company
- FURUKAWA ELECTRIC CO., LTD.
Fiber Optical Cable & Cable Assembly Products Market for Wind Turbines: Major Developments
- Key service providers of fiber optical cable & cable assembly products market for wind turbines, such as Koch Industries, Inc., W. L. Gore & Associates, Inc., Epec, LLC., Yangtze Optical Fibre and Cable Joint Stock Limited Company, and FURUKAWA ELECTRIC CO., LTD., are focusing on expansion of fiber optical cable & cable assembly products market for wind turbine facilities. Other prominent developments in the fiber optical cable & cable assembly products market for wind turbines in Asia Pacific are highlighted below:
- On January 21, 2024, FURUKAWA ELECTRIC CO., LTD. launched the newly developed S124M12 multi-core optical fiber fusion splicer. The S124M Series is designed to enable users to replace the fiber guide (V-groove unit) for high-precision fiber alignment on their own when splicing optical fibers together. Similarly, these fusion splicers enable users to splice a variety of optical fiber cables simply by replacing the V-groove base frame.
- On July 07, 2024, Yangtze Optical Fibre and Cable Joint Stock Limited Company introduced a new USB C5 optical fiber cable. This optical fiber cable adopts YOFC’s special anti-bend fiber. The 4.5 meters ultra-long and soft cable is 70% lighter than traditional copper wire.
- In the Asia Pacific fiber optical cable & cable assembly products market for wind turbines report, we have discussed individual strategies, followed by company profiles of providers of fiber optical cable & cable assembly products market for wind turbines. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the fiber optical cable & cable assembly products market for wind turbines in Asia Pacific.
