Demand for Renewable energy, also known as alternative energy, is growing rapidly. Alternative energy is generated by using renewable energy resources such as wind, solar energy, and hydro energy. Cables that are required to transfer the generated electricity at the renewable power plant are called alternative energy cables. Alternative energy power plants such as offshore wind farms or solar farms are primarily located in difficult weather conditions such as desert areas. Therefore, cables required for such applications are specifically designed to bear weather conditions they are exposed to.
In terms of type, the alternative energy cable market can be broadly segmented into solar power cables, wind power cables, and hydroelectric cables. Solar power cables are double insulated, UV radiation and temperature resistant, and halogen free. Designed for outdoor applications, these cables provide excellent weather resistance. Wind power cables are also designed according to their power handling capacity. Power generation fluctuation is quite often in case of wind turbine due to variable wind speeds. Cables are designed to withstand the effects of long term exposure to freshwater, saltwater, and other solvents conditions in hydroelectric power plants. Based on voltage handling capacity the alternative energy cable market can be divided into low voltage cables and high voltage cables. Cables can further be classified according to their specific usage into control cable, data cable, power transmission cable, communication cable, etc.
Increase in usage of renewable energy and high demand for energy are the key drivers of the alternative energy cable market. Market share of renewable energy has increased in power generation of late, since it does not severely affect the environment unlike conventional energy sources such as coal, oil, and gas. Governments of many countries across the world are encouraging the use of renewable energy. The governments are giving incentives or even partially funding the alternative energy projects.
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In terms of region, Asia Pacific is expected to lead the global alternative energy cable market during the forecast period. The region accounts for the largest wind power installed capacity as well as generation of solar energy. Countries such as India and China are developing rapidly in terms of urbanization. Demand for energy is expected to be high in these countries in the near future. Governments of countries in Asia Pacific are promoting the usage of renewable energy in order to lower their greenhouse gas emission. Europe is anticipated to account for key share of the alternative energy cable market during the forecast period, as a large number of renewable power plants (wind and solar) are located in countries such as Germany, France, Italy, Spain, and Denmark. Led by the increase in renewable energy capacity, North America offers lucrative opportunities to the alternative energy cable market.