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Europe Export Offshore Wind Cable Market Trends

Report ID: GMI9348
Published Date: May 2024
Report Format: PDF

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Europe Export Offshore Wind Cable Market Trends

Rising investments in research and development to enhance the performance, reliability, and efficiency of cables, including improvements in cable design, insulation materials, and installation techniques will augment the market statistics. Improving cable manufacturers, energy companies, offshore wind developers, and strategic alliances by research institutions aimed at driving down costs, improving project efficiencies, and accelerating product deployment will drive the business outlook.

Manufacturers are streamlining production processes, expanding manufacturing capacity, and establishing regional production hubs to reduce time and transportation costs, ensuring timely delivery of export offshore wind cables thereby boosting the market expansion. Additionally, growing demand for offshore wind energy across the region has encouraged the market players to expand their geographical presence, particularly in the Baltic Sea and Southern Europe and diversify their product portfolios to capitalize on emerging opportunities and escalate the product dominance.

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

The market size for export offshore wind cable in Europe reached USD 1 billion in 2023 and is set to register 38.3% CAGR from 2024-2032, owing to the increasing demand for renewable energy sources, particularly offshore wind power in the region.

Europe export offshore wind cable industry from the 132 kV & above segment is expected to reach over USD 12.57 billion by 2032, due to rising advancements in cable technology and manufacturing processes enabling the production of cables capable of handling this voltage range.

Germany market is expected to cross USD 1.62 billion by 2032, attributed to leading aims to reduce reliance on fossil fuels, with offshore wind playing a crucial role in achieving renewable energy targets in the country.

Hellenic Cables, Hydro Group, JDR Cable Systems Ltd, Jan De Nul, LS Cable & System Ltd., NKT A/S, NEXANS, Ørsted A/S, Prysmian Group, Seaway7, Sumitomo Electric Industries, Ltd, Vattenfall, and ZTT, are some of the major export offshore wind cable companies in Europe.