Europe Offshore Wind Cable Market Size - By Technology (Inter-Array {11kV to 33kV, 34kV to 66kV}, Export {132 kV & Less, 132 kV & Above}), By Conductor Material (Aluminum, Copper), Growth Drivers & Forecast, 2024 – 2032

Europe Offshore Wind Cable Market Size

Europe Offshore Wind Cable Market size was valued at USD 1.27 billion in 2023 and is estimated to record a CAGR of more than 44.2% during 2024 and 2032. Driven by strong technological prospects for offshore wind farms coupled with growing emphasis on the use of sustainable energy sources will further boost the industry outlook.
 

Offshore wind cables are designed to withstand the harsh marine environment, including high waves, strong currents, and corrosive saltwater. They typically consist of several layers, including conductor wires for electricity transmission, insulation layers for electrical isolation, shielding for protection against electromagnetic interference, and an outer sheath for mechanical and environmental protection. Thereafter, the long-term investments in offshore wind cables couple with increasing green power demand will support the business growth.
 

COVID- 19 Impact

The initial and subsequent waves of the COVID- 19 pandemic stopped overall industry expansion, which had a substantial effect on the global economy. The third pandemic wave's effects on the global business environment persisted in Europe. The respective governments' execution of extensive immunization programs and COVID- 19 protocols increased market share. Additionally, the relaxing of rules imposed by various regulating organizations has encouraged the development of Europe offshore wind cables.
 

Europe Offshore Wind Cable Market Trends

Ongoing development of offshore wind turbines with larger capacities to transmit higher amounts of electricity over longer distances without significant energy loss. Moreover, Europe has been a global leader in offshore wind development. The continent has been witnessing a substantial increase in the number of offshore wind farms and their overall capacity, leading to a growing demand for offshore wind cables which will influence the business trends.
 

Europe Offshore Wind Cable Market Analysis

Export cable market size is anticipated to cross USD 13.6 billion by 2032. Rising need for renewable energy expansion along with carbon emission reduction has been significantly supported in the industry growth. Growing need for a reliable and efficient transmission infrastructure, including high-quality offshore wind cables on the account of offshore wind farms multiplication, and size scale up will positively contribute to the business scenario. In addition to, government policies and incentives to promote renewable energy, including offshore wind, have been key drivers of Europe offshore wind cable market.
 

Copper market is set to register around 36.9% growth rate through 2032, owing to continuous efforts for cost reduction in all aspects of the supply chain, including the manufacturing and installation of offshore wind cables along with efficient grid integration and interconnection infrastructure, will drive the product adoption.
 

UK offshore wind cable market size is poised grow at 32.5% CAGR from 2023 to 2032. The country has set targets and provided financial support for the development of offshore wind projects, which creates a favorable market environment for the offshore wind cable manufacturers. Moreover, the offshore wind projects are increasingly being located farther from the shore, often in deeper waters where the wind resources are abundant. Growing requirement for the development of longer offshore wind cables to efficiently transmit electricity over extended distances, will augment the business potential across the region.
 

Europe Offshore Wind Cable Market Share

Key manufacturers operating in the Europe offshore wind cable market are:

• NEXANS
• Prysmian Group
• NKT A/S
• ZTT
• LS Cable & System Ltd
• Sumitomo Electric Industries, Ltd
• FURUKAWA ELECTRIC CO.
• Fujikura Ltd.
• Hellenic Cables 
• HENGTONG GROUP CO.
• LEONI
• JDR Cable Systems Ltd
• Seaway7
• Hydro Group
• TKF 

These participants are actively involved in strategic joint ventures & contracts to capture market share.
 

Europe Offshore Wind Cable Industry News

• In May 2023, NEXANS entered into an agreement with TenneT to engineer, procure, construct, and install around 2,160 km of land and subsea cables in three grid projects across German North Sea. The company will deploy its advanced 525 kV offshore cable technology for the awarded projects. This strategic collaboration will support the Europe’s energy transition and reduction of GHG emissions targets while strengthening company’s position across the market.
   
• In April 2023, Sumitomo Electric Industries, Ltd. introduced its plan for construction of power cable factory in UK. The company will deliver cables for offshore wind farms & grid connections, supporting the renewables energy development in power transmission systems. The establishment of the factory will drive the customer demand and enhance the company presence in the industry.
   

This Europe offshore wind cable market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘Km & USD Million’ from 2023 to 2032 for the following segments:

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By Technology

• Inter-Array
  • 11kV to 33kV
  • 34kV – 66kV 
• Export
  • 132 kV & Less
  • 132 kV & Above

By Conductor Material

• Aluminum
• Copper

The above information has been provided for the following region and countries:

• Europe
• UK
• Germany
• Denmark
• France
• Netherlands
• Belgium