Europe Offshore Wind Cable Market Analysis

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.