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Europe Offshore Wind Cable Market Size
Europe Offshore Wind Cable Market size was valued at USD 1.3 billion in 2022 and is estimated to record a CAGR of more than 38.9% during 2023 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.
How will copper material segment bolster the demand for offshore wind cable in Europe?
Copper segment is set to grow at a CAGR of more than 36.9% 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.
How big is the Europe offshore wind cable market?
The market size of offshore wind cable in Europe exceeded USD 1.27 billion in 2023 and is expected to grow more than USD 24.49 billion by 2032, backed by the strong technological prospects for offshore wind farms, coupled with growing emphasis on the use of sustainable energy sources.
Who are the major key players in Europe offshore wind cable market?
LS Cable & System Ltd., Sumitomo Electric Industries, Ltd., FURUKAWA ELECTRIC CO., LTD, Fujikura Ltd., Hellenic Cables, HENGTONG GROUP CO., LTD., LEONI, JDR Cable Systems Ltd., Seaway7, Hydro Group, and TKF among others.
How big is the UK offshore wind cable market?
UK offshore wind cable industry will register 32.5% growth rate through 2032, as the country has been setting targets and providing financial support for the development of offshore wind projects.