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.
Authors:
Ankit Gupta, Srishti Agarwal
Frequently Asked Questions (FAQ) :
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.
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.
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.
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.
