Export Offshore Wind Cable Market Size - By Voltage Rating (132 kV & Less, 132 kV & Above), By Conductor Material (Aluminum, Copper), Country Outlook & Forecast, 2024 – 2032

Export Offshore Wind Cable Market Size

Export Offshore Wind Cable Market was valued at USD 2.2 billion in 2023 and is anticipated to grow at a CAGR of 32.2% from 2024 to 2032. An export wind cable is a specialized type of electrical cable designed for the transmission of electricity generated by offshore wind farms to onshore power grids. These cables are specifically engineered to withstand the demanding marine environment, including saltwater exposure, strong currents, and variable weather conditions. They play a crucial role in connecting offshore wind turbines to the mainland electrical infrastructure, facilitating the efficient and reliable transportation of renewable energy from offshore locations to populated areas where electricity is consumed.
 

Countries striving to meet their renewable energy targets and reduce dependence on fossil fuels aligned with growing demand for offshore wind farms and associated infrastructure development will drive the business growth. Furthermore, improved project efficiency, and declining technology costs will stimulate the market statistics.
 

Emerging markets in Asia Pacific, North America, and other regions along with increasing investments in offshore wind projects will creating additional business opportunities. Rising demand for electricity and gradual swift towards clean energy will drive the business dynamics. Moreover, its advantage of not requiring any land and reduction in noise levels aligned with reliable and consistent supply of wind in offshore setup will complement the industry outlook.
 

Export Offshore Wind Cable Market Trends

Efficient sustainable power transmission combined with effective distribution of electricity will influence the product adoption. Ongoing advancements in cable technology, including materials, design, and manufacturing processes will sway the business demand.
 

Export Offshore Wind Cable Market Analysis

The export offshore wind cable from above 132 kV voltage rating segment is projected to surpass USD 24 billion by 2032. Growing capacity of offshore wind farms necessitates the use of higher voltage export cables to efficiently transmit the generated electricity to onshore grids, thereby propelling the product penetration. Innovations in materials, insulation, and cable design for the construction of cables capable of withstanding the demanding marine environment in line with capability to provide cost effective project designs will further encourage the business potential.
 

Copper export offshore wind cable witnessed a market share of over 98% in 2023. Increasing demand for cables that can efficiently transmit large amounts of electricity over long distances with minimal power losses in conjunction with features comprising of durability and corrosion resistance, making them well-suited for the challenging offshore environment will augment the business scenario. Additionally, regulatory bodies imposing stringent safety and performance standards for offshore wind cables will facilitate the product portfolio.
 

Europe export offshore wind cable market is likely to reach USD 13 billion by 2032. Robust government spendings to accelerate wind development combined with the introduction of new technologies by major players will drive the business scenario. For instance, in 2023, Europe recorded USD 32.52 billion of investment in offshore wind energy. Additionally, mergers and acquisitions with an aim to diversify technological portfolio along with rising shift of major project developers to tap high wind potential from sea areas will boost the industry potential.
 

Supportive regulatory proposals toward the expansion of wind energy particularly offshore wind along with introduction of various initiatives will enhance the business landscape across the U.S.
 

Export Offshore Wind Cable Market Share

Jan De Nul, NEXANS, Prysmian Group, Seaway7, JDR Cable Systems Ltd., and Hellenic Cables are some of the major market players. Manufacturers bring specialized expertise in cable design, engineering, and manufacturing processes while their knowledge and experience enable the development of high-quality cables that meet the stringent requirements of offshore wind projects, including durability, reliability, and efficiency. Further, collaborations, agreements, and partnerships among manufacturers, project developers, research institutions, and industry stakeholders are essential for driving innovation, ensuring quality and reliability, and accelerating the product deployment.
 

Export Offshore Wind Cable Market Companies

Major key players operating across the export offshore wind cable industry include:

• FURUKAWA ELECTRIC CO., LTD
• Hellenic Cables
• HENGTONG GROUP CO., LTD.
• Hydro Group
• Jan De Nul
• JDR Cable Systems Ltd.
• LS Cable & System Ltd.
• NEXANS
• Ningbo Orient Wires &Cables Co.
• NKT A/S
• Prysmian Group
• Seaway7
• Sumitomo Electric Industries, Ltd.
• ZTT
   

Export Offshore Wind Cable Industry News

• In January 2024, Jan De Nul Group signed a contract with Ørsted for the installation of export cables for the Hornsea 3 offshore wind farm located 160 km from Yorkshire coast in UK. The company will provide installation and protection services for the 2 units of DC export cables with 350 km length which will connect the electricity grid to the wind farm that will generate power for over 3.3 million homes. Therefore, the supply order will strengthen the customer base of the company and support the renewable power supply across the region.
   
• In November 2023, NEXANS installed its export cables at South Fork Offshore Wind Farm of Eversource and Ørsted. This 138 kV export cable with 110 km length will transport 132 MW of power to Long Island, New York and provide energy to approximately 70 thousand households across the country. This significant step has enabled the company to showcase its subsea cable connection capability across the U.S.
   

This export offshore wind cable market research report includes an in–depth coverage of the industry with estimates & forecast in terms of revenue in ‘Km & USD Billion’ from 2021 to 2032, for the following segments:

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Market, By Voltage Rating

• 132 kV & Less
• 132 kV & Above

Market, By Conductor Material

• Aluminum
• Copper

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

• North America
  • U.S.
  • Canada 
• Europe
  • UK
  • Ireland
  • Germany
  • Denmark
  • France
  • Netherlands
  • Belgium
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Vietnam
  • Taiwan
• Rest of World