Export Offshore Wind Cable Market Analysis

Export Offshore Wind Cable Market Analysis

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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.