Offshore Wind Cable Market Size - By Technology (Inter-Array {11kV to 33kV, 34kV to 66kV}, Export {132 kV & Less, 132 kV & Above}), By Conductor Material (Aluminum, Copper), & Forecast, 2024 – 2032

Offshore Wind Cable Market Size

Offshore Wind Cable Market was valued USD 2.8 billion in 2023 and is anticipated to grow at a CAGR of 34.6% from 2024 to 2032. An offshore wind cable, also known as a submarine power cable or subsea cable, is an electrical cable designed for the transmission of electricity from offshore wind turbines to onshore substations. These specialized cables are used to connect individual wind turbines within an offshore wind farm, as well as to transport the generated electricity back to the mainland grid.
 

Growing focus on developing environmentally friendly and sustainable cable solutions to minimize the ecological impact of laying submarine cables. Efforts to recycle and reuse materials from decommissioned cables are gaining traction. Governments worldwide are offering incentives and subsidies to promote the development of offshore wind farms, which in turn boosts the offshore wind cable industry. Additionally, increased standardization in cable manufacturing and installation processes will support reduce costs and improve reliability, contributing to the business scenario.
 

Continuous improvements in manufacturing and installation technologies are driving down the costs of offshore wind cables, making offshore wind projects more economically viable will drive the product demand. Enhanced supply chain logistics and partnerships are improving the availability and distribution of offshore wind cables which will stimulate the business statistics. Moreover, companies in the offshore wind sector are increasingly forming joint ventures and partnerships to leverage expertise and share risks.
 

Offshore Wind Cable Market Trends

Project developers are venturing for deeper water shelves to harness the untapped potential at offshore sites. For instance, as per Wind Europe, the average depth for offshore wind farms under the development was 33 m with a marginal increase of 30 m from the previous year. In addition, wind energy platforms to deep water levels has fueled the demand for high-performance interconnection systems & components, ensuring reliable operations and maintaining the overall system frequency, strengthening the product demand.
 

Offshore Wind Cable Market Analysis

Based on end user, the inter array is set to cross more than USD 12 billion by 2032, driven by increasing deployment of large-capacity clean energy projects along with the improving engineering capabilities across deep water locations. Low transmission losses and reduced installation costs are a few other prominent factors favoring the product deployment. The industry expertise in manufacturing the cables along with the growing efforts to reduce the maintenance & repair cost has stimulated the business outlook.  
 

Based on conductor material, the aluminum segment is slated to register about 34.5% CAGR through 2032, driven by ease of installation with lower weight along with adaptable product configuration & installation capabilities as compared to copper wires. Moreover, low material & maintenance costs and longer life span coupled with limited transmission losses are some of the other major factors driving product penetration. In addition, increasing dependence on RE based power generation technologies along with industrial integration toward economical & high efficiency cable technology will stimulate the overall business growth over the forecast timeline.
 

Asia Pacific offshore wind cable market is predicted to hit USD 9.5 billion by 2032, owing to new offshore wind farm establishments, increasing energy demand and declining LCOE. The region includes China, Japan, South Korea, and Taiwan are considered as emerging markets across the global offshore wind industry. Ongoing technological enhancements in line with the increasing demand for offshore wind system in shelves with high water depths will stimulate the industry growth over the forecast timeline. Furthermore, introduction of favorable regulatory framework and increasing demand for cable protection has augmented the industry outlook.
 

North America, led by the U.S., is considered as one of the emerging markets for the offshore wind industry. Strong inclination toward large-scale sustainable projects along with presence of immense technical potential across various deep-water locations will positively influence the industry dynamics. Rising demand for integration of service packages with offshore wind cables along with the industry focus to enhance technical expertise across the segment will stimulate the regional business outlook over the coming years.
 

Offshore Wind Cable Market Share

Nexans, Prysmian, NKT, and Sumitomo are some of the eminent players attained a major part of the market share in the global wind cable industry. These players are primarily focusing on expanding their existing market penetration through inorganic strategic measures. Industry participants are also investing aggressively in various R&D initiatives to increase the operational efficiency and achieve economies of scale. Ongoing efforts to augment the product life cycle along with the rising industry expertise across the offshore wind system installation will significantly proliferate the business growth over the forecast timeline.
 

Offshore Wind Cable Market Companies

Eminent players operating in the offshore wind cable industry are:

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

Offshore Wind Cable Industry News

• In July 2023, Prysmian Group secured a contract from Ørsted Wind Power A/S to deliver inter array submarine cables for the Hornsea 3 offshore wind farm in UK. The company has to design, manufacture, supply, terminate and test the cables systems with XLPE insulation which will fulfil over 50% of the wind farm’s requirement. Therefore, the company will be able to showcase its capabilities and establish strong presence in global market.
   
• In August 2023, NKT entered in an agreement with Scottish transmission system operator (TSO) SSEN Transmission, for the production and offshore installation capacity of power cable systems. These will be utilized for two high-voltage direct current (HVDC) transmission links running from and from Spittal in Caithness to Peterhead and the Western Isles to the Scottish mainland.
   

This offshore wind cable market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “Km & USD Million” from 2021 to 2032, for the following segments:

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Market, By Technology

• Turbine
  • End User
    • Inter-array
      • 11kV-33kV
      • 34kV-66kV
    • Export
      • 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
  • Germany
  • Denmark
  • France
  • Netherlands
  • Belgium
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Vietnam
  • Taiwan
• Rest of World