Offshore Wind Cable Market Analysis

Offshore Wind Cable Market Analysis

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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.