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Offshore Wind Cable Market Share

Report ID: GMI4218
Published Date: Aug 2024
Report Format: PDF

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Offshore Wind Cable Market Share

Offshore Wind Cable Company 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

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of offshore wind cable was worth about USD 2.8 billion in 2023 and is anticipated to witness 34.6% CAGR from 2024 to 2032, due to rising use for the transmission of electricity from offshore wind turbines to onshore substations.

The aluminum conductor material segment in the offshore wind cable market is set to witness over 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.

Asia Pacific offshore wind cable industry is anticipated to exceed USD 9.5 billion by 2032, owing to new offshore wind farm establishments, increasing energy demand and declining LCOE.

FURUKAWA ELECTRIC CO., LTD, Fujikura Ltd., Hellenic Cables, HENGTONG GROUP CO., LTD., Hydro Group., JDR Cable Systems Ltd., and LS Cable & System Ltd.