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Offshore Wind Cable Market Trends

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

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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.

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.