Asia Pacific Offshore Wind Cable Market Size & Share 2024 to 2032
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.
Report ID: GMI9064
|
Published Date: April 2024
|
Report Format: PDF
Download Free PDF
Authors:
Ankit Gupta, Srishti Agarwal
Asia Pacific Offshore Wind Cable Market
Asia Pacific Offshore Wind Cable Market size was valued at USD 1.3 billion in 2023 and is anticipated to grow at a CAGR of 24.1% between 2024 and 2032. Offshore wind cable refers to the specialized electrical cables used in offshore wind energy projects to transmit electricity generated by offshore wind turbines to onshore grids. These cables are essential components of the wind farm infrastructure, enabling efficient and reliable transfer of renewable energy from wind farm to the mainland. Offshore wind cables are designed to withstand the harsh marine environment, including high winds, waves, currents, and corrosive saltwater.
Asia Pacific Offshore Wind Cable Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
Increasing prioritization of renewable energy sources to mitigate climate change and reduce dependence on fossil fuels aligned with setting up of ambitious targets for offshore wind capacity installation will augment the business potential. For instance, Japan’s offshore wind capacity is set to grow over 10 GW by 2030. Additionally, rapid economic growth and urbanization, leading to a surge in energy demand coupled with technological advancements will drive the adoption of cable solutions.
Emerging trend toward development of large offshore wind farms and deep water installations along with rising focus on localizing the offshore wind supply chain to enhance energy security will boost the market statistics. In addition, growing interest in floating offshore wind technology coupled with growing environmental and regulatory considerations will complement the business outlook.
Asia Pacific Offshore Wind Cable Market Trends
Influx of significant public and private investment in offshore wind energy infrastructure from both domestic and international sources in line with development of cost effective offshore wind cable solutions will influence the product demand. For instance, in September 2023, Mitsui & Co., Ltd. and Northland Power Inc. invested over USD 1.69 billion for Hai Long Offshore Wind Power Project in Taiwan. Moreover, presence of vast offshore wind resources, particularly in coastal areas with strong and consistent wind speeds will stimulate the product penetration.
Asia Pacific Offshore Wind Cable Market Analysis
Based on technology, the market is segmented into inter-array and export. The inter-array Asia Pacific offshore wind cable market is projected to grow over USD 600 million by 2032. The cables are essential components of offshore wind farm grid systems, enabling seamless integration of multiple turbines and the efficient transmission of electricity to the offshore substations. Furthermore, continuous development of systems & components in line with improvement in product designs offering enhanced suitability and reduced costs will accelerate the industry dynamics.
Copper offshore wind cable witnessed a market share of over 99% in 2023. Growing focus on subsea cable protection and maintenance to ensure the reliability and longevity of inter-array cable systems will augment the Asia Pacific offshore wind cable market landscape. Increasing government and industry stakeholders, promoting domestic manufacturing capabilities is set to fuel the product demand. In addition, introduction of innovative designs and new generation technologies across major players will positively enhance the industry dynamics.
China offshore wind cable market is projected to cross USD 4.5 billion by 2032. Continuous deployment of offshore wind energy across potential project sites combined with favorable strategy, law, programs, and rebates across the federal government will sway the business scenario. Additionally, large-scale investments in the private & public sectors coupled with extensive government efforts to build a robust offshore wind energy infrastructure and escalate GHG emissions will proliferate industry growth.
Rising research & development activities to introduce state-of-the-art turbine solutions supported by substantial government funding to improve offshore wind infrastructures will complement the U.S. industry potential. For instance, in September 2022, the U.S. DOE Advanced Research Projects Agency-Energy (ARPA-E) announced USD 31 million in funding through its ATLANTIS program that focuses on the development of floating offshore wind technologies and driving down systems costs.
Asia Pacific Offshore Wind Cable Market Share
Ningbo Orient Wires &Cables Co., Prysmian Group, Sumitomo Electric Industries, Ltd., FURUKAWA ELECTRIC CO., LTD, Fujikura Ltd., LS Cable & System Ltd. are some leading industry players. Manufacturers play a crucial role in supplying high-quality cables and related solutions to support the development of offshore wind projects. Their role extends beyond mere production to encompass innovation, customization, and collaboration with stakeholders across the industry. Research institutions, universities, and industry associations to advance offshore wind cable technology through joint research projects, knowledge sharing, and technology transfer. facilitate innovation and drive continuous improvement in cable design and performance.
Asia Pacific Offshore Wind Cable Market Companies
Key market players operating across the Asia Pacific offshore wind cable industry include:
Asia Pacific Offshore Wind Cable Market Industry News
Asia Pacific offshore wind cable market research report includes an in–depth coverage of the industry with estimates & forecast in terms of revenue in ‘Km & USD Billion’ from 2021 to 2032, for the following segments:
Click here to Buy Section of this Report
Market, By Technology
Market, By Conductor Material
The above information has been provided for the following countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
Security & defense sector journals and trade press
Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →