Asia Pacific 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

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.
 

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:

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

Asia Pacific Offshore Wind Cable Market Industry News

• In March 2024, LS Cable & System Ltd. won a supply order from Feng Miao 1 to deliver offshore wind cable for a 500 MW wind project in Taiwan. The order comprises of offshore export and inter-array wind cables for the location about 35 km off the coast of Taichung. The project is expected to be operational in 2027. Therefore, the company will strengthen its product portfolio and solidify its customer base across the region.
   
• In March 2024, Seaway7 collaborated with Dong Fang to strengthen offshore wind market in Taiwan. The companies will focus on the development of cable installation for the offshore projects in the country. Seaway 7 will provide project management, installation and engineering expertise whereas DFO will provide in depth knowledge along with its assets and marine operations expertise. Henceforth, the partnership will enhance their presence within the industry. 
   

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:

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Market, By Technology

• Inter-Array
  • 11kV to 33kV
  • 34kV to 66kV
• Export
  • 132 kV & Less
  • 132 kV & Above

Market, By Conductor Material

• Aluminum
• Copper

The above information has been provided for the following countries:

• China
• Japan
• South Korea
• Vietnam
• Taiwan