Asia Pacific Offshore Wind Cable Market Analysis

Asia Pacific Offshore Wind Cable Market Analysis

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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.