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Asia Pacific Offshore Wind Cable Market Size

Report ID: GMI9064
Published Date: Apr 2024
Report Format: PDF

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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.

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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.

Asia Pacific Offshore Wind Cable Market Report Attributes
Report Attribute	Details
Base Year:	2023
Asia Pacific Offshore Wind Cable Market Size in 2023:	USD 1.3 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	24.1%
2032 Value Projection:	USD 9.6 Billion
Historical Data for:	2021 to 2023
No. of Pages:	110
Tables, Charts & Figures:	200
Segments covered:	Technology, Conductor Material and Country
Growth Drivers:	Positive outlook towards offshore wind power Continuous long-term investments in the offshore wind sector
Pitfalls & Challenges:	High installation cost

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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.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size for offshore wind cable in Asia Pacific USD 1.3 billion in 2023 and is set to witness 24.1% CAGR up to 2032, led by the increasing prioritization of renewable energy sources to mitigate climate change and reduce dependence on fossil fuels.

Copper segment witnessed a revenue share of over 99% in 2023, owing to the growing focus on subsea cable protection and maintenance to ensure the reliability and longevity of inter-array cable systems.

China market is projected to reach USD 4.5 billion by 2032, attributed to continuous deployment of offshore wind energy across potential project sites combined with favorable strategy, law, programs, and rebates.

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. and ZTT.