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Asia Pacific Offshore Wind Cable Market Trends

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

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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.

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.