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Inter Array Offshore Wind Cable Market Size

Report ID: GMI8919
Published Date: Apr 2024
Report Format: PDF

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Inter Array Offshore Wind Cable Market

Inter Array Offshore Wind Cable Market size was valued at USD 585.25 million in 2023 and is anticipated to grow at a CAGR of 41.4% between 2024 and 2032. It refers to the electrical cables that connect the individual wind turbines within the same array to a central collection point or substation. They play a crucial role in this process by providing the means to transfer the electricity generated by each turbine to the central collection point or substation.

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Improvements in cable materials, designs, and installation techniques owing to technological advancements along with standardization and modularization of the cables will help reduce engineering complexity, improve project efficiency, and lower costs, thereby driving the product demand. Integration of advanced monitoring techniques into the cable systems will enhance the business landscape. Further, hybrid solutions, including combining inter-array cables with fiber-optic cables for communication purposes will augment the product demand.

Inter Array Offshore Wind Cable Market Report Attributes
Report Attribute	Details
Base Year:	2023
Inter Array Offshore Wind Cable Market Size in 2023:	USD 585.25 Million
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	41.4%
2032 Value Projection:	USD 12.04 Billion
Historical Data for:	2019 to 2023
No. of Pages:	200
Tables, Charts & Figures:	250
Segments covered:	Voltage Rating, Conductor Material and Region
Growth Drivers:	Technological product advancements Rising adoption of sustainable energy Positive outlook toward offshore wind energy
Pitfalls & Challenges:	High installation cost

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Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

Inter array offshore wind cable market size was USD 585.25 million in 2023 and is expected to register 41.4% CAGR from 2024-2032 owing to technological advancements in cables helping reduce engineering complexity, improve project efficiency, and lower costs, worldwide.

The 11kV-33kV voltage segment is expected to record over USD 727 million by 2032 due to its higher capacity, which experiences lower electrical losses during transmission resulting in more efficient power transmission over longer distances.

Asia Pacific inter array offshore wind cable industry is expected to exceed USD 622 million by 2032 due to ambitious renewable energy targets to reduce carbon emissions and mitigate climate change along with significant offshore wind resources in the region.

ZTT, LS Cable & System Ltd., Sumitomo Electric Industries, Ltd., FURUKAWA ELECTRIC CO., LTD, TFK Group, Hellenic Cables, NSW Technology, LEONI, JDR Cable Systems Ltd., Seaway7, Orient Cable, and Hydro Group., are some of the major inter array offshore wind cable companies worldwide.