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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) & Global Forecast, 2024 – 2032

  • Report ID: GMI4218
  • Published Date: Aug 2023
  • Report Format: PDF

Offshore Wind Cable Market Size

Offshore Wind Cable Market size was valued at USD 2.83 billion in 2023 and is estimated to expand at 34% CAGR between 2024 and 2032. The demand for renewable energy sources has been driving the expansion of offshore wind farms. As a result, the need for reliable and efficient offshore wind cables has been growing to accommodate the increasing number of offshore wind turbines being installed.

 

Offshore Wind Cable Market

An offshore wind cable, often referred to as a subsea or undersea cable, is a specialized type of electrical cable designed to transmit electricity between offshore wind turbines and onshore electrical grids. These cables are used to connect offshore wind farms, where the wind turbines are located in bodies of water such as oceans or large lakes, to the land-based power infrastructure.

 

COVID- 19 Impact

The worldwide pandemic has prevented the offshore wind cable business from proceeding on to its projected growth pattern. The COVID- 19 epidemic has had a minor impact on the offshore wind cable market due to a slowdown in production activities, delays in various projects, and a lack of investment from both the public and private sectors. Furthermore, the industrial outlook was further stimulated by the drop in infection cases along with the ongoing advancement of offshore wind energy. The market took a rise as a result of favorable government funding for the development of offshore wind infrastructure and rising customer demand for alternative energy sources.
 

Offshore Wind Cable Market Trends

Offshore wind cables are typically designed to withstand harsh marine environments, including saltwater exposure and underwater conditions, while efficiently transmitting the electricity generated by the wind turbines to the onshore facilities. However, growing improvement in cable design, materials, and manufacturing techniques to enhance durability, flexibility, and transmission efficiency along with increasing projects scale up which needs higher quantities of reliable and cost-effective offshore wind cables will complement the business scenario.

 

Offshore Wind Cable Market Analysis

Offshore Wind Cable Market Size, By Technology, 2021-2032 (USD Billion)

Inter-array offshore wind cable market is anticipated to surpass USD 12 billion by 2032. Shifting emphasis towards standardization and modularization of inter array cable systems in line with rising importance of industry standards and certifications have positively encourage the market dynamics. Expansion of manufacturing capacities to meet the needs of the offshore wind industry along with exploration of new materials and construction techniques to extend cable lifespans which will reduce cost and maintenance needs. Additionally, gaining significance of remote monitoring and condition assessment of inter-array cables and proactive maintenance strategies support in identifying potential issues and minimize downtime, ensuring the reliable operation of wind farms.

 

Offshore Wind Cable Market Share, By Conductor Material, 2022 (USD Million)

Aluminum offshore wind cable market is set to exhibit about 62.2% CAGR through 2032. Ongoing technological advancements including innovations in cable design, materials, and manufacturing processes have improved wind cables performance, durability, and efficiency coupled with growing demand for inter-array cables in offshore wind projects will accelerate the industry potential.

 

Offshore Wind Cable Market Size, By Region, 2021-2032 (USD Billion)

Asia Pacific offshore wind cable market will expect gains at nearly 22.4% up to 2032, owing to cost-effective and reliable cable solutions resulting in competitive pricing for offshore wind energy in combination with increasing emphasis on regulatory frameworks, standards, including marine protection regulations and requirements for environmental impact assessment, to ensure the sustainable development of offshore wind projects.

 

Offshore Wind Cable Market Share

Some of the major players operating in the offshore wind cable market scenario include

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

     

These manufacturers partnerships, contracts, agreements, acquisitions, and collaborations with various suppliers and third-party distributors throughout the entire value chain will contribute to product developments, enabling industry potential.

 

Offshore Wind Cable Industry News

  • In July 2023, NEXANS invests in a its flagship 3rd generation cable-laying vessel to deploy on its new vessel Nexans Aurora. The vessel with 13,500 ton loading capacity, running on biodiesel will be able to lay up four cables all together and it will be completed by 2026 to be delivered. The aim is to meet the growing electrification demand in European and American market. The strategic development will support the company in enhancing its position in offshore wind market and substantially increase customer base across the regions.

     

     
  • In July 2023, Prysmian Group secured a contract from Ørsted Wind Power A/S to deliver inter array submarine cables for the Hornsea 3 offshore wind farm in UK. The company has to design, manufacture, supply, terminate and test the cables systems with XLPE insulation which will fulfill over 50% of the wind farm’s requirement. Therefore, the company will be able to showcase its capabilities and establish strong presence in offshore wind cable market.

     

     

This market research report on offshore wind cable includes in-depth coverage of the industry with estimates & forecast in terms of ‘Km & USD Million’ from 2023 to 2032 for the following segments:

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By Technology

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

By Conductor Material

  • Aluminum
  • Copper

The above information has been provided for the following regions and countries:

  • North America
    • U.S
    • Canada 
  • Europe
    • UK
    • Ireland
    • Germany
    • Denmark
    • France
    • Netherlands
    • Belgium
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • Vietnam
    • Taiwan
  • Rest of World

 

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of offshore wind cable was worth more than USD 2.83 billion in 2023 and is anticipated to surpass USD 37.50 billion by 2032, attributed to the rising inclination towards renewable energy sources which has surged the expansion of offshore wind farms.

The Aluminum offshore wind cable market is estimated to record 62.2% growth rate from 2023 to 2032, driven by the ongoing technological advancements including innovations in cable design, materials, and manufacturing processes that have improved wind cable performance, durability, and efficiency.

Asia Pacific offshore wind cable industry is likely to witness 22.4% CAGR trough 2032, owing to the availability of cost-effective and reliable cable solutions resulting in competitive pricing for offshore wind energy in combination with increasing emphasis on regulatory frameworks.

NEXANS, Prysmian Group, NKT A/S, ZTT, LS Cable & System Ltd., Sumitomo Electric Industries, Ltd., FURUKAWA ELECTRIC CO., LTD, Fujikura Ltd., Hellenic Cables, HENGTONG GROUP CO., LTD., LEONI, JDR Cable Systems Ltd., Seaway7, Ningbo Orient Wires &Cables Co., and Hydro Group are some of the companies operating in the flooring business scenario.

Offshore Wind Cable Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 15
  • Tables & Figures: 417
  • Countries covered: 14
  • Pages: 220
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