Offshore Wind Cable Market

Offshore Wind Cable Market Size

The offshore wind cable market size was valued at more than USD 3.5 billion in 2024. The market is expected to grow from USD 4.2 billion in 2025 to USD 39.9 billion by 2034, at a CAGR of 28.2%, according to Global Market Insights, Inc.

• Continuous improvements in manufacturing and installation technologies will reduce the costs of offshore wind cables, making projects economically viable, thereby augmenting the product demand. Growing supply chain logistics along with partnerships will enhance the distribution and availability of offshore wind cables will stimulate the offshore wind cable market statistics. In addition, companies in this sector are engaging in inorganic growth ventures to leverage expertise and share risks.
  
• An offshore wind cable, also referred to as a submarine or subsea cable, is an electrical cable used to transfer electricity generated by offshore wind turbines to onshore substations. The cables are then used to attach individual turbines within the wind farm and further transport the generated electricity back to the mainland grid.
  
• Growing focus on developing environmentally friendly and sustainable cable solutions to minimize the ecological impact of laying submarine cables. Efforts to recycle and reuse materials from decommissioned cables are gaining traction. Governments worldwide are offering incentives and subsidies to promote the development of offshore wind farms, which in turn boosts the offshore wind cable industry. Additionally, increased standardization in cable manufacturing and installation processes will support reduce costs and improve reliability, contributing to the business scenario.
  
• Respective governments have introduced new policy initiatives and targets for the integration of offshore wind energy capacity, which will propel the industry growth across the regions. Rising investments in technological innovations will significantly encourage the adoption of various offshore wind cable technology. Furthermore, the growing inclination towards development of new hybrid systems will further create new opportunities for technology transfer agreements and joint ventures.
  
• Strong investor confidence coupled with ongoing advancements across the industry will proliferate the offshore wind cable market growth, which, in turn, will create a cyclical demand for high-performance cables over the forecast timeline. In addition, the presence of a favorable regulatory environment along with channeling of significant budgets for sector development will accelerate sector growth, thereby increasing the potential for the utilization of offshore wind cables.
  
• The rise in investments in the offshore wind energy industry will propel the demand for efficient cables & transmission systems. The utilization of clean energy technologies will continue to play a vital role in curbing carbon emissions, resulting in increased investments in new projects, contributing to the overall market growth.
  
• Deploying turbines in the offshore environment offers the benefit of better wind resource potential and achieves significantly more full-load hours. Growing research & innovation (R&I) expenditures to maximize energy generation from wind components and optimum extraction of energy through transmission cables from offshore wind farms to the onshore facility have instigated a positive business outlook for cable manufacturers.
  
• Furthermore, stable policies to enhance the overall performance of wind farms will fuel the demand for high-performance & energy-efficient cable, thereby creating a favorable industry outlook over the forecast timeline. Identification of potential sites along with implementation of utility scale offshore wind projects will further augment the offshore wind cable market outlook over the forecast timeline.
  
• Cable suppliers such as Prysmian, Nexans, and Sumitomo are rapidly expanding production capacity and establishing localized plants near major offshore wind markets, owing to current manufacturing lead times stretching to several years. These investments address bottlenecks but also secure long-term order books, which in turn reinforce project development.
  

Offshore Wind Cable Market Trends

• Project developers are venturing for deeper water shelves to harness the untapped potential at offshore sites. For instance, as per Wind Europe, the average depth for offshore wind farms under the development was 33 m with a marginal increase of 30 m from the previous year. In addition, wind energy platforms to deep water levels has fueled the demand for high-performance interconnection systems & components, ensuring reliable operations and maintaining the overall system frequency, strengthening the product demand.
  
• Offshore wind cables have gained a wide acceptance on account of their superior power delivery capabilities, leading to high voltage & safety along with a reduction in the maintenance cost. The industry is witnessing a significant surge with substantial investments in offshore energy applications.
  
• Several APAC nations including Taiwan and China are increasing the deployment of large-scale wind projects due to the steady rise in their energy requirements in the past few years. For instance, as per the 13th Five Year Plan, China has a 2020 target to achieve 5 GW of installed capacity in offshore operations and another 10 GW, which is under the development phase.
  
• Industry participants are also investing aggressively in various R&D initiatives to increase the operational efficiency and achieve economies of scale. Ongoing efforts to augment the product life cycle along with the rising industry expertise across the offshore wind system installation will significantly proliferate the business growth over the forecast timeline.
  
• Each offshore wind project requires a vast network of subsea export and inter-array cables to transmit electricity back to shore and connect turbines within the farm. The project sizes increase, the demand for high-voltage export cables and reliable inter-array systems rises proportionally, directly fueling the market for offshore wind cables. For instance, the EU aims for 60 GW of offshore wind by 2030, and the U.S. has set a goal of 30 GW by 2030.
  
• Larger turbines, now reaching 15–20 MW per unit, further necessitate cables that can handle higher loads with reduced losses. Furthermore, the rise of floating offshore wind farms, often located in deeper waters, requires specialized dynamic and flexible cable designs, capturing market share in the cable market. These technological shifts act as strong growth drivers by pushing cable makers to expand production capacity and R&D, thereby driving the market growth.
  

Offshore Wind Cable Market Analysis

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• Based on end use, the market is segmented into inter array and export. The Inter array segment is set to cross more than USD 1.9 billion by 2034, driven by increasing deployment of large-capacity clean energy projects along with the improving engineering capabilities across deep water locations.
  
• Low transmission losses and reduced installation costs are a few other prominent factors favoring the product deployment. The industry expertise in manufacturing the cables along with the growing efforts to reduce the maintenance & repair cost has stimulated the business outlook. In addition, low transmission losses and reduced installation costs are a few other prominent factors favoring the product deployment.
  
• The export segment will grow more than 31% CAGR till 2034, owing to to introduction of utility scale projects and implementation of far offsite projects. Rising installation of offshore substation in the recent years coupled with the increasing export cable voltage owing to the upgrading in the surge carrying capacity has augmented a favourable scenario for offshore export cables.
  
• For instance, in 2024, Prysmian received an award for the Commonwealth Wind project in the U.S., involving export submarine power cables. It is further planning to build a manufacturing facility for submarine transmission cables.
  

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• Based on conductor material, the offshore wind cable market is segmented into aluminum and copper. The aluminum segment is set to grow over 27% CAGR till 2034, driven by ease of installation with lower weight and adaptable product configuration & installation capabilities in comparison to copper wires.
  
• Moreover, low material & maintenance costs and longer life span coupled with limited transmission losses are some of the major factors driving the product penetration. In addition, increasing dependence on RE based power generation technologies along with industrial integration toward economical & high efficiency cable technology will stimulate the overall business growth over the forecast timeline.
  
• The copper market will grow more than USD 37.5 billion by 2034. Corrosion resistance, capability to bear load surges, and heavy weight are some of the additional characteristics, fueling the installation of copper cables across the industry. Furthermore, ability to operate effectively under extreme seabed are further fueling their adoption across various offshore projects. In the coming years, rising penetration of 66kV Inter-array cable technology, primarily manufactured with copper materials, will complement the industry outlook.
  

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• The U.S. offshore wind cable market recorded a valuation of USD 60 million in 2022, reached USD 120 million in 2023 and will reach to USD 510 million by 2024. North America accounted for 14.7% of the global market share in 2024.
  
• Strong inclination toward large-scale sustainable projects along with presence of immense technical potential across various deep-water locations will positively influence the industry dynamics. Rising demand for integration of service packages with offshore wind cables along with the industry focus to enhance technical expertise across the segment will stimulate the regional business outlook over the coming years.
  
• Europe offshore wind cable market is set to reach USD 18.7 billion by 2034, on account of ongoing technological enhancements in line with the increasing demand for offshore wind system in shelves with high water depths. Supportive government measures along with additional advantages including higher efficiency, low turbulence, and no land cost when compared to the onshore wind technology will continue to complement the offshore installations, which in turn will drive the cable demand.
  
• Asia Pacific offshore wind cable market is likely to exceed USD 14 billion by 2034 owing to new offshore wind farm establishments, increasing energy demand and declining LCOE. The region includes China, Japan, South Korea, and Taiwan are considered as emerging markets across the global offshore wind industry.
  
• Ongoing technological enhancements in line with the increasing demand for offshore wind system in shelves with high water depths will stimulate the industry growth over the forecast timeline. Furthermore, introduction of favorable regulatory framework and increasing demand for cable protection has augmented the industry outlook.
  

Offshore Wind Cable Market Share

• The top five players operating in the industry include Nexans, Prysmian, NKT, Sumitomo Electric Industries and LS Cable & System that have attained major market share in the offshore wind cable industry. These players are primarily focusing on expanding their existing market penetration through inorganic strategic measures.
  
• The industry has observed advancements in technology for power transmission from turbines to the shore. The requirements from end-users in terms of technical features comprising weight, size, voltage, and conductor material have resulted in continuous innovations. Additionally, innovative approaches by companies to suffice end-user requirements such as resolving environmental issues and improving operational life of cables will escalate technological developments across the sector.
  
• Market players operating across the industry are focusing on increasing the value for the end consumers and providing a strong after-sales support to consolidate a leading market position. Manufacturers are also providing complete cable damage solutions, reducing the downtime and the total cost of ownership. Bundling of service packages with the product enables manufacturers to provide a holistic wind energy solution portfolio, increasing their revenue stream over the coming years.
  

Offshore Wind Cable Market Companies

Eminent players operating in the offshore wind cable industry are:

• Cavicel
• C.S. Cable Corp.
• Furukawa Electric
• Fujikura Ltd.
• Hellenic Cables
• Hengtong Group
• Hydro Group
• JDR Cable Systems
• KEI Industries
• KEC International
• LS Cable & System
• LEONI
• Prysmian Group
• Orient Cable
• NEXANS
• NKT A/S
• Ningbo Orient Wires & Cables
• Seaway7
• Sumitomo Electric Industries
• ZTT
  
• Prysmian Group invests in long-distance, high-voltage, dynamic cables that are suited for floating offshore wind. The company recorded a revenue for USD 20.1 billion in 2024. Further, the company will expand its manufacturing capacity to secure export cable contracts.
  
• Nexans produces cables and cable systems for data, power, high voltage, and renewables sector. In 2024, the total revenue of the company amounted to USD 10.1 billion. Further, the company is investing to increase the capacity for high voltage and subsea cable manufacturers to expand their insulation and aluminium wire lines.
  
• NKT is focused on high voltage cable, offshore, submarine & land transmission cable systems. In 2024, the company recorded revenue of USD 2.9 billion. They have invested in capacity acquisitions to improve their aluminium cable capability, while focusing on sustainability and innovation in high-voltage offshore cable technology.
  
• LS Cable & System has revenue of USD 6.5 billion, with a total of 6,000 employees in 2024. The company supplies cables for offshore wind pipeline and positioning for projects across Asia Pacific. It also leverages alliances with local contractors and it’s competitive pricing to penetrate projects. Moreover, its strategy focuses on technology leadership, cost competitiveness, and selective international partnerships rather than building its own Western factories.
  

Offshore Wind Cable Industry News

• In March 2025, Prysmian Group delivered the first cable system solution, rated at 245 kV to accelerate the adoption of floating offshore wind projects. The new cable system will deliver high mechanical performances and superior resistance, and enhanced reliability to overcome the challenging conditions at sea. Further, this is a part of the company’s innovation roadmap, underlining its leadership to accelerate the delivery of energy transition and security across Europe.
  
• In September 2024, Nexans invested USD 106 Million in its European cable manufacturing/processing facilities. The company is committed to a long-term electrification strategy made possible only through the support of renewable sources of energy. This investment will further enable the company to fulfill this vision and drive the next electrical revolution forward.
  
• In July 2023, Prysmian Group secured a contract from Ørsted Wind Power A/S for the Hornsea 3 offshore wind farm in UK, to deliver inter array submarine cables. The company has to design, manufacture, supply, terminate and test the cables systems with XLPE insulation which will fulfil 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.
  
• In August 2023, NKT entered in an agreement with Scottish transmission system operator (TSO) SSEN Transmission, for the installation and production of power cable systems. These will be utilized for two high-voltage direct current (HVDC) transmission links running from and from Spittal in Caithness to Peterhead and the Western Isles to the Scottish mainland.
  

This offshore wind cable market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “Km & USD Million” from 2021 to 2034, for the following segments:

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Market, By End Use

• Inter-array
  • 11 kV - 33 kV
  • 34 kV - 66 kV
• Export
  • 132 kV & Less
  • 132 kV & above

Market, By Conductor Material

• Aluminum
• Copper

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

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