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Offshore Wind Cable Market Size

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

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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.

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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.

Offshore Wind Cable Market Report Attributes
Report Attribute	Details
Base Year:	2023
Offshore Wind Cable Market Size in 2023:	USD 2.83 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	34%
2032 Value Projection:	USD 37.5 Billion
Historical Data for:	2019 to 2023
No. of Pages:	220
Tables, Charts & Figures:	417
Segments covered:	Technology, Conductor Material, Region
Growth Drivers:	Increasing demand for electricity Rising focus toward the adoption of sustainable energy Positive outlook toward offshore wind energy term investment flow across offshore wind industry
Pitfalls & Challenges:	High cost of installation

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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.