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Offshore Wind Cable Market Trends

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

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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.

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.