USD 32 billion
Report ID: SQMIG20D2150 | Region: Global | Published Date: August, 2023 | Pages: 157 | Tables: 65 | Figures: 65
Offshore Wind Cable Market size was valued at USD 32 billion in 2021 and is poised to grow from USD 36.16 billion in 2022 to USD 96.13 billion by 2030, growing at a CAGR of 13% in the forecast period (2023-2030).
The offshore wind cable industry's trajectory is being propelled by two key factors: the escalating demand for electricity and the swiftly escalating emission levels stemming from traditional power plants. This confluence of circumstances is poised to shape the industry's future.
Within the realm of installations, the inter-array cable segment took the lead in the market share during the year 2021. This implies that the cables connecting individual wind turbines within offshore wind farms were the dominant players in the installation landscape.
A notable transformation in the energy landscape is the shifting preference towards embracing renewable energy sources, including wind, solar, geothermal, and waste-to-energy. This shift has fostered an increasingly noteworthy market backdrop, characterized by the prominence of these sustainable alternatives.
The adoption of offshore wind energy is surging on a global scale, primarily due to its remarkable capacity for high-power generation. This phenomenon is gaining widespread recognition and acceptance across diverse regions.
Several factors contribute to the surge in the offshore wind energy sector. The absence of a requirement for land acquisition sets it apart from onshore wind farms, providing a distinctive advantage. Moreover, the reduction in noise levels associated with offshore setups, coupled with a more consistent and reliable supply of wind resources compared to their onshore counterparts, contributes significantly to the appeal of offshore wind energy systems.
To ensure the efficient transmission of substantial power quantities from offshore wind farms to essential base substations, the market demand for subsea offshore wind cables with significant capacity is undergoing substantial growth. This demand surge is poised to trigger noteworthy expansion within the industry, underlining the pivotal role that these high-capacity cables play in enabling the effective distribution of offshore-generated power.
US Offshore Wind Cable Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 32 billion
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The global offshore wind cable market is segmented on the basis of technology, conductor, region. By technology, the market is segmented into inter-array, 11 kv to 33 kv, 34kv to 66kv, export, 132kv & less, 132 kv & above. By conductor, the market is segmented into copper, aluminum. By region, the market is segmented into North America, Europe, Latin America, Asia- Pacific, Middle East and Africa.
Offshore Wind Cable Market Analysis By Technology
Forecasts indicate that the inter-array segment is poised to maintain its dominant position throughout the projected period. This projection is primarily propelled by the increasing installation of wind turbines in deep-water environments.
Within this context, the inter-array segment pertains to the intricate network of cables connecting individual wind turbines within offshore wind farms. As the industry ventures further into deep-water locations for harnessing wind energy, the demand for inter-array cables is anticipated to witness substantial growth. This is attributed to the necessity of establishing reliable connections among the turbines to efficiently transmit the generated power to base stations.
Offshore Wind Cable Market Analysis By Conductor
Projections indicate that copper is positioned to uphold its dominance as the primary material within the market throughout the anticipated forecast period. This projection is underpinned by the manifold advantages inherent to copper, solidifying its status as the preferred choice for cable construction.
In conclusion, copper's unrivaled combination of attributes, including conductivity, flexibility, corrosion resistance, weather resilience, and reliability, positions it as the preferred conductor material within the offshore wind cable market. As the industry continues to expand, driven by the need for sustainable energy solutions, copper is poised to play a pivotal role in supporting the efficient and dependable transmission of power from offshore wind farms to onshore facilities.
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In the realm of geographical distribution, Europe is anticipated to sustain its commanding position within the offshore wind cable market throughout the projected period. This supremacy is expected to be particularly pronounced in countries such as Germany and the UK, which are poised to serve as pivotal growth catalysts within the European market landscape.
Germany and the UK stand out due to their robust commitment to renewable energy endeavors and their strategic utilization of offshore wind facilities. These nations have embraced offshore wind energy as a vital component of their energy portfolios, capitalizing on their access to substantial marine resources for harnessing wind power. This commitment is further bolstered by their well-structured energy policies, which align with the broader objectives set forth by the European Union.
One of the central drivers of Europe's dominance in the offshore wind cable market is the substantial number of offshore installations across the region. These installations serve as a testament to Europe's proactive approach in capitalizing on its extensive coastline and abundant wind resources. The effective harnessing of these resources translates into a significant energy generation capacity, thereby reinforcing the region's position as a global leader in offshore wind energy.
Moreover, the European Union's comprehensive and forward-thinking energy policy framework plays a pivotal role in consolidating Europe's dominance in this sector. The EU's commitment to renewable energy and its establishment of supportive regulatory frameworks have fostered an environment conducive to offshore wind energy development. This includes incentives, targets, and mechanisms that facilitate investment, innovation, and sustainable growth in the sector.
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Offshore Wind Cable Market Drivers
Government Support and Policies
Increasing Offshore Wind Capacity
Offshore Wind Cable Market Restraints
High Initial Investment
Complex Installation Challenges
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The competitive landscape of the global offshore wind cable market is characterized by a mix of established players and emerging entrants striving to capitalize on the burgeoning demand for renewable energy solutions. Key industry participants are engaged in strategic collaborations, mergers, acquisitions, and technological advancements to secure their positions and cater to the growing market needs.
Prominent companies like Nexans SA, Prysmian Group, and JDR Cable Systems have a strong foothold, leveraging their extensive experience in designing and manufacturing offshore wind cables. They focus on innovation, research, and development to enhance cable efficiency, durability, and transmission capabilities, meeting the stringent requirements of offshore installations.
Offshore Wind Cable Market Top Player’s Company Profiles
Offshore Wind Cable Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global offshore wind cable market analysis, the global offshore wind cable market is on a trajectory of robust growth driven by escalating demand for renewable energy sources and increased offshore wind energy capacity. Established industry leaders like Nexans SA and Prysmian Group, alongside emerging players such as LS Cable & System and Hengtong Group, are shaping the competitive landscape through innovation, collaborations, and technological advancements. As the sector expands globally, companies are focusing on high-voltage cables, interconnection, and sustainable practices to meet stringent energy goals. However, challenges like high initial investment and environmental concerns remain to be addressed. The industry's evolution towards floating wind farms, digitalization, and strategic alliances further emphasizes its dynamism.
|Market size value in 2021||USD 32 billion|
|Market size value in 2030||USD 96.13 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Offshore Wind Cable Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Offshore Wind Cable Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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