USD 36.16 billion
Offshore Wind Cable Market Size, Share, Growth Analysis, By Technology(Inter-array, 11 kV to 33 kV, 34kV to 66kV, Export), By Conductor(Copper, Aluminum), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20D2150 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|Tables:
65
|Figures:
65
Offshore Wind Cable Market Insights
Global Offshore Wind Cable Market size was valued at USD 2.4 billion in 2022 and is poised to grow from USD 2.8 billion in 2023 to USD 11.1 billion by 2031, growing at a CAGR of 18.6% during the forecast period (2024-2031).
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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Copper
Fastest Growth
Copper
Growth Rate
13% CAGR
Global Offshore Wind Cable Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Offshore Wind Cable Market Segmental Analysis
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.
Global Offshore Wind Cable Market By Conductor
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Offshore Wind Cable Market Regional Insights
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.
Global Offshore Wind Cable Market By Geography
- Largest
- Fastest
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Offshore Wind Cable Market Dynamics
Offshore Wind Cable Market Drivers
Government Support and Policies
- Favorable regulatory frameworks, subsidies, and incentives provided by governments to promote renewable energy projects, including offshore wind farms, play a significant role in driving market growth.
Increasing Offshore Wind Capacity
- As the offshore wind energy capacity continues to expand, the demand for reliable and efficient cabling solutions rises to connect a greater number of wind turbines to onshore power grids.
Offshore Wind Cable Market Restraints
High Initial Investment
- The substantial upfront investment required for setting up offshore wind farms, including cable installation, presents a significant barrier to entry, especially for developing economies with limited financial resources.
Complex Installation Challenges
- Installing and maintaining offshore wind cables in deep-water environments poses technical challenges, including harsh weather conditions, potential cable damage, and logistical difficulties, which can lead to increased project costs.
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Offshore Wind Cable Market Competitive Landscape
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
- JDR Cable Systems (United Kingdom)
- LS Cable & System Ltd. (South Korea)
- Hengtong Group Co., Ltd. (China)
- Zhongtian Technology Group Co., Ltd. (China)
- ParkerScanrope AS (Norway)
- KEI Industries Ltd. (India)
- ABB Ltd. (Switzerland)
Offshore Wind Cable Market Recent Developments
- In June 2023, The Dutch company Tennet announced plans to invest €1.5 billion in offshore wind cables.
- In May 2023, The German company Prysmian Group announced plans to invest €1 billion in offshore wind cables.
- In April 2023, The Norwegian company Nexans announced plans to invest €200 million in offshore wind cables.
Offshore Wind Cable Key Market Trends
- Transition to High Voltage Cables: The adoption of higher voltage-rated cables is gaining traction as they enable more efficient power transmission over longer distances, reducing energy loss and improving project economics.
- Floating Wind Farms: The development of floating wind farms, which can be installed in deeper waters, is gaining momentum. This trend expands the potential sites for offshore wind energy production and presents new opportunities for innovative cable solutions.
Offshore Wind Cable Market SkyQuest Analysis
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.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD |
| Market size value in 2031 | USD |
| Growth Rate | 18.6% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Data-teams="true"> |
| Segments covered |
|
| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Offshore Wind Cable Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Offshore Wind Cable Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the 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 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Offshore Wind Cable Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Offshore Wind Cable Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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