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  • Offshore Wind Cable Market Growth Analysis | 2023-2028

    Offshore Wind Cable Market Growth Analysis | 2023-2028

    Offshore Wind Cable Market Growth Analysis | 2023-2028
    Report code - SROG130 Delivery - 2 Weeks
    Offshore Wind Cable Market Size, Share, Trends, Forecast, & Growth Analysis - 202 See more...

    Market Insights

    The offshore wind cable market was estimated at USD 3.3 billion in 2022 and is likely to grow at a CAGR of 19.3% during 2023-2028 to reach USD 9.54 billion in 2028.

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    What is offshore wind cable?

    Offshore wind cable is a cable that is used to transfer electricity generated from the wind turbines installed in water bodies, such as sea and ocean to an onshore substation.

    Offshore wind cables must be constructed properly and firmly anchored in order to avoid any damage from trawlers and anchors. Offshore wind cables must be capable to withstand hydrodynamic loading.

    Offshore Wind Cable Market Report Highlights

    Market Size in 2022

    USD 3,3 billion

    Market Size in 2028

    USD 9.54 billion

    Market Growth (2023-2028)

    19.3% CAGR

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    Key Players

    Some of the major offshore wind cable manufacturers are-

    • Nexans S.A.
    • Prysmian S.p.A.
    • NKT A/S
    • LS Cable & System, Ltd.
    • Sumitomo Electric Industries, Ltd.
    • Furukawa Electric Co., Ltd.
    • Fujikura Limited
    • Hellenic Cables Group
    • Ningbo Orient Wires & Cables Co., Ltd
    • Hydro Group plc.

    Market Dynamics

    Stringent regulations regarding emissions from conventional sources of energy coupled with growing concerns regarding global warming are the key driving factors for the surge in demand for the offshore wind cable market during the next five years.

    Offshore-Wind-Cable-Market-Dynamics

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    Segment Analysis

    By Technology Type

    Based on the technology type, the market is segmented as inter-array and export. The inter-array segment is expected to remain dominant in the market during the forecast period, mainly driven by the rising number of wind turbine installations under deep-water conditions.

    By Conductor Material Type

    Based on the conductor material type, the offshore wind cable market is segmented into aluminum and copper. Copper is projected to remain the dominant material in the market during the forecast period, owing to various benefits offered by the material, such as high specific weight, excellent flexibility, high corrosion & weather resistance and high reliability.

    Regional Insights

    In terms of regions, Europe is likely to maintain its dominance in the market during the forecast period, with Germany and the UK being the key growth engines of the region’s market. The presence of a large number of offshore facilities along with their effective utilization and favorable energy policy framework by the EU is the major factor behind the dominance of the region in the market.

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    Market Segmentation

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The offshore wind cable market is segmented into the following categories.

    By Technology Type

    • Inter-array
    • Export

    By Conductor Material Type

    • Aluminum
    • Copper

    By Region

    • North America (Country Analysis: the USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
    • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

    Offshore-Wind-Cable-Market-Segmentation

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    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Offshore Wind Cable Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirements?

    10% free customization

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Market Segmentation

    • Current market segmentation of any one of the technology types by conductor material type.

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    Offshore wind cable is a cable that is used to transfer electricity generated from the wind turbines installed in water bodies, such as sea and ocean to an onshore substation. Offshore wind cables must be constructed properly and firmly anchored in order to avoid any damage from trawlers and anchors. Offshore wind cables must be capable to withstand hydrodynamic loading.

    The offshore wind cable market was estimated at USD 3.3 billion in 2022.

    The offshore wind cable market is likely to reach USD 9.54 billion in 2028.

    The offshore wind cable market is likely to grow at a CAGR of 19.3% during 2023-2028.

    Nexans S.A., Prysmian S.p.A., NKT A/S, LS Cable & System, Ltd., Sumitomo Electric Industries, Ltd., Furukawa Electric Co., Ltd., Fujikura Limited, Hellenic Cables Group, Ningbo Orient Wires & Cables Co., Ltd, and Hydro Group plc are among the key players in the market.

    Europe is expected to remain dominant in the market during the next five years.

    The inter-array segment is expected to remain dominant in the market in the coming years.

    Stringent regulations regarding emissions from conventional sources of energy coupled with growing concerns regarding global warming is the key driving factor for the surge in demand for the market during the next five years.