Offshore Wind Cable Market Growth Analysis | 2023-2028

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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Market Dynamics

Introduction

Offshore wind cable is a cable that is used to transfer electricity generated from the wind turbines installed in water bodies, such as the 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.

Market Drivers

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.

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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.

Note: The above list does not necessarily include all the top players in the market.

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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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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects offshore wind cable market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• 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 15 detailed primary interviews with market players across the value chain in all four regions and 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 market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

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)

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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.