Offshore Wind Cable Market By Type (Export Cables, Inter-array Cables, Dynamic Cables); By Material (Copper, Aluminum, Others (composite materials)); By Installation Type (Submarine Cables (Underwater), Buried Cables, Floating Cables); By End-Use (Offshore Wind Turbines, Offshore Substations, Grid Connection Systems); By Geography, Segment revenue estimation, Forecast, 2024–2032.

The offshore wind cable market was worth USD 3.2 billion in 2023 and will be worth USD 12.27 billion by 2030, growing at a CAGR of 18.3% during the forecast period.

 

The Offshore Wind Cable market is further propelled by the increasing number of offshore wind energy projects where countries are looking to move towards the renewable energy sector. As of 2022, the offshore wind generated over 35 GW, with essential European markets set to install 60 GW by 2030. Offshore is the cables used for export cables and array cables which are crucial in transmitting power from offshore wind turbines to the terrestrial electricity network. For instance, one of the largest offshore wind farms in the UK, Dogger Bank Wind Farm, needs innovative cable that will conduct electricity over long distances. Recent developments include the application of HVDC cables, where power is transmitted at high voltage but with direct current, resulting in increased transmission distance without losses. An increasing need for cables that can perform in severe marine conditions while providing consistent power delivery is boosting the market growth, especially with the development of more distant offshore wind farms.

 

There is potential in the Offshore Wind Cable market because investments in offshore wind energy sources are also increasing around the world, and the capacity may reach more than 234GW by 2030. This increase is attributed to the demand for clean energy and the capacity of offshore wind farms to produce a great deal of power. For instance, there is significant capital expenditure for offshore wind projects in Europe and Asia-Pacific, although Europe currently provides nearly half the global offshore wind capacity. For example, the US East Coast has been experiencing a surge in new offshore wind project development, necessitating high-performance cables suitable for submerged use. These advancements present a prime growth opportunity for cable manufacturers and suppliers to underpin the growth of the offshore wind industry worldwide.

 

 

Market Segmentation

By Type:

• Export Cables

• Inter-array Cables

• Dynamic Cables

 

By Material:

• Copper

• Aluminum

• Others (composite materials)

 

By Installation Type:

• Submarine Cables (Underwater)

• Buried Cables

• Floating Cables

 

By End-Use:

• Offshore Wind Turbines

• Offshore Substations

• Grid Connection Systems

 

By Region

North America

• US

• Mexico

• Canada

• Rest of North America

 

Europe

• Switzerland

• Russia

• France

• Germany

• U.K

• Finland

• Turkey

• Netherlands

• Belgium

• Spain

• Italy

• Rest of Europe

 

Asia Pacific

• India

• China

• South Korea

• Japan

• Singapore

• Thailand

• Indonesia

• Malaysia

• Philippines

• Australia

• Rest of Asia-Pacific

 

LAMEA

• Brazil

• Argentina

• Uruguay

• Saudi Arabia

• Rest of LAMEA

 

Segment Analysis of the Offshore Wind Cable Market

By Type:

Leading Segment: Export Cables

Export cables hold the largest market share, accounting for over 50% of total offshore wind cable installations. These high-capacity cables are crucial for transmitting electricity from offshore wind farms to onshore grids. With the rise in large-scale offshore wind projects, especially in Europe and China, export cables are in high demand. For example, Nexans supplied high-voltage export cables for the Dogger Bank Wind Farm in the UK, which is set to be the world’s largest offshore wind farm. The segment is expected to grow at a steady CAGR of 9% over the next decade.

Fastest-Growing Segment: Dynamic Cables

Dynamic cables are experiencing the highest growth rate, projected to grow at a CAGR of 12% due to increasing floating offshore wind projects. Unlike fixed-bottom wind farms, floating wind farms require dynamic cables that can withstand continuous movement and harsh marine conditions. With projects like France’s EolMed Floating Wind Farm & Norway’s Hywind Tampen, the demand for dynamic cables is surging, particularly in deep-water regions where floating wind technology is being adopted.

 

By Material:

Leading Segment: Copper Cables

Copper cables dominate the offshore wind cable market, with a market share of approximately 75%. Their superior conductivity, durability & efficiency in high-voltage applications make them the preferred choice for both inter-array and export cables. Major offshore wind projects, such as the Hornsea 2 Wind Farm in the UK, have used copper-based subsea cables supplied by Prysmian Group. However, copper’s high cost & supply chain constraints are driving research into alternative materials.

Fastest-Growing Segment: Aluminum Cables

Aluminum cables are growing at a CAGR of 11%, driven by their cost-effectiveness & lower weight compared to copper. While they have slightly lower conductivity, aluminum cables are increasingly being considered for inter-array connections in mid-range offshore wind farms. Chinese manufacturers are investing in aluminum cable solutions to reduce overall offshore wind development costs.

 

By Installation Type:

Leading Segment: Submarine Cables (Underwater)

Submarine cables account for over 80% of offshore wind cable installations, as they are essential for transferring power from offshore wind farms to onshore grids. These cables are designed to withstand harsh marine environments & are crucial for offshore wind expansion in Europe and Asia. For example, the Kriegers Flak offshore wind project in Denmark uses advanced submarine cable technology to link power grids across multiple countries.

Fastest-Growing Segment: Floating Cables

Floating cables are growing at a CAGR of 13%, driven by advancements in floating offshore wind farms. Floating wind technology enables power generation in deep waters, unlocking new locations for offshore wind development. Projects like Kincardine Offshore Wind in Scotland, one of the largest floating wind farms, are increasing demand for specialized floating cables that can handle dynamic sea conditions.

 

By End-Use:

Leading Segment: Offshore Wind Turbines

Offshore wind turbines are the primary users of cables, holding over 60% of the market share. Each offshore wind turbine requires multiple inter-array cables to connect to substations and export power to grids. With the Global Wind Energy Council (GWEC) predicting 250 GW of offshore wind installations by 2030, the demand for cables in turbine connectivity remains high. The Dogger Bank Wind Farm alone is expected to require over 1,000 km of subsea cables.

Fastest-Growing Segment: Grid Connection Systems

Grid connection systems are growing at a CAGR of 12%, fueled by increasing investments in offshore wind transmission networks. As offshore wind capacity expands, governments are focusing on building efficient & stable grid interconnections. Germany’s SuedLink project is integrating offshore wind energy into the national grid, requiring high-capacity export cables.

 

By Region:

Leading Region: Europe

Europe holds the largest market share, accounting for over 45% of global offshore wind cable installations. The region leads in offshore wind capacity, with the UK, Germany, and Denmark at the forefront. The UK alone aims to install 50 GW of offshore wind capacity by 2030, driving massive demand for export and inter-array cables. Companies like Nexans, Prysmian, and NKT dominate the European offshore wind cable market, supplying high-voltage submarine cables for key projects.

Fastest-Growing Region: Asia-Pacific

Asia-Pacific is the fastest-growing region, with a CAGR of 14%, driven by China, Taiwan, South Korea, and Japan. China leads global offshore wind installations, with over 30 GW installed capacity as of 2023, requiring vast amounts of subsea cables. Taiwan is also a hotspot for offshore wind expansion, with projects like the Greater Changhua Offshore Wind Farm boosting cable demand. South Korea’s floating wind initiatives are further accelerating regional growth.

 

Key Players

• Nexans S.A.

• Prysmian Group

• NKT A/S

• LS Cable & System Ltd.

• JDR Cable Systems

• Hellenic Cables

• Sumitomo Electric Industries, Ltd.

• ZTT International Limited

• Furukawa Electric Co., Ltd.

• ABB Ltd.

 

Offshore Wind Cable Market Report Coverage

Report Attribute	Details
Forecast Period	2023 – 2030
Market Size Value in 2023	USD 3.2 billion
Revenue Forecast in 2030	USD 12.27 billion
Overall Growth Rate	CAGR of 18.3%
Base Year for Estimation	2022
Historical Data	2017 – 2021
Unit	USD Billion, CAGR (2023 - 2030)
Segmentation	By Type, By Material, By Installation Type, By End-Use, By Region
By Type	Export Cables, Inter-array Cables, Dynamic Cables
By Material	Copper, Aluminum, Others (composite materials)
By Installation Type	Submarine Cables (Underwater), Buried Cables, Floating Cables
By End-Use	Offshore Wind Turbines, Offshore Substations, Grid Connection Systems
By Region	North America, Europe, Asia Pacific, LAMEA
Country Scope	US, Mexico, Canada, Germany, UK, France, China, Japan, India, etc.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.