More offshore wind farms mean more cables. The cable market thus faces a lucrative future, in which the global market value will grow from the current GBP 717 million to GBP 1.13 billion in 2023, as shown by the study Offshore Wind Cables Installation and Manufacturing Forecast 2019-2029, published by RenewableUK.
The cause of this growth will be an increase in offshore wind energy from 20.5 GW to more than 55 GW in 2024 thanks to projects in especially the UK, Germany, Taiwan and the US.
According to the study, more than 9,600 kilometers of array cables and 6,750 kilometers of export cables will be needed in the years between 2020-'24.
RenewableUK highlights that less than 25 percent of the many kilometers have been awarded, which is why there is plenty to compete for at companies involved in cable manufacturing or installation.
"Our future energy system will be dominated by renewables with offshore wind playing a leading role, so these subsea cables are vital pieces of big kit when it comes to delivering the low-carbon transition, as well as creating global opportunities for manufacturing and investment," says RenewableUK Chief Executive Hugh McNeal in a statement.
English Edit: Jonas Sahl Jørgensen