Enjoy complimentary customisation on priority with our Enterprise License!
The wind energy cables market size is forecast to increase by USD 16.58 billion at a CAGR of 30.45% between 2023 and 2028. The market is witnessing significant growth due to several key trends and drivers. One of the primary factors driving market growth is the increasing investment in offshore wind turbines. Offshore wind farms are becoming increasingly popular due to their ability to generate larger amounts of electricity compared to onshore wind farms. Another trend influencing market growth is the adoption of High Voltage Direct Current (HVDC) technology. HVDC technology enables the efficient transmission of electricity over long distances, making it an ideal solution for offshore wind farms. However, the high installation and maintenance costs of wind energy cables remain a significant challenge for market growth.
Despite these challenges, the market is expected to continue growing due to the increasing demand for renewable energy sources and government initiatives to reduce carbon emissions.
The market is witnessing significant growth due to the increasing adoption of renewable energy sources, particularly offshore wind energy. Offshore wind projects require extensive electrical infrastructure, including cables for power transmission from offshore wind turbines to the shore. These cables are crucial for the successful implementation of offshore wind projects, as they enable the transfer of clean energy from the turbines to the electrical grid. Offshore wind energy projects require high-performance cables that can withstand the harsh marine environment, including power losses, durability, corrosion resistance, and safety and performance standards. The cables used in offshore wind energy projects are typically made of copper and can be installed using specialized equipment.
The length and capacity of these cables can vary depending on the installation procedures and the distance between the turbines and the shore. Offshore wind energy projects are often located in deep-sea areas, and the use of high-voltage direct current (HVDC) cables can help reduce power losses during transmission. The market for wind energy cables is expected to grow as the number of offshore wind projects increases, with a focus on cross-border transmission and the integration of offshore wind energy with offshore oil and gas platforms. Cable manufacturing and installation are key activities in the market, with ongoing research and development efforts aimed at improving the performance and durability of these essential components of the renewable energy sector.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The Offshore segment is estimated to witness significant growth during the forecast period. The global market for wind energy cables is experiencing significant growth, particularly in the offshore segment. Offshore wind farms, which harness electricity from wind turbines located in bodies of water, are becoming increasingly popular due to their minimal environmental impact and higher power generation potential compared to onshore wind farms. Renewable energy from offshore wind projects relies on electrical infrastructure, including specialized cables, to transmit electricity from offshore turbines to onshore grids. Offshore wind energy projects necessitate the use of high-performance, durable, and corrosion-resistant cables capable of withstanding harsh marine conditions. The installation and maintenance of these cables are complex processes that require specialized equipment and an expert workforce.
As offshore wind projects span international borders and multiple jurisdictions, they encounter various regulations, permits, and approvals that can cause delays in construction and completion. Copper export and electricity transmission are crucial aspects of the offshore wind energy market. High-voltage direct current (HVDC) cables are commonly used for long-distance power transmission, minimizing power losses and ensuring efficient energy transfer. Deep-sea wind turbines, which operate in extreme depths, necessitate even more advanced cable technologies. The offshore wind energy market faces challenges related to safety standards, performance standards, and operational circumstances. Government agencies and environmental groups work closely with local communities to ensure that offshore wind projects are executed responsibly and sustainably.
Despite these challenges, the market offers significant opportunities for growth and innovation in cable manufacturing, installation, and maintenance.
Get a glance at the market share of various segments Request Free Sample
The Offshore segment was valued at USD 1.72 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
For more insights on the market share of various regions Request Free Sample
The market in North America is experiencing strong growth due to the region's abundant wind resources and increasing focus on renewable energy sources. The demand for wind energy cables is escalating in North America, driven by the expansion of grid interconnections and the development of new wind farms in the US and Canada. These power lines play a crucial role in transmitting high voltage and medium voltage electricity from wind turbines to the power grid. The length limit of wind energy cables is a significant factor influencing the market, as longer cables require higher capacitance and greater voltage segmentation to minimize power loss.
The market is primarily driven by onshore wind projects, which account for the majority of wind energy installations in North America.
Our wind energy cables market researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing investment in offshore wind turbines is the key driver of the market. The global market for wind energy cables is experiencing significant growth due to the increasing investment in offshore wind projects as part of the renewable energy sector. Offshore wind turbines require substantial electrical infrastructure to transmit electricity from the turbines to the onshore grid, necessitating the use of large-scale wind energy cables. The expanding offshore wind energy sector is primarily driven by the growing demand for clean energy and the vast power generation potential of offshore wind farms. Offshore wind projects necessitate the manufacturing, installation, and maintenance of long cables, which must meet stringent performance and safety standards. These cables must exhibit durability and corrosion resistance, given the harsh offshore conditions and the presence of seawater.
High-voltage direct current (HVDC) cables are increasingly being used for offshore wind projects due to their ability to minimize power losses during transmission over long distances. The construction of offshore wind farms involves complex projects that require specialized equipment and an expert workforce, as well as regulatory approvals, permits, and adherence to international safety and performance standards. Delays in construction and completion can result from various operational circumstances, including international borders and multiple jurisdictions. Environmental groups and local communities may also raise concerns, necessitating careful consideration and engagement. The global market is expected to continue growing, driven by the increasing demand for offshore wind power and the need for reliable, high-performance cables to support this expanding sector.
Cable manufacturers must ensure they can meet the increasing demand for these specialized cables while adhering to the latest regulations and standards.
The adoption of HVDC technology is the upcoming trend in the market. The renewable energy sector is witnessing a significant shift towards offshore wind energy, with the installation of offshore wind turbines becoming a key focus for clean energy production. Electrical infrastructure plays a crucial role in the successful implementation of offshore wind projects, and wind energy cables are a vital component of this infrastructure. The use of High-Voltage Direct Current (HVDC) technology in wind energy cables is gaining popularity due to its ability to transmit electricity over long distances with minimal power losses. This technology is particularly useful for offshore wind farms, which are often located far from the coast, requiring efficient long-distance transmission.
HVDC cables have a greater transmission capacity than conventional Alternating Current (AC) cables, making them an ideal choice for offshore wind energy projects. The manufacturing, installation, and maintenance of wind energy cables are complex processes that require specialized equipment and an expert workforce. The length and capacity of the cables, as well as the installation procedures, depend on the operational circumstances of the offshore wind farm. The durability and corrosion resistance of the cables are essential considerations, given the harsh offshore environment. Safety and performance standards are stringent, and adherence to these regulations is necessary for the successful completion of offshore wind energy projects.
The cross-border transmission of electricity from offshore wind farms in multiple jurisdictions presents additional challenges, including the need for international coordination, permits, approvals, and compliance with regulations. Delays in construction and completion can result from these complexities, making efficient project management crucial for the success of offshore wind energy projects. Government agencies, environmental groups, and local communities play a significant role in the development of offshore wind energy projects, and their involvement can impact the timeline and cost of the project. Despite these challenges, the opportunity to harness the vast power generation potential of deep-sea wind turbines continues to attract investment and innovation in the wind energy cable industry.
The global market faces significant challenges due to the high installation and maintenance costs associated with renewable energy projects, particularly offshore wind farms. Installing wind energy cables involves substantial expenses, including the cost of supplies, labor, and specialized machinery required for installing high-voltage cables over long distances. Offshore wind projects, which operate in marine locations, present additional challenges and result in even greater costs. Moreover, the challenging environmental conditions, such as strong gusts, cold temperatures, and exposure to seawater, increase the likelihood of cable damage and malfunctions. This necessitates routine maintenance and repairs to ensure the durability, corrosion resistance, safety standards, and performance standards of the wind energy cables.
Offshore wind energy projects, which involve installing wind turbines in deep-sea locations, present even more complex challenges. The installation procedures for these projects require specialized equipment and an expert workforce, leading to higher costs. Additionally, the operational circumstances of offshore wind farms, which may span multiple jurisdictions and international borders, necessitate compliance with various regulations, permits, and approvals, which can result in delays and construction and completion costs. Government agencies, environmental groups, and local communities also play a role in the market, as they can influence the development and implementation of wind energy projects. The opportunity to harness the power generation potential of offshore wind energy is significant, but the challenges must be addressed to ensure the viability and success of these complex projects.
High-voltage direct current (HVDC) cables, which offer advantages in terms of power transmission and reduced power losses, are gaining popularity in the wind energy sector. Copper export and electricity transmission are also crucial aspects of the market, as they enable the distribution and sale of clean energy generated by wind turbines.
The wind energy cables market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd: The company specializes in providing wind energy solutions, including the supply of wind energy cables.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The global wind energy market is witnessing significant growth due to the increasing adoption of renewable energy sources, particularly offshore wind turbines. Offshore wind projects are becoming increasingly popular due to their high power generation potential. The electrical infrastructure required for offshore wind energy includes long-distance power transmission cables, which are essential for transporting electricity from offshore wind farms to the grid. The demand for wind energy cables is driven by the growing number of offshore wind projects and the need for reliable, durable, and corrosion-resistant cables that can withstand the harsh offshore environment. The cables must adhere to safety and performance standards and be capable of handling high-voltage direct current.
The manufacturing, installation, and maintenance of wind energy cables are complex processes that require specialized equipment and an expert workforce. The length and capacity of the cables depend on the specific offshore wind project and its installation procedures. Offshore wind energy projects often span multiple jurisdictions and international borders, leading to regulatory challenges and the need for permits and approvals. Construction and completion delays can also impact the timeline and cost of offshore wind projects. Despite these challenges, the opportunity for growth in the market is significant, with the potential to reduce reliance on fossil fuels and contribute to the global transition to clean energy.
The market is also influenced by the interplay between offshore oil and gas exploration and the development of deep-sea wind turbines.
Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 30.45% |
Market growth 2024-2028 |
USD 16.58 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
28.7 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 37% |
Key countries |
US, China, Germany, UK, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., Belden Inc., Deutsche Windtechnik AG, Finolex Cables Ltd., Fujikura Ltd., Furukawa Electric Co. Ltd., Hengtong Group Co. Ltd., Hydro Group, KEI Industries Ltd., LS Corp., Nexans SA, Ningbo Orient Wires and Cables Co. Ltd., NKT AS, Prysmian Spa, Southwire Co. LLC, Subsea 7 SA, Sumitomo Electric Industries Ltd., Tele Fonika Kable SA, and Viohalco S.A. |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.