2022-2027 global offshore wind power cable compound annual growth of 7.8%

The global energy transition is driving a shift
in energy demand from fossil fuels to renewable energy.
According to the International Energy Agency, global offshore wind as one of the main sources of renewable energy will continue to expand rapidly in the next decade, due to the advantages of offshore wind resources over onshore wind energy resources, coupled with declining average costs, making it increasingly popular with countries and markets
.

The expansion of the offshore wind market will also drive demand growth for supporting facilities and industries
.
According to a report recently released by HNY Research, an international market research institution, the compound annual growth rate of global offshore wind power cables will reach 7.
8% from 2022 to 2027, mainly including output cables and array cables
.

According to the report, the growth of offshore wind capacity is the main driver for the growth of offshore wind cable demand
.
At the same time, the increase in offshore drilling platforms, including natural gas and oil, will also boost the demand for this product
.
On the other hand, the high cost and technical constraints of offshore wind power laying are also the major factors
restraining the growth of this market.

In terms of market area, Europe, as one of the world's major offshore wind markets, will continue to increase the demand for offshore wind power cables during the forecast period
.
At present, the main offshore wind power cable manufacturers, such as Prysmian, Nexans, Anktor Cable, Leoni Cable, JDR Cable are concentrated in Europe, and the influence of leading enterprises will play a positive role
in promoting the development of the regional market.

At the same time, China, the world's largest renewable energy market, is increasingly investing in renewable energy, and the government's 14th Five-Year Plan also clearly calls for the development of green energy such as offshore wind, and the demand for this product will also grow
rapidly during the forecast period.
Far East Smart Energy Co.
, Ltd.
, one of China's major wire and cable manufacturers, also announced earlier this year that it will invest 3 billion yuan in a new submarine cable production base in Rudong, Jiangsu Province to meet the growing domestic market demand
.

In addition, Taiwan, India, Japan, and South Korea have all announced offshore wind development plans to reduce their dependence on fossil fuels, which will also boost the demand for offshore wind power cables in the Asia-Pacific market during
the forecast period.

In North America, the Biden administration in the United States announced the deployment of 30GW of offshore wind capacity by 2030 – a 1,000-fold
increase from 2020 levels.
The Biden administration's approval of the project is a quick response
to the White House's "Great Leap Forward" in offshore wind.
Therefore, the market demand for offshore wind power cables in the United States will also grow
during the forecast period.