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RenewableUK, a UK market research institute, predicts that the global market for submarine cables will grow by 57%
over the next four years as the offshore wind sector expands.
Specifically, global offshore wind cable demand will increase by 57%
from £717 million in 2019 to £1.
13 billion in 2023.
This means that by 2023, the global offshore wind market will deploy more than 206,000 submarine cables, covering a total length of more than 16,000 kilometers, mainly in the United Kingdom, the United States, Germany, China (including Taiwan).
RenewableUK forecasts that demand (by length) for export and array cables installed over the next five years will also grow significantly, i.
e.
from 1,642 km in 2019 to 2,647 km
in 2024.
RenewableUK added that to date, less than 25% of the contracts have been awarded
of the more than 16,000km of cables needed to install new maritime transport capacity during this period.
It predicts that between 2020 and 2024 9,606 kilometers of inter-array cables will be installed to connect turbines to offshore substations
.
Of this total, only 2,178 km (22%) was awarded to cable manufacturers
.
RenewableUK also forecasts that 6,750km of export cables (connecting the project to the onshore grid) will be needed during this period, while only 1,686km (25%) of the manufacturing contract and only 1,450km (21%) of the installation contract
were awarded.
The trade body noted that this is a "huge opportunity"
for manufacturers, suppliers and other companies that produce and install offshore wind power cables.
RenewableUK, a UK market research institute, predicts that the global market for submarine cables will grow by 57%
over the next four years as the offshore wind sector expands.
Specifically, global offshore wind cable demand will increase by 57%
from £717 million in 2019 to £1.
13 billion in 2023.
This means that by 2023, the global offshore wind market will deploy more than 206,000 submarine cables, covering a total length of more than 16,000 kilometers, mainly in the United Kingdom, the United States, Germany, China (including Taiwan).
RenewableUK forecasts that demand (by length) for export and array cables installed over the next five years will also grow significantly, i.
e.
from 1,642 km in 2019 to 2,647 km
in 2024.
RenewableUK added that to date, less than 25% of the contracts have been awarded
of the more than 16,000km of cables needed to install new maritime transport capacity during this period.
It predicts that between 2020 and 2024 9,606 kilometers of inter-array cables will be installed to connect turbines to offshore substations
.
Of this total, only 2,178 km (22%) was awarded to cable manufacturers
.
RenewableUK also forecasts that 6,750km of export cables (connecting the project to the onshore grid) will be needed during this period, while only 1,686km (25%) of the manufacturing contract and only 1,450km (21%) of the installation contract
were awarded.
The trade body noted that this is a "huge opportunity"
for manufacturers, suppliers and other companies that produce and install offshore wind power cables.
