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According to RenewableUK's latest report, the value of the global submarine power cable market will grow from £717 million this year to more than £1.
13 billion in 2023, an increase of 57%.
According to the report, up to 16,300 km of submarine power cables will be needed globally to meet the demand
for new offshore wind farms around the world.
According to a report compiled by RenewableUK's Project Intelligence team, global offshore wind capacity will skyrocket from 20.
5GW today to 55GW by 2024, largely driven by new projects in the UK, Germany, Chinese mainland, Taiwan and the US
.
The global market for submarine power cables is segmented into array cables, which operate between turbines in offshore wind farms that connect them to offshore substations, and export cables, which draw power from offshore substations and connect to the main grid
onshore.
The report shows that the development of offshore wind across the globe has created huge new opportunities for manufacturers of arrays and export cables, requiring more than 9,600 km and 6,750 km of submarine power cables
respectively between 2020 and 2024.
RenewableUK said less than 25% of the required cables had been contracted to date, meaning there were huge opportunities
for manufacturers, suppliers and other companies producing and installing offshore wind cables.
"Our future energy system will be dominated by renewables, with offshore wind playing a leading role, so these submarine power cables will play an important role
in enabling the low-carbon transition and creating opportunities for global manufacturing and investment.
" Hugh McNeal, CEO of RenewableUK, said
.
According to RenewableUK's latest report, the value of the global submarine power cable market will grow from £717 million this year to more than £1.
13 billion in 2023, an increase of 57%.
According to the report, up to 16,300 km of submarine power cables will be needed globally to meet the demand
for new offshore wind farms around the world.
According to a report compiled by RenewableUK's Project Intelligence team, global offshore wind capacity will skyrocket from 20.
5GW today to 55GW by 2024, largely driven by new projects in the UK, Germany, Chinese mainland, Taiwan and the US
.
The global market for submarine power cables is segmented into array cables, which operate between turbines in offshore wind farms that connect them to offshore substations, and export cables, which draw power from offshore substations and connect to the main grid
onshore.
The report shows that the development of offshore wind across the globe has created huge new opportunities for manufacturers of arrays and export cables, requiring more than 9,600 km and 6,750 km of submarine power cables
respectively between 2020 and 2024.
RenewableUK said less than 25% of the required cables had been contracted to date, meaning there were huge opportunities
for manufacturers, suppliers and other companies producing and installing offshore wind cables.
"Our future energy system will be dominated by renewables, with offshore wind playing a leading role, so these submarine power cables will play an important role
in enabling the low-carbon transition and creating opportunities for global manufacturing and investment.
" Hugh McNeal, CEO of RenewableUK, said
.
