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According to a new report from RenewableUK, if all projects in the global plan are realised, the market value of offshore wind array cables and export cables will be close to £
14 billion by 2028.
The forecast report on offshore wind cable manufacturing and installation says the UK is expected to be the world's largest demand market for offshore wind cables during the forecast period, worth £
3.
64 billion.
RenewableUK said that over the next 10 years, the UK will have an installed capacity of more than 19 GW and will require more than 9300km of cabling
.
It is followed by China, which is expected to require 6550 km, and Germany, which needs more than
4400 km.
The study shows that the annual growth rate of global cable installations has almost doubled over the next six years, with a peak
expected in 2024.
In that year, more than 4,300km of array and export cables will be installed, with a contract value of £1.
7 billion
.
Projects in the UK, Germany, China (including Taiwan) and the US will drive this growth
.
At the same time, France and the Netherlands will also be important players
in the next decade.
Poland and Ireland will also enter the offshore wind market
.
The biggest window of opportunity is between 2019 and 2023, in the UK alone, more than 3,000 km of cabling will be installed, but the project contract has not yet been secured
.
During this period, more than 2,400 km of cable orders for manufacturing contracts for offshore wind projects in the UK have yet to be signed
.
Emma Pinchbeck, Executive Director of RenewableUK, said: "For the first time, companies working in the offshore wind cable industry, or those looking to enter the company, can learn more about the opportunities for offshore wind projects around the
world.
This is a great example of the industrial opportunities created by the offshore wind industry, where the UK is a global leader
.
Innovative high-tech companies based in the UK are already paying off and these opportunities will continue to grow in the coming years, with offshore wind becoming the backbone
of our global clean energy system.
”
According to a new report from RenewableUK, if all projects in the global plan are realised, the market value of offshore wind array cables and export cables will be close to £
14 billion by 2028.
The forecast report on offshore wind cable manufacturing and installation says the UK is expected to be the world's largest demand market for offshore wind cables during the forecast period, worth £
3.
64 billion.
RenewableUK said that over the next 10 years, the UK will have an installed capacity of more than 19 GW and will require more than 9300km of cabling
.
It is followed by China, which is expected to require 6550 km, and Germany, which needs more than
4400 km.
The study shows that the annual growth rate of global cable installations has almost doubled over the next six years, with a peak
expected in 2024.
In that year, more than 4,300km of array and export cables will be installed, with a contract value of £1.
7 billion
.
Projects in the UK, Germany, China (including Taiwan) and the US will drive this growth
.
At the same time, France and the Netherlands will also be important players
in the next decade.
Poland and Ireland will also enter the offshore wind market
.
The biggest window of opportunity is between 2019 and 2023, in the UK alone, more than 3,000 km of cabling will be installed, but the project contract has not yet been secured
.
During this period, more than 2,400 km of cable orders for manufacturing contracts for offshore wind projects in the UK have yet to be signed
.
Emma Pinchbeck, Executive Director of RenewableUK, said: "For the first time, companies working in the offshore wind cable industry, or those looking to enter the company, can learn more about the opportunities for offshore wind projects around the
world.
This is a great example of the industrial opportunities created by the offshore wind industry, where the UK is a global leader
.
Innovative high-tech companies based in the UK are already paying off and these opportunities will continue to grow in the coming years, with offshore wind becoming the backbone
of our global clean energy system.
”
