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Cable Market for Offshore Wind Grows, an Industrial Info Market Brief
Industry Segment: Market Brief | Word Count: 169 Words
According to the latest forecasts from RenewableUK, the U.K.'s renewable energy agency, the annual global offshore wind cable output will be worth £1.13 billion ($1.7 billion) in 2023, up 58% from £717 million this year. In the next five years, the world's cable makers will produce a total length of 16,350 kilometers (km), nearly the distance from London to Sydney. The cables will come from hundreds of new offshore windfarms around the world. The new projects are mainly in the U.K., Germany, China and the U.S., while the world's total offshore wind capacity will grow from 20.5 gigawatts (GW) today to 55 GW by 2024. Less than 25% of the 16,350 km of cable has been contracted for supply, and the remaining 75% represents a huge opportunity for companies manufacturing and installing the cables. Industrial Info is tracking 147 capital offshore wind projects worth more than $145 billion in China. Click here for a list and see graph below for a breakdown by project type.
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