Reports related to this article:
Project(s): View 1 related project in PECWeb
Plant(s): View 1 related plant in PECWeb
Released July 30, 2024 | NEW DELHI
en
Researched by Industrial Info Resources (Sugar Land, Texas)--Demand for offshore power cables has risen due to growth in offshore wind capacity. According to a 2023 projection by the Global Wind Energy Council, more than 380 gigawatts (GW) of global offshore wind capacity will become operational by 2032 as compared to 64.3 GW in 2022. To meet this increase, there is a rising need for offshore subsea cables, which are crucial in connecting this upcoming infrastructure.
The U.S. Department of Energy (DOE) is supporting the offshore wind industry, including offshore cable manufacturing, through research and development support, grants and tax incentives. For instance, South Korean cable manufacturer LS Cable & System (Gyeonggi-do) received a US$99 million boost from the DOE in April 2024 for its U.S. subsea cable factory. Hellenic Cables Americas, the U.S. subsidiary of Cenergy Holdings (Brussels, Belgium), received financial support worth US$300 million from the DOE for its new cable manufacturing facility in Baltimore, Maryland.
Outside of the U.S., Horizon Europe's research and innovation program provides funding for projects that develop advanced manufacturing technologies, including power cable manufacturing. The U.K. Offshore Wind Manufacturing Investment Scheme supports the manufacturing of components for offshore wind farms, aiming to boost the nation's economy by US$32.8 billion by 2035.
Industrial Info is tracking 44 active capital projects worth US$2.5 billion globally, geared toward offshore power cable manufacturing. About 48% of the spending is focused on brownfield projects, 29% toward plant expansion, and about 17% toward grassroot developments. Subscribers to Industrial Info's Global Market Intelligence (GMI) Industrial Manufacturing Project Database can click here for a list of detailed project reports.
North America and Europe are driving the majority of spending, worth more than US$1 billion and US$500 million, respectively.
By country, the U.S. has the biggest market share of 56% with an investment value of more than US$1 billion. About 21% of the potential spending, US$468 million, is concentrated in the U.K. Other countries with potential investments are South Korea, Australia, Vietnam, Denmark, and Indonesia.
The key players in the market include LS Cable & System Limited, XLCC Limited (Billerclay, England) and Cenergy Holdings, with total potential spending of about US$1.6 billion. As the leading investor, LS Cable & System Limited is planning to construct a 753,400-square-foot building complex in Chesapeake, Virginia, to meet global demand for submarine power cables. Subscribers can click here for the project report and click here for the related plant profile.
Overall, about 73% of the investment is in the planning phases, 18% is being engineered and 9% is under construction. The majority of the projects are expected to be completed by the first quarter of 2028.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
The U.S. Department of Energy (DOE) is supporting the offshore wind industry, including offshore cable manufacturing, through research and development support, grants and tax incentives. For instance, South Korean cable manufacturer LS Cable & System (Gyeonggi-do) received a US$99 million boost from the DOE in April 2024 for its U.S. subsea cable factory. Hellenic Cables Americas, the U.S. subsidiary of Cenergy Holdings (Brussels, Belgium), received financial support worth US$300 million from the DOE for its new cable manufacturing facility in Baltimore, Maryland.
Outside of the U.S., Horizon Europe's research and innovation program provides funding for projects that develop advanced manufacturing technologies, including power cable manufacturing. The U.K. Offshore Wind Manufacturing Investment Scheme supports the manufacturing of components for offshore wind farms, aiming to boost the nation's economy by US$32.8 billion by 2035.
Industrial Info is tracking 44 active capital projects worth US$2.5 billion globally, geared toward offshore power cable manufacturing. About 48% of the spending is focused on brownfield projects, 29% toward plant expansion, and about 17% toward grassroot developments. Subscribers to Industrial Info's Global Market Intelligence (GMI) Industrial Manufacturing Project Database can click here for a list of detailed project reports.
North America and Europe are driving the majority of spending, worth more than US$1 billion and US$500 million, respectively.
By country, the U.S. has the biggest market share of 56% with an investment value of more than US$1 billion. About 21% of the potential spending, US$468 million, is concentrated in the U.K. Other countries with potential investments are South Korea, Australia, Vietnam, Denmark, and Indonesia.
The key players in the market include LS Cable & System Limited, XLCC Limited (Billerclay, England) and Cenergy Holdings, with total potential spending of about US$1.6 billion. As the leading investor, LS Cable & System Limited is planning to construct a 753,400-square-foot building complex in Chesapeake, Virginia, to meet global demand for submarine power cables. Subscribers can click here for the project report and click here for the related plant profile.
Overall, about 73% of the investment is in the planning phases, 18% is being engineered and 9% is under construction. The majority of the projects are expected to be completed by the first quarter of 2028.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
