Offshore Wind Cables Provide GBP 13.6 Billion Opportunity by 2028

The global market for offshore wind array and export cables is forecast to be worth GBP 13.6 billion if all the projects in the international 10-year pipeline come to fruition, according to a report published by RenewableUK.

According to the report, “Offshore Wind Cable Manufacturing and Installation Forecast 2018-2028”, the UK is expected to be the biggest cable market globally between 2018 and 2028, worth GBP 3.64 billion, with more than 19GW of capacity due to be installed, requiring over 9,300km of cabling.

China is expected to need 6,550km and Germany more than 4,400km over the next ten years.

The report shows that the biggest window of opportunity is imminent – between 2019 and 2023. For example, in the UK alone, more than 3,000km of cables due to be installed in the next five years have yet to be awarded to an installation company. Contracts to manufacture over 2,400km for UK projects in that period have also yet to be signed.

The research reveals that the annual rate of global cable installations is set to almost double in the next six years, peaking in 2024. In that year, over 4,300km of array and export cables will be installed, in contracts worth GBP 1.7 billion. This will be driven mainly by projects in the UK, Germany, Taiwan and the USA. China, France and the Netherlands will also become significant players in the next decade. Poland and Ireland will enter the market, too.

“For the first time, companies working in the offshore wind cables sector, or those wanting to get into it, can see in detail where the multi-million pound opportunities are in projects here and around the world,” RenewableUK’s Executive Director Emma Pinchbeck said.

“This is a great example of the industrial opportunities being created by the offshore wind industry, in which the UK has a global lead. Innovative hi-tech companies based in Britain are already reaping the rewards, and these opportunities will continue to grow in the years ahead with offshore wind becoming the backbone of our global clean energy system.”