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7.8% CAGR of global offshore wind power cables in 2022-2027
The global energy transition is driving a shift in energy demand from fossil fuels to renewables. According to the international energy agency, in the next decade, the global offshore wind power as a main source of renewable energy resources will continue to keep the rapid expansion of situation, this is due to the sustainability of the offshore wind resources have more advantages than the onshore wind, coupled with falling average costs, make it more and more get the favour of each country and market.
The expansion of the offshore wind market will also drive demand for supporting facilities and industries. HNY Research, an international market Research agency, recently released a report that the global offshore wind power cables will grow at a compound annual growth rate of 7.8% from 2022 to 2027, mainly including output cables and array cables.
The report identifies the growth of offshore wind capacity as the main driver of the growth in offshore wind cable demand. At the same time, the increase of offshore drilling platforms, including gas and oil, will also contribute to the increase in demand for the product. On the other hand, the high cost of offshore wind installation and technical constraints are also major factors limiting the growth of the market.
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