Regional Analysis of the Offshore Wind Cable Market: Where Growth is Headed
The offshore wind cable market was estimated at USD 3.3 billion in 2022 and is likely to grow at a CAGR of 19.3% during 2023-2028 to reach USD 9.54 billion in 2028.
Offshore wind cable is a cable that is used to transfer electricity generated from the wind turbines installed in water bodies, such as the sea and ocean to an onshore substation. Offshore wind cables must be constructed properly and firmly anchored in order to avoid any damage from trawlers and anchors. Offshore wind cables must be capable to withstand hydrodynamic loading.