The subsea cables market for US offshore wind farms could be worth $8bn by 2030, according to a new white paper.
‘Forecasting the Next Decade of US Offshore Wind Cable Demand’, produced by the Business Network for Offshore Wind (BNOW) and SubCableWorld, said demand for submarine cables for US offshore projects could surpass 13,500km in the next decade.
BNOW chief executive Liz Burdock said: “Tomorrow’s offshore wind farms electricity infrastructure will bring hundreds of jobs and manufacturing opportunities to America’s shores.
“The offshore wind industry is a blossoming new market opportunity worth millions of dollars – modeling future demand will allow the US to plan for future production and infrastructure.”
The white paper provides in-depth data and analysis to help companies and policymakers scale the opportunity and challenge ahead.
All forecasts are based on SubCableWorld’s proprietary model for calculating offshore wind cable demand, the methodology of which is detailed in the report, which includes a number of scenarios that could play out over the coming years.
The compound annual growth rate of demand for subsea cables for US wind farms could approach 11% a year from 2019 to 2030, the report said.
SubCableWorld editor John Manock said: “Our model projects three possible scenarios in the US over the coming decade, the first of which assumes a baseline demand built around state procurement commitments and lease awards to date, while the second and third factor in additional state procurements and varying timetables for floating wind deployment.”