The value of the global market for subsea cables needed to build offshore wind farms will grow by 57% to over £1130m by 2023 from £717m this year, according to a new report by RenewableUK.
The study – ‘Offshore Wind Cables Installation and Manufacturing Forecast 2019-2029’ – also shows that subsea wires covering over 16,300km in length will be needed over the next five years to build new projects worldwide.
The growth is on the back of global offshore wind capacity rising to 55GW by 2024 from 20.5GW today, largely driven by new projects in the UK, Germany, Taiwan and the US, the report said.
Some 9600km of wires will be needed to cover array cabling and 6750km for export cables between 2020 and 2024, R-UK said.
Less than 25% of the cables required have been contracted to date, which means there is a huge opportunity for manufacturers, suppliers and other companies involved in producing and installing offshore wind power cables, it added.
R-UK chief executive Hugh McNeal said: “Our future energy system will be dominated by renewables with offshore wind playing a leading role, so these subsea cables are vital pieces of big kit when it comes to delivering the low carbon transition, as well as creating global opportunities for manufacturing and investment.
“As this report shows, the unparalleled growth of offshore wind is creating huge economic opportunities for our supply chain.
“The UK has world-leading subsea cables sector and thanks to our unrivalled experience in offshore wind, we’re already winning contracts and exporting across the globe, securing highly skilled jobs in Britain.”