The market for offshore wind array and export cables could be worth nearly £14bn by 2028, if all projects in the global pipeline come to fruition, according to a new report by RenewableUK.
The “Offshore Wind Cable Manufacturing and Installation Forecast 2018-2028” report said the UK is expected to be the biggest cable market globally between 2018 and 2028, worth £3.64bn.
The country has more than 19GW of capacity due to be installed, requiring over 9300km of wiring, R-UK said. China is expected to need 6550km and Germany more than 4400km over the next 10 years.
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 4300km of array and export cables will be installed, in contracts worth £1.7bn. Projects in the UK, Germany, Taiwan and the USA will drive this growth.
However, China, France and the Netherlands will also become significant players in the next decade. Poland and Ireland will enter the market too.
The biggest window of opportunity is between 2019 and 2023, when, in the UK alone, more than 3000km of cabling is due to be installed, but not yet contracted. Contracts to manufacture over 2400km for UK projects in that period have also yet to be signed.
The report also highlights opportunities for UK companies to secure multi-million pound contracts in the fast-growing global market for manufacturing and installing offshore wind cables, including details of when and where contracts for array and export cables will be coming up.
It was published ahead of R-UK’s Cables 2018 conference in Aberdeen on Wednesday.
R-UK executive director Emma Pinchbeck said: “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.
“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.”