Report: U.S. Undersea Offshore Wind Cable Market Could Hit $8 Billion
9 Mar, 2020
A new report by SubCableWorld, which is a data and information source for the submarine cable industry, suggests that the undersea offshore wind cable market could hit $8 billion by 2030. The report indicates that demand for submarine wind power cables in the U.S. could surpass 13,500 km by 2030, representing a Compound Annual Growth Rate of nearly 11% from 2019 to 2030.
SubCableWorld's paper, "Forecasting the Next Decade of U.S. Offshore Wind Cable Demand," provides in-depth data and analysis to help scale the opportunity and challenge ahead.
The news comes amid growing commitment by the Northeastern states to develop offshore wind in the U.S., reports the publication North American Windpower. Questions remain, however, about the urgent need to develop a wind cable supply chain to satisfy the long-term demand for cable and installation services.
“Offshore wind in the U.S. will be a multi-billion-dollar market, with subsea power cables playing a central role in the supply chain. Being able to model demand over the coming decade will prove essential for planning production schedules and future offshore infrastructure as we look to build out the U.S.’s renewable energy capacity,” John Manock, editor for SCW, told North American Windpower.
All forecasts are based on SCW’s proprietary model for calculating offshore wind cable demand, the methodology of which is detailed in the report, but there are a number of plausible scenarios that could play out over the coming years.
“Our model projects three possible scenarios in the U.S. over the coming decade, the first of which assumes a baseline demand built around state procurement commitments and lease awards to date. The second and third, however, factor in additional state procurements and varying timetables for floating wind deployment,” adds Manock.
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