Wind Energy Cables Market

Wind Energy Cables Market Size

The global Wind Energy Cables Market size was valued at USD 1,698.1 million in 2023 and is projected to grow from USD 1,820.4 million in 2024 to USD 3,178 million by 2031, exhibiting a CAGR of 8.28% during the forecast period.

The growing demand for renewable energy, supported by rising environmental concerns and favorable government policies, is boosting the expansion of the wind energy cables sector. Additionally, decreasing production costs, including cables, are making wind power more affordable, promoting infrastructure investments and market growth.

In the scope of work, the report includes products offered by companies such as Hellenic Cables, Sumitomo Electric Industries, Ltd., ÜNTEL KABLOLARI, Prysmian S.p.A, Taihan Cable & Solution Co., Ltd, Amphenol TPC, JDR Cable Systems Ltd, ABB, Nexans, Siemens Gamesa Renewable Energy, S.A.U., and others.

The wind energy cables market has been growing in line with the expanding wind energy industry. These cables are vital for transmitting electricity from wind turbines to power grids efficiently and reliably. Rising demand for wind energy rises has prompted companies to invest heavily in research and development to improve the performance and durability of wind energy cables.

Additionally, the market is influenced by government policies and regulations promoting renewable energy adoption and carbon emission reduction. This growth is further aided by technological advancements and supportive environmental initiatives.

• In October 2024, the Government of India announced that wind energy contributes to nearly 23.5% of the country’s total renewable energy generation. To renewable energy growth, the Government has implemented various initiatives aimed at expanding the nation's renewable capacity. With a target of 500 GW from non-fossil sources by 2030, key programs such as the National Green Hydrogen Mission, PM-KUSUM, PM Surya Ghar, and Production-Linked Incentive (PLI) schemes for solar PV modules are driving this progress.

The market is integral to the infrastructure of wind power systems, facilitating the transmission of electricity from turbines to the grid and ensuring proper turbine function. It encompasses low, medium, and high voltage cables for both offshore and onshore wind farms.

As the global shift toward renewable energy accelerates, the demand for these cables is rising, driven by the expansion of wind farms. With continuous advancements in technology and material science, the market is evolving to meet the increasing requirements of large-scale wind energy projects.

Analyst’s Review

The wind energy cables market is poised for substantial development as the world moves away from fossil fuel-based energy generation and towards renewable sources. Governments are playing a crucial role by implementing regulations and initiatives that support this transition, particularly in the expansion of wind energy projects.

As these projects grow, the demand for reliable and efficient wind energy cables will naturally rise. These cables are essential for the transmission of power from wind turbines to the grid, and their performance and durability are critical to the success of wind energy systems.

Manufacturers and researchers are continuously working to improve these cables, ensuring they can withstand harsh environmental conditions and deliver long-term reliability. Given the significant government backing and ongoing technological advancements in the sector, it is clear that the market will experience continued growth, driven by the increasing adoption of wind energy worldwide.

Wind Energy Cables Market Growth Factors

The growth of the wind energy cables market is primarily fueled by the increasing global demand for renewable energy, particularly wind power, as countries transition from fossil fuels to meet environmental and sustainability goals.

With governments worldwide introducing policies and incentives to promote renewable energy generation, wind energy is becoming a crucial part of the energy mix. This is leading to the pressing need for high-quality and reliable wind energy cables to transmit power from turbines to the grid. Additionally, advancements in manufacturing and installation technologies are playing a key role in reducing the overall cost of wind cables.

Innovations in materials, cable design, and production processes are enhancing efficiency while lowering production expenses. Improved installation techniques have reduced both the cost and time required to set up wind farms, contributing to further cost reductions.

• In April 2024, a new project was launched at The University of Texas at Dallas’ Wind Energy Center (UTD Wind) to improve the safety of deepwater divers monitoring and maintaining underwater transmission lines and cables for offshore wind turbines. Divers face risks such as subfreezing temperatures, low visibility, and encounters with jellyfish and sharks. The project aims to develop remote-monitoring technology for offshore wind farms by placing sensors in accessible locations to detect potential damage and send early alerts. This technology aims to provide real-time data, enhancing safety and enabling timely actions for offshore wind energy teams.

The wind energy cables market faces challenges such as high failure rates during installation and manufacturing, as along with supply chain disruptions. These issues can be addressed through automation in manufacturing, improving precision and reducing errors.

Additionally, proper training for manufacturing and installation can help minimize failure rates. To tackle supply chain disruptions, building a more robust and resilient supply chain will ensure a steady supply of materials and timely project completion.

Wind Energy Cables Industry Trends

A key trend in the wind energy cables market is the development of new technologies aimed at enhancing power transmission over long distances with minimal energy losses.

As offshore wind projects are often located far from power grids, efficient energy transmission is crucial. Innovations in cable design, materials and technology are improving performance and reducing transmission losses, supporting the expansion of large-scale wind energy projects and maintaining the efficiency of global wind energy infrastructure.

• Wind energy cables are typically made from aluminum or copper, and even a slight disruption in the supply of these materials can significantly impact the wind energy cables market. To address this issue, SUBRA, a Danish superconductor manufacturer, received funding from the European Union in May 2024 to develop a groundbreaking cable made from ceramics. This innovative cable prototype uses 99% less copper and offers a 90% reduction in energy loss compared to conventional copper cables. This advancement not only reduces dependency on copper but also enhances the efficiency of wind energy transmission, making it a promising solution for the future of renewable energy infrastructure.

Another significant trend is the advancement of materials science to improve the durability and longevity of wind energy cables, particularly in offshore environments.

To withstand harsh conditions such as corrosion, temperature variations, and mechanical stress, researchers and manufacturers are developing more resilient materials that extend cable lifespan and reduce maintenance costs. Additionally, the integration of digital technologies for monitoring and maintenance is enhancing cable performance and minimizing operational downtime.

Segmentation Analysis

The global market has been segmented based on cable type, application, and geography.

By Cable Type

Based on cable type, the market has been segmented into low & medium voltage cables and high voltage cables. The high voltage cables segment led the wind energy cables market in 2023, reaching a valuation of USD 998.3 million.

High-voltage (HV) cables are essential for transmitting electricity from offshore wind farms to onshore grids, facilitating efficient grid integration. They are crucial for handling higher power capacities for large-scale wind projects, particularly as offshore wind projects demand high-capacity transmission. Continuous technological advancements, including DC cable solutions, enhance their efficiency, reliability, and lifespan, reinforcing the dominance of HV cables in the wind energy sector.

• In June 2024, 2H and Vekta formed a strategic partnership to develop joint solutions aimed at advancing offshore wind energy. This collaboration is significant for wind energy cable, combining 2H's expertise in structural, hydrodynamic, and geotechnical engineering with Vekta’s specialization in electrical engineering for high-voltage cables. The partnership aims to optimize offshore wind site layouts, enhance cable system design, and promote digital innovation through new software initiatives. Vekta’s proficiency in sizing, array topology, and lifecycle assessments, coupled with 2H’s engineering capabilities, is expected to enhance the efficiency and cost-effectiveness of offshore wind cable solutions.

By Application

Based on application, the market has been bifurcated into onshore wind farms and offshore wind farms. The onshore wind farms segment is expected to grow at the highest CAGR of 8.74% over the forecast period.

Onshore wind energy is a mature market and established market, offering proven, cost-effective solutions. The maturity of onshore wind technology ensures reliability and efficiency, making it a preferred choice. Additionally, onshore projects generally have lower installation and maintenance costs compared to offshore wind farms, enhancing their economic viability.

Numerous regions offer suitable land for development, providing diverse geographic opportunities. Furthermore, onshore wind farms can be easily integrated into existing power grids, ensuring seamless connectivity. These factors are projected to bolster the expansion of the onshore wind energy segment in the coming years.

Wind Energy Cables Market Regional Analysis

Based on region, the global market has been classified into North America, Europe, Asia-Pacific, MEA, and Latin America.

North America emerged as the leading region in the wind energy cables market in 2023, attaining a valuation of USD 620.3 million. This growth is largely attributed to the region’s strong focus on renewable energy, supported by clean energy initiatives and climate change policies aimed at reducing carbon emissions. Additionally, the growing offshore wind industry in the U.S. is boosting the demand for specialized wind energy cables for long-distance transmission.

North America’s well-established electrical grid infrastructure facilitates the integration of large-scale wind projects, ensuring efficient power distribution. Technological advancements in cable systems are further strengthening the region's wind energy capabilities, positioning it as a leading region in the global market.

The Asia-Pacific market is set to witness significant growth over the forecast period, registering a CAGR of 8.74%. This expansion is mainly propelled by the rapid growth of economies, particularly China and India. Both countries are investing heavily in renewable energy as part of their commitment to reducing carbon emissions.

Strong government support and incentives for renewable energy are further boosting the adoption of wind power. The increasing demand for clean energy, coupled with substantial investments in both onshore and offshore wind projects, is underscoring the need for efficient cable systems. These factors, along with a focus on sustainable energy solutions, position Asia-Pacific as a key market for wind energy cables.

• The 2024 APAC Wind Energy Summit in South Korea highlights the region’s growing wind energy sector, promoting collaboration and investment. With South Korea aiming for 14.3 GW of offshore wind by 2030, the increased focus on wind projects boosts demand for wind energy cables, supporting market growth and technological advancements.

Competitive Landscape

The global wind energy cables market report will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions.

Strategic initiatives, including investments in R&D activities, the establishment of new manufacturing facilities, and supply chain optimization, could create new opportunities for market growth.

List of Key Companies in Wind Energy Cables Market

• Hellenic Cables
• Sumitomo Electric Industries, Ltd.
• ÜNTEL KABLOLARI
• Prysmian S.p.A.
• Taihan Cable & Solution Co., Ltd
• Amphenol TPC
• JDR Cable Systems Ltd
• ABB
• Nexans
• Siemens Gamesa Renewable Energy, S.A.U.

 Key Industry Developments

• August 2023 (Expansion): NKT announced that it had secured production and offshore installation capacity for SSEN Transmission, the Scottish transmission system operator. The project involves supplying power cable systems for two high-voltage direct current (HVDC) transmission links: one between the Western Isles to the Scottish mainland, and the other connecting Spittal in Caithness to Peterhead.
• September 2024 (Partnership): The joint venture between Mingyang Smart Energy and Unison in South Korea aims to significantly contribute to the country’s renewable energy goals, particularly in the wind energy sector. By expanding the manufacturing of wind turbines, the partnership is focused on enhancing the overall efficiency and capacity of wind energy projects, both onshore and offshore. A key objective is to ensure that the infrastructure supporting these projects, including the vital transmission cables, meets the growing demands of wind power systems. Through this collaboration, both companies aim to develop advanced cable systems that will effectively transmit power from turbines to the grid, thereby strengthening South Korea's renewable energy infrastructure and supporting the broader transition to sustainable energy sources.

The global wind energy cables market has been segmented as:

By Cable Type

• Low & Medium Voltage Cables
• High Voltage Cables

By Application

• Onshore Wind Farms
• Offshore Wind Farms

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Russia
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• Middle East & Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America