According to RenewableUK’s Project Intelligence team which compiled the report, global offshore wind capacity will increase significantly from 20.5 gigawatts (GW) today to more than 55GW in 2024, largely driven by new projects in the UK, Germany, Taiwan and the USA.
What is more, the report shows that the global drive for offshore wind is establishing huge new opportunities for manufacturers of array and export cables with over 9,600km and 6,750km needed respectively between 2020 and 2024.
As of now, less than 25% of the cables required have been contracted, meaning that there is a huge opportunity for manufacturers, suppliers and other companies involved in producing and installing offshore wind power cables.
Commenting on the report, RenewableUK’s CEO Hugh McNeal said that:
"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."
Finally, Mr. McNeal adds that the unparalleled growth of offshore wind is creating huge economic opportunities for the supply chain.