Offshore Wind Power Generation Submarine Power Cable Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented by Type (Single Core, Multicore), By Voltage (Medium Voltage, High Voltage), By Region, By Competition Forecast 2021-2031F

Forecast Period	2027-2031
Market Size (2025)	USD 8.09 Billion
CAGR (2026-2031)	12.81%
Fastest Growing Segment	High Voltage
Largest Market	Asia Pacific
Market Size (2031)	USD 16.67 Billion

Market Overview

The Global Offshore Wind Power Generation Submarine Power Cable Market will grow from USD 8.09 Billion in 2025 to USD 16.67 Billion by 2031 at a 12.81% CAGR. The Global Offshore Wind Power Generation Submarine Power Cable Market comprises the specialized transmission lines designed to transport electricity from offshore wind turbines to onshore grids or between offshore electrical substations. These cables act as the critical physical infrastructure essential for integrating marine renewable energy into continental power systems. The market is primarily driven by rigorous government legislative mandates aimed at decarbonization and the strategic necessity to diversify national energy portfolios. Additionally, the escalating global demand for electricity in coastal population centers supports the requirement for high-capacity subsea interconnections, serving as a fundamental driver distinct from temporary technological trends.

However, the market confronts a significant challenge regarding supply chain bottlenecks, specifically the scarcity of specialized cable-laying vessels and delays in grid connection infrastructure. These logistical and manufacturing constraints have increased capital costs and extended project timelines, potentially impeding the rate of expansion. According to the Global Wind Energy Council, in its 2025 Global Offshore Wind Report, the global industry successfully grid-connected 8 GW of new offshore wind capacity in 2024, bringing the cumulative total to 83 GW. This data highlights the substantial, ongoing pressure on cable manufacturers to deliver infrastructure at a pace that matches these installation targets.

Key Market Drivers

Accelerated Expansion of Global Offshore Wind Capacity and National Clean Energy Targets is the primary catalyst driving the submarine power cable market. Governments worldwide are aggressively scaling up renewable energy ambitions, resulting in a record volume of seabed lease auctions that secure long-term production pipelines. This regulatory support translates into massive contracted capacity, necessitating extensive procurement of inter-array and export cables to connect new marine infrastructure. According to the Global Wind Energy Council, April 2025, in the 'Global Wind Report 2025', a total of 56.3 GW of offshore wind capacity was awarded worldwide through auctions in 2024, signaling a robust future trajectory for equipment orders. This pipeline ensures sustained demand, as annual offshore wind installations are projected to reach 34 GW by 2030 according to the Global Wind Energy Council, in 2025, necessitating rapid supply chain scaling.

The Widespread Adoption of High-Voltage Direct Current (HVDC) Technology for Long-Distance Transmission is simultaneously redefining market requirements. As wind farms move further offshore to access higher wind speeds, conventional AC transmission becomes inefficient, driving a structural shift toward HVDC solutions. This transition significantly increases the complexity and financial value of contracts, effectively expanding the addressable market for advanced high-voltage systems. According to NKT, February 2025, in the 'Annual Report 2024', the company anticipates its average addressable high-voltage market will exceed EUR 10 billion annually between 2024 and 2030, driven largely by these complex interconnections. Consequently, manufacturers are investing heavily in production capacity to meet the rigorous demands of these long-haul energy transport systems.

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Key Market Challenges

The supply chain bottlenecks, specifically the scarcity of specialized cable-laying vessels and delays in grid connection infrastructure, constitute a severe impediment to the growth of the Global Offshore Wind Power Generation Submarine Power Cable Market. As offshore wind projects expand in size and move further from shore, the logistical requirements for installing high-voltage subsea transmission lines have intensified. The industry, however, faces a critical shortage of the advanced vessels required to lay these heavy cables in deep waters. This vessel deficit creates a bottleneck where manufactured cables cannot be deployed on schedule, forcing developers to push back project timelines. Consequently, these logistical constraints inflate capital expenditures and disrupt cash flows for cable manufacturers, who must manage inventory storage for delayed projects rather than fulfilling new orders.

These infrastructure delays effectively strand potential energy generation, as completed wind turbines remain disconnected from the continental power grid due to the lack of transmission assets. According to the German offshore wind energy association (BWO), in 2024, setbacks in the development of grid connection systems were projected to delay the commissioning of up to 6 GW of offshore wind capacity. Such significant delays in grid integration directly reduce the immediate addressable market for submarine cables, as the pace of cable installation falls behind the rate of turbine deployment, creating a disjointed market environment that hinders consistent revenue growth.

Key Market Trends

The development of dynamic cables for floating offshore wind farms addresses the critical technical requirements of deep-water energy generation, where conventional static lines are prone to failure. Unlike fixed-bottom infrastructure, these specialized cables are engineered to withstand significant mechanical stress and fatigue caused by the continuous motion of floating platforms and wave loads. This technological evolution is essential for accessing wind resources in maritime zones where water depths render fixed foundations unfeasible. According to Norsk Industri, March 2025, in the 'Grid Connection for Floating Offshore Wind' report, 132 kV dynamic cables are now considered available technology, with the industry successfully qualifying components to begin full-scale project development as early as 2025.

The growth of turnkey EPCI project delivery models is becoming a dominant commercial strategy to mitigate supply chain risks and interface complexities. Developers are increasingly favoring integrated contracts where a single provider manages both the manufacturing and installation of submarine cables, ensuring seamless execution and guaranteed vessel access. This consolidation of responsibility reduces the likelihood of delays caused by the scarcity of installation assets in a high-demand market. According to The Korea Herald, September 2025, in the article 'LS Cable & System secures W160b supply deal for Taiwan offshore wind farm', LS Cable & System validated this trend by signing a 160 billion won contract for the Formosa 4 project, covering both cable supply and installation through its subsidiary.

Segmental Insights

The High Voltage segment stands as the fastest-growing category within the global offshore wind power generation submarine power cable market. This upward trajectory results from the industry transition toward constructing larger wind farms situated at greater distances from the coast. As project operators seek to capture stronger wind resources found in deep waters, the requirement for efficient power transmission over long ranges becomes critical. High voltage cables are essential for minimizing transmission losses under these conditions, thereby driving their accelerated adoption for connecting remote offshore installations to onshore national power grids.

Regional Insights

Asia Pacific holds the dominant position in the offshore wind power generation submarine power cable market, driven largely by extensive project development in China. Data from the Global Wind Energy Council indicates that the region leads globally in new offshore wind capacity, creating substantial demand for submarine transmission networks. Governments in China, Vietnam, and Taiwan are enforcing strict renewable energy targets, which necessitates the expansion of offshore grid connections. Furthermore, the presence of established regional manufacturers supports the rapid deployment of these essential power transmission systems, securing the region's market leadership.

Recent Developments

• In December 2024, Nexans was awarded a major contract by ScottishPower Renewables to supply and install high-voltage subsea export cables for the East Anglia TWO offshore wind farm. Located in the southern North Sea, the project required approximately 100 kilometers of 275 kV subsea cables to connect the wind farm to the onshore electricity grid. This initiative was designed to generate enough renewable electricity to power nearly one million homes. Management at Nexans emphasized that this collaboration solidified the company's position in the UK offshore wind market, utilizing their advanced manufacturing capabilities in Norway and Belgium to deliver the project.
• In October 2024, Hellenic Cables secured a significant contract to supply inter-array cables for the Leading Light Wind project, situated off the coast of New Jersey. The agreement involved the delivery of 65 kilometers of 132 kV cables, which are vital for connecting wind turbines within one of the largest offshore wind developments in the United States. The CEO of Cenergy Holdings stated that this partnership reinforced the company's commitment to the American offshore wind sector. Production of the cable components was scheduled to begin immediately at the company's manufacturing plant in Corinth, Greece, with final delivery planned for 2030.
• In May 2024, Sumitomo Electric Industries commenced the construction of a new subsea cable manufacturing facility at the Port of Nigg in the Scottish Highlands. This strategic development, representing a £350 million investment, was established to supply high-voltage cables essential for transmitting renewable energy from offshore wind farms to the UK grid. The President of Sumitomo Electric Group highlighted that the factory would help address the shortage of cable manufacturing capacity in Europe. Furthermore, the company was selected as the preferred bidder for the Shetland 2 HVDC link, which served as the anchor project for this new facility.
• In February 2024, Prysmian Group finalized three major contracts valued at approximately €5 billion with the German transmission system operator Amprion. These agreements encompassed the delivery of two offshore grid connection systems, BalWin1 and BalWin2, as well as an underground cable project. This deal represented the largest package in both value and cable length ever awarded to the company, involving the supply of high-voltage direct current cables. The Executive Vice President of Prysmian’s Transmission Division described the collaboration as a crucial step in supporting Germany’s renewable energy transition and ensuring the efficient connection of offshore wind farms to the national grid.

Key Market Players

• ABB Ltd.
• Furukawa Electric Co Ltd
• KEI Industries Limited
• LS Cable & System Ltd
• Nexans SA
• Ningbo Orient Wires & Cables Co., Ltd
• NKT A/S
• Prysmian Group
• Sumitomo Electric Industries Limited
• ZTT International Limited

By Voltage	By Region
Medium Voltage High Voltage	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Offshore Wind Power Generation Submarine Power Cable Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Offshore Wind Power Generation Submarine Power Cable Market, By Voltage:

• Medium Voltage
• High Voltage

• Offshore Wind Power Generation Submarine Power Cable Market, By Region:

• North America
• United States
• Canada
• Mexico
• Europe
• France
• United Kingdom
• Italy
• Germany
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE