The white paper suggests demand for submarine cables to offshore wind farms in the US could surpass 13,500 kilometres by 2030, representing a market of at least $8 billion. Northeastern states in the US are taking on a growing commitment to develop offshore wind, under an ambitious and encouraging timetable. However, questions remain about the urgent need to develop a robust wind cable supply chain that can satisfy the long-term demand for cable and installation services.
“Tomorrow’s offshore wind farms electricity infrastructure will bring hundreds of jobs and manufacturing opportunities to America’s shores” said Liz Burdock, president and CEO of the Business Network for Offshore Wind. “The offshore wind industry is a blossoming new market opportunity worth millions of dollars – modeling future demand will allow the US to plan for future production and infrastructure.”
The white paper, published by SubCableWorld, provides in-depth data and analysis to help companies and policymakers scale the opportunity and challenge ahead. All forecasts are based on SubCableWorld’s proprietary model for calculating offshore wind cable demand, the methodology of which is detailed in the report, and there are a number of plausible scenarios that could play out over the coming years. As the white paper describes, the compound annual growth rate of demand for subsea cables for US wind farms could approach 11 percent per year from 2019 to 2030.
“Our model projects three possible scenarios in the US over the coming decade, the first of which assumes a baseline demand built around state procurement commitments and lease awards to date” added John Manock, editor of SubCableWorld. The second and third factor in additional state procurements and varying timetables for floating wind deployment.”
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