New white paper by Oceantic Network and Subsea Cable World forecasts annual growth of nearly 11 percent from 2019 to 2030
For Immediate Release: March 5, 2020
BALTIMORE – Oceantic Network has partnered with SubCableWorld, the data and information source for the submarine cable industry, to release today a white paper, Forecasting the Next Decade of US Offshore Wind Cable Demand, that suggests demand for submarine cables to offshore wind farms in the U.S. could surpass 13,500 kilometers by 2030, at least an $8 billion market.
The news comes amid growing commitment by the Northeastern states to develop offshore wind in the U.S. under an ambitious and encouraging timetable. Questions remain, however, 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 U.S. 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 U.S. wind farms could approach 11 percent per year from 2019 to 2030.
“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,” said John Manock, editor of SubCableWorld. The second and third factor in additional state procurements and varying timetables for floating wind deployment.”
To find out more and to purchase the report visit SubCableWorld.
Media Contact: Melinda Skea | [email protected] | 410-779-1362
For more information or to arrange an interview with the Network, contact Melinda Skea at [email protected] or 410-779-1362.
Oceantic Network is the largest nonprofit organization dedicated to establishing a robust offshore wind supply chain in the U.S. It advances the industry forward through education, facilitating partnerships, and events, including the International Offshore Wind Partnership Forum, the largest offshore wind conference in America. Learn more at offshorewindus.org.
SubCableWorld is perhaps better known for its 30-year coverage of the subsea fiber optic industry, yet in recent years it has taken a leading role in the analysis of the U.S. offshore wind cable market to transmit electricity.
