The demand for subsea cables in the offshore wind industry will grow at a 15% Compound Annual Growth Rate (CAGR) in the period from 2018 to 2022, accounting for 45% of the overall forecast demand for the period, according to a new report from Westwood Global Energy Group.
In the latest edition of Westwood’s Subsea Cable Tracker H1 report, global subsea cable demand is forecast to grow at a 17% CAGR, totalling 46,470 km over the 2018-2022 period. This represents a 71% growth compared to the 2013-2017 period.
According to the report, the forecast period will be marked by unprecedented levels of project sanctioning and implementation in the offshore wind and the subsea power interconnector sector.
Asia Pacific and Europe will account for 81% of forecast installations, with both regions leading the way in terms of offshore wind developments, interconnector power cables driven by a need for reliable and diversified energy supply, as well as some major oil & gas projects.
Global subsea cable installation vessel day demand will total 114,858 vessel days over the forecast period, a 52% increase on the 2013-2017 period, Westwood said.
Cable-lay demand will account for 77% of vessel day demand, whilst ultra-deepwater activities will support flex-lay vessel day demand which will account for 23% of forecast vessel days.