Subsea power cables market will grow by 57% from £717 million this year to over £1.13 billion by 2023, according to a new report by RenewableUK.

According to RenewableUK’s Project Intelligence team which compiled the report, global offshore wind capacity will skyrocket from 20.5 gigawatts (GW) today to over 55GW in 2024, largely driven by new projects in the UK, Germany, Taiwan and the USA.

The global market for subsea power cables is divided between array cables which run between the turbines of an offshore wind farm connecting them to the offshore substation, and export cables which take the power from the offshore substations and connect to the main power grid onshore.

The report shows that the global drive for offshore wind is creating huge new opportunities for manufacturers of array and export cables with over 9,600km and 6,750km needed respectively between 2020 and 2024.

Less than 25% of the cables required have been contracted to date, which means there is a huge opportunity for manufacturers, suppliers and other companies involved in producing and installing offshore wind power cables.

RenewableUK’s CEO, Hugh McNeal, said: “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.

“As this report shows, the unparalleled growth of offshore wind is creating huge economic opportunities for our supply chain. The UK has world-leading subsea cables sector and thanks to our unrivalled experience in offshore wind, we’re already winning contracts and exporting across the globe, securing highly skilled jobs in Britain.”