Industry analyst Westwood says the fast-growing offshore wind energy industry is driving demand for subsea cables.
In the latest edition of Westwood’s Subsea Cable Tracker H1 report, global subsea cable demand is forecast to grow at a 17% compound annual growth rate, totalling 46,470 km over the period 2018-2022. This represents 71% growth compared to the 2013-2017 period.
Westwood said 2018-2022 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 and some major offshore oil and gas projects.