The development of offshore wind energy –
The development of offshore wind energy significantly increases the demand for submarine electric cables. Global demand for these cables is expected to increase as much as 9.5 times between 2020 and 2028. In Poland, the installed capacity of offshore wind energy is expected to reach 6.1 GW by 2030. While in the entire European Union, it may be up to 111 GW. Due to the dynamic development of this industry, submarine cables have become one of the key elements of the European supply chain.
A growing demand for submarine electrical cables
The production of submarine cables is dominated by several large companies. These are: Nexans (France), NKT (Denmark), Prysmian (Italy) and the British JDR Cables. The latter company has been part of the Polish TELE-FONIKA Kable SA Group since 2017. Due to, growing demand, cable manufacturers already have their production capacity fully reserved for the coming years. Cable production is expensive and requires specialized installation systems and factories located in ports. This constitutes an entry barrier for new players in the market. High demand causes prices to rise – from 2004 to 2022, the prices of submarine cables increased fivefold.
Copper as a key raw material
The growing demand for submarine cables is not only a matter of production constraints, but also of rising copper prices. In May 2024, the price of this raw material reached record prices, exceeding USD 11,000 per ton. Copper is a key material used in the production of submarine cables, which puts additional pressure on prices.
An opportunity for the Polish economy
Poland is the 11th largest copper exporter in the world. It has a unique opportunity to take advantage of the growing demand for this raw material. In 2023, the value of Polish exports of copper and its products amounted to USD 5.4 billion. In 2019-2023 it increased by 46 percent. The dynamic development of offshore wind energy in the world creates an opportunity for Poland to strengthen its position on the international market. A strong position as a copper exporter can benefit the Polish economy and support global efforts to decarbonize the energy sector.
Source: The Polish Economic Institute, Economic Weekly, No. 33/2024
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