Walsin Lihwa NKT Submarine Cable Venture Powers Taiwanโs Offshore Wind
The Walsin Lihwa NKT submarine cable venture will deliver Taiwanโs first submarine power cable plant and, as a result, strengthen the countryโs offshore wind supply chain. Walsin Lihwa formed a joint venture, Walsin Energy Cable System, with Denmarkโs NKT Group, and this move directly supports Taiwanโs renewable energy transition.
Walsin Energy COO Justin Wong told Nikkei Asia that the project will secure local cable supply for Taiwanโs offshore wind farms. He said global demand for submarine cables is rising quickly as countries accelerate offshore wind projects to meet green energy targets.
New Plant Timeline in Kaohsiung
The first submarine cable plant will rise in Kaohsiung, in southern Taiwan. Specifically, Walsin Lihwa expects the facility to start test production in the second half of 2025 and then reach full commercial production in 2027. Consequently, the project positions Taiwan as a regional hub for subsea power cables and supports longโterm offshore wind growth.
Global Magnet Wire Market Outlook to 2030
A report titled โThe Global Magnet Wire Marketโ from Market Business Insights projects the market to grow from $32.65 billion in 2022 to $48.65 billion by 2030, a 5.11% CAGR. Demand for magnet wire will come from several fast-growing sectors.
EVs and Renewables Drive Magnet Wire Demand
The automotive industry, especially electric vehicles (EVs), continues to push magnet wire demand. EV motors, electromagnets, and transformers use large amounts of magnet wire. Expanding renewable energy projects, including wind and solar, also require high-efficiency magnet wire for generators and power systems.
The market faces challenges from volatile copper and aluminum prices, which are key raw materials. At the same time, new insulation technologies and high-efficiency magnet wire designs create fresh growth opportunities. Competition is intense as major players focus on innovation and strategic partnerships.
