Taiwan’s Walsin Lihwa plans to build what will be the first submarine power cable plant in Taiwan.

Per an exclusive report in Nikkei Asia, Walsin Lihwa is teaming up with Denmark’s NKT Group via a joint venture called Walsin Energy Cable System. “We think it’s extremely critical to have a local supply of cables for the offshore wind farms that Taiwan is building for its renewable energy transition,” Walsin Energy COO Justin Wong told Nikkei Asia. “The industry worldwide is seeing a shortage of cable supply as demand picks up so quickly for all the offshore wind farm construction driven by the global green energy push.”

The first plant, in the southern Taiwanese city of Kaohsiung, is scheduled to start test production in the second half of 2025, with full production planned for 2027.

Industry report: the global magnet wire market looks to be quite strong to 2030

An industry report from Market Business Insights, The Global Magnet Wire Market, projects to climb from $32.65 billion in 2022 to $48.65 billion by 2030, growing at a CAGR of 5.11%.

Per the company, demand for magnet wire has been driven by the expanding automotive sector, particularly the rise of electric vehicles (EVs), which require extensive use of electromagnets and transformers. Other factors include the growing emphasis on renewable energy sources, such as wind and solar power. The market faces volatility in raw material prices, particularly copper and aluminum, which are critical for magnet wire production. Technological advancements in insulation materials and the development of high-efficiency magnet wires are anticipated to offer new growth opportunities in the market. The magnet wire market has also seen intense rivalry among key players on innovation and strategic partnerships.