Global Cable Laying Vessel Market

Global Cable Laying Vessel Market Size, Share, Growth Analysis, By Vessel Type(Cable Laying, Cable Repairing), By Capacity(Below 1000 Tons, 1000 – 3000 Tons), By Water Depth(Shallow Water, Deep Water), By End User(Offshore Oil & Gas, Offshore Wind Farms) - Industry Forecast 2024-2031

Report ID: SQMIG45I2127 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 118 | Figures: 71

Global Cable Laying Vessel Market Dynamics

Cable Laying Vessel Market Driver

  • The availability of oil and gas reserves in deep and ultra-deep waters, investment in offshore exploration and production of conventional and unconventional resources has increased significantly. In addition, market participants have been forced to make sizable investments in new offshore oil and gas reserves due to the surge in demand for oil and gas as well as other petroleum products and the volatility in oil prices around the world.
  • Demand for submarine cables is rising as the need for cross-border interconnected power grids grows. Given that cable laying vessels are made for the installation, upkeep, and decommissioning of submarine cables, the demand for submarine power cables and cable laying vessels can be related. Thus, it is anticipated that increased submarine cable installation and rising demand for cross-border interconnected power grids will drive the cable laying vessel market.

Cable Laying Vessel Market Restraint

  • Infrastructure is required to support the increasing demand for internet services. This entails adding more subsea cables in order to expand the current fibre optic network throughout the world. A supply and demand problem, however, is slowing down this global movement. Due to severe shortages in fibre cables and ODN infrastructure, suppliers have been delayed by 12 to 18 months. Other electronic parts like semiconductors, flash memory, and capacitors are also in short supply.
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FAQs

Cable Laying Vessel Market size was valued at USD 1.17 billion in 2019 and is poised to grow from USD 1.29 billion in 2023 to USD 2.73 billion by 2031, at a CAGR of 9.88% during the forecast period (2024-2031).

The Global Cable laying vessel market is highly competitive. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Van Oord (Netherlands)', 'Nexan (France)', 'Royal Boskalis Westminster N.V. (France)', 'Royal Ihc (Netharlands)', 'Asean Cableship Pte Ltd. (Singapore)', 'E-Marine Pjsc (Dubai)', 'Global Marine (UK)', 'Ntt Engineering Marine Corporation (Japan)', 'Prysmian Group (Italy)', 'Nkt A/S (Denmark)', 'Deepocean (Norway)', 'Damen Shipyards Group (Netharlands)', 'Seaway 7 (Norway)', 'Orange Marine (France)'

The availability of oil and gas reserves in deep and ultra-deep waters, investment in offshore exploration and production of conventional and unconventional resources has increased significantly. In addition, market participants have been forced to make sizable investments in new offshore oil and gas reserves due to the surge in demand for oil and gas as well as other petroleum products and the volatility in oil prices around the world.

XLCC has begun the development of the basic design of the vessel in close collaboration with Salt Ship Design, while working towards the selection of a successful yard. This method reduces risk for all parties and saves time because activities are started before the shipyard is chosen. For the best definition of the steel structures and interior arrangements, the vessel design is being developed from the basic design stage in 3D engineering software. In close cooperation with MAATS Tech and Global Marine, operational facets of cable handling have been thoroughly researched.

Europe is expected to control the Cable laying vessel market share. Europe is seeing a sharp increase in investments in the development of clean technologies like wind for power generation. One major factor encouraging the use of renewable resources for power generation is the implementation of strict regulations to limit GHG emissions from power generation facilities. A number of European nations also provide financial aid and incentives to encourage the use of renewable resources. These subsidies consist of tax reductions, quota-based tradable green certificates, feed-in tariffs, and investment subsidies. One of the most popular renewable energy sources in the area is offshore wind. The transmission of power from an offshore location requires the use of submarine cable. Cable laying vessels bury this cable in the ocean floor. So, it is anticipated that increased investment in the production of renewable energy, including offshore wind farms, will present lucrative opportunities for the cable laying vessel market.

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Global Cable Laying Vessel Market

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