Global Cable Laying Vessel Market Is Estimated To Witness High...

Global Cable Laying Vessel Market Is Estimated To Witness High Growth Owing To Increasing Demand For Offshore Wind Farms And Subsea Cable Installations

Posted 2023-10-11 06:33:07

The Cable Laying Vessel Market is estimated to be valued at US$ 5.16 Billion in 2023 and is expected to exhibit a CAGR Of 7.5% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Cable laying vessels are specialized ships used for the installation of subsea cables, including power cables and telecommunication cables. These vessels play a crucial role in the construction of cable networks for offshore wind farms, oil and gas platforms, and intercountry power connections. The demand for cable laying vessels is increasing due to the growing investments in renewable energy projects, such as offshore wind farms, and the need for efficient connectivity across continents. These vessels provide efficient and reliable solutions for the installation, repair, and maintenance of subsea cables, thereby driving the growth of the cable laying vessel market.

Market Dynamics:

The cable laying vessel market is driven by two main factors. Firstly, the increasing demand for offshore wind farms is propelling the need for cable laying vessels for the installation of power cables. With the growing focus on renewable energy sources, offshore wind farms are being established in various regions, driving the demand for cable laying vessels. Secondly, the growing investments in subsea cable installations for intercountry power connections and telecommunication networks are driving the market. The expansion of global telecommunication networks and the need for reliable power transmission infrastructure are further boosting the demand for cable laying vessels. These factors are expected to fuel the growth of the cable laying vessel market over the forecast period.

SWOT Analysis:

Strengths: Cable laying vessel market has a strong demand due to the increasing number of offshore wind projects and submarine cable installations. The market is driven by the need for efficient cable laying solutions to meet the growing demand for renewable energy. Key players in the market, such as Nexans and Prysmian Group, have a strong presence and expertise in the industry.

Weaknesses: One of the major weaknesses in the cable laying vessel market is the high cost associated with the purchase and maintenance of these vessels. Limited availability of skilled manpower for operating and maintaining these vessels is also a challenge for the market.

Opportunities: There are several opportunities in the cable laying vessel market, such as the increasing investments in offshore wind energy projects globally. The growing focus on interconnecting offshore wind farms and mainland grids also presents opportunities for the market to expand. Additionally, the development of submarine cable networks for international data transmission is expected to drive the demand for cable laying vessels.

Threats: The cable laying vessel market faces the threat of competition from alternative technologies, such as surface-towed plows and trenchers, which are used for cable installation and burial. Moreover, the market can also be impacted by environmental regulations and permitting challenges associated with offshore activities.

Key Takeaways:

The global Cable Laying Vessel Market is expected to witness high growth, exhibiting a CAGR of 7.5% over the forecast period from 2022 to 2030. This growth is primarily driven by the increasing number of offshore wind projects and submarine cable installations. The Asia Pacific region is expected to be the fastest-growing and dominating region in the cable laying vessel market due to the rapid expansion of offshore wind energy projects in countries like China and India. Key players operating in the cable laying vessel market include Nexans, Prysmian Group, NKT, LS Cable & System, ZTT, TF Kable, Fujikura, JDR Cable Systems, Apar Industries, Tratos, Hengtong Group, Sumitomo Electric Industries, KEI Industries, Taihan Electric Wire, Universal Cables Ltd, Sterlite Technologies, RPG Cables, Hitachi Metals, Zhongtian Technology Submarine Cable, and Orient Cable.