Cable Reparing Vessels Market Insights by Size, Status and Forecast 2031

Cable Laying Vessel Market: Introduction

Transparency Market Research delivers key insights on the global cable laying vessel market. In terms of revenue, the global cable laying vessel market is estimated to expand at a CAGR of 3% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecast in its report on the global cable laying vessel market.

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Submarine cables provide high-speed broadband connectivity and Internet capacity for large geographic areas that are often important centers of trade and communication. Submarine cables alleviate existing capacity constraints and meet the demand for future growth. These features of submarine cables are driving their adoption in the telecommunications sector for transmitting data from one point to another. According to the International Cable Protection Committee (ICPC), approximately 99% of the world’s communications are provided by subsea cables. Cable laying vessels are utilized for the installation or repairing of these cables. Thus, expansion of the telecommunications industry and the subsequent expansion of network of submarine cables is anticipated to boost the cable laying vessel market in the near future.

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Cable Laying Vessel Market: Dynamics

Companies around the globe have been investing significantly in the development of offshore wind farms since the past few years.

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Offshore wind technology allows countries to exploit the generally higher and sometimes smoother wind resources offshore, while achieving gigawatt-scale projects close to the densely populated coastal areas prevalent in several parts of the world. This makes offshore wind an important addition to the portfolio of low carbon technologies available to decarbonize the energy sector of numerous countries.

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According to the International Renewable Energy Agency (IRENA), the offshore market is estimated to expand significantly over the next three decades, with the total installed offshore wind capacity rising nearly 10 times, from just 23 GW in 2018 to 228 GW in 2030 and about 1,000 GW in 2050.

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Offshore wind would represent nearly 17% of the total global installed wind capacity of 6?044?GW by 2050. This reflects an average CAGR of 11.5% for the next three decades, which is well below the historical average of 38.5% between 2000 and 2018, implying the feasibility and ease of scaling up offshore wind installations by just continuing the historical pace.

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