Cable Laying Vessel Market 2023 Global Analysis, Opportunities And Forecast To 2030 | Hengtong Group, Sterlite Technologies, RPG Cables

Cable laying vessels are specialized ships used for the installation and repair of large submarine power cables and communication cables. They install cables ranging from power cables, communication cables, inter array cables and export cables.

Coherent Market insights announces the release of the report "Cable Laying Vessel Market - Demand, Growth, Opportunities and Analysis of Top Key Player Forecast to 2030", The Cable Laying Vessel market research report provides a comprehensive analysis of the current state and future potential of the Cable Laying Vessel market. The report covers various aspects, including market size, growth trends, key players, market segmentation, competitive landscape, industry drivers, and challenges. The objective of this report is to assist stakeholders, investors, and businesses in making informed decisions and formulating effective strategies to thrive in the Cable Laying Vessel market, are provided. In addition, the report provides key insights about market drivers, restraints, opportunities, new product launches or approvals, COVID-19 and Russia-Ukraine War Influence.

According to Coherent Market Insights study, The global Cable Laying Vessel market size was valued at US$ 5.16 billion in 2023 and is expected to reach US$ 8.56 billion by 2030, grow at a compound annual growth rate (CAGR) of 7.5% from 2023 to 2030.

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The major players operating in the 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
➱ Orient Cable

These companies are focusing on new product development, partnerships, collaborations, and mergers and acquisitions to increase their market share and maintain their position in the market.

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Market Dynamics:

The cable laying vessel market is expected to witness significant growth over the forecast period, owing to rise in offshore wind farm installations. Europe is witnessing a massive growth in offshore wind power capacity additions. Countries like the UK, Germany, Denmark, Belgium, and Netherlands are aggressively investing in offshore wind projects. For instance, according to WindEurope, Europe added 5.3 GW of new offshore wind capacity in 2021 and is targeting 50 GW of offshore wind capacity by 2030. Further, emergence of projects in emerging markets of Asia Pacific and Middle East and Africa are expected to provide growth opportunities for cable laying vessel manufacturers and owners.

Growing offshore wind energy sector

The rising demand for renewable energy sources across the globe has boosted the offshore wind energy sector significantly. Several countries are investing heavily in setting up offshore wind farms to meet their renewable energy targets. This growing offshore wind energy sector is one of the key drivers propelling the demand for cable laying vessels. These specialized vessels are essential for transporting and installing the underwater cables that connect the offshore wind turbines to the onshore power grids. As more offshore wind farms come up, the requirement for cable laying and repair vessels also increases substantially. Many countries have ambitious plans to expand their offshore wind capacity over the next decade, which will continue fueling the need for cable installation services and vessels.

Increasing subsea connectivity projects

With the proliferation of connectivity technologies, the demand for laying and repairing submarine communication cables has grown multi-fold in recent years. Major submarine cable projects are underway across different regions to boost internet bandwidth and connectivity. As existing networks age, periodic repairs and upgrades of the underwater infrastructure also become necessary. Several new projects aim to bridge the digital divide globally by enabling connectivity in remote areas as well. The rising investments in new subsea cable systems coupled with maintenance needs of the existing undersea infrastructure have significantly driven up the requirements for specialized cable laying vessels. Their capabilities to handle a wide range of tasks related to submarine cables installation and repair works give a major boost to this market.

Stringent environmental compliance requirements

Cable laying operations involve activities like trenching, anchoring, spoil disposal etc. which can negatively impact the marine ecology if not carried out responsibly. Growing environmental concerns across the world have led regulatory authorities to impose stringent environmental compliance standards for offshore projects. Existing cable laying vessels need to upgrade their equipment and capabilities to meet the evolving emission norms and waste management guidelines. Retrofitting existing vessels with advanced emission treatment systems or building new environment-friendly vessels entails huge capital investments. The rising operational costs due to compliance issues act as a key restraint on the growth of this market. Many smaller players find it difficult to fund regular vessel modifications, limiting new opportunities.

Advancements in vessel technologies

Rapid technological advancements are opening up new growth avenues for advanced cable laying vessels. Developments like dynamic positioning systems, improved cable loading/burying machinery, real-time intervention capabilities, autonomous technologies and use of renewable energy sources can significantly enhance cable laying operations. They enable carrying out complex jobs with greater reliability and efficiency even in harsh marine environments. The ability of next-gen vessels to undertake a wider range of tasks beyond cable laying is also a major attraction. The steady adoption of smart technologies and automation on these vessels will not only optimize performance but also boost their profitability in long-run. This presents attractive prospects for vessel manufacturers and service providers to expand into high-value services and specialty vessels market.

Global Cable Laying Vessel Market Segmentation:

By Type
◘ Power Cable Laying Vessel
◘ Umbilical Cable Laying Vessel
◘ Other

By Power Rating
◘ Up to 1000 HP
◘ 1000-2000 HP
◘ 2000-5000 HP
◘ Above 5000 HP

By Depth Rating
◘ Shallow Water
◘ Deepwater
◘ Ultra-Deepwater

By Length
◘ Below 50 m
◘ 50-150 m
◘ Above 150 m

By Application
◘ Offshore Wind Power Grid Connection
◘ Offshore Oil and Gas Production Facilities
◘ Island Interconnection
◘ Offshore Platforms
◘ Others

Market segment by Region/Country including:

- North America (United States, Canada and Mexico)
- Europe (Germany, UK, France, Italy, Russia and Spain etc.)
- Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia etc.)
- South America (Brazil, Argentina and Colombia etc.)
- Middle East & Africa (South Africa, UAE and Saudi Arabia etc.)

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Frequently Asked Questions (FAQs):

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