Global Cable Laying Vessel Market

Cable Laying Vessel Market Size, Share, Growth Analysis, By Vessel Type(Cable Laying, Cable Repairing), By Capacity(Below 1000 Tons, 1000 – 3000 Tons, 3001 – 5000 Tons, 5001 – 7000 Tons), By Water Depth(Shallow Water, Deep Water), By End User(Offshore Oil & Gas, Offshore Wind Farms, Telecom, Other), By Region - Industry Forecast 2024-2031

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

Cable Laying Vessel Market Regional Insights

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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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 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)', '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 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

Report ID: SQMIG45I2127

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