Cable Laying Vessel Market
Cable Laying Vessel Market (Vessel Type: Cable Laying and Cable Repairing; Capacity: Below 1000 Tons, 1000 – 3000 Tons, 3001 – 5000 Tons, 5001 – 7000 Tons, and Above 7000 Tons; Water Depth: Shallow Water and Deep Water; and End User: Offshore Oil & Gas, Offshore Wind Farms, Telecom, and Others [including Navy]) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
- Energy & Natural Resources
- 186 Pages
Emerging Offshore Wind Projects Revive Market Growth During Coronavirus Outbreak
The U.S. shipbuilders have been adapting to new safety protocols in response to the coronavirus outbreak. Managers are overcoming supply chain hiccups to keep projects moving forward. Such market trends are affecting the growth of the cable laying vessel market during the pandemic.
Despite supply chain disruptions, companies in the U.S. cable laying vessel market have potential opportunities in offshore wind. According to the American Wind Energy Association (AWEA), several offshore wind projects are expected to create incremental opportunities for market stakeholders due to the demand for cable laying vessels, survey ships, and heavy-lift vessels, among others. The emerging offshore wind market holds potential for the construction of Jones Act-complaint wind turbine installation vessels and several other offshore supply vessels.
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Robust Cable Laying Vessels Drive Laying Capacities with Fewer Operations
The cable laying vessel market is expected to cross US$ 3.31 Bn by 2031. However, stakeholders need to address challenges in the offshore energy industry. Nexans S.A. - a global company in the cable and optical fiber industry, is taking this opportunity to introduce Aurora, a custom-made cable installation vessel to serve diverse needs in the offshore energy industry.
Capacity, efficiency, and flexibility have become top priorities for stakeholders in the cable laying vessel market. They are developing vessels where the topside capacity allows more jobs to be completed with fewer operations. The state-of-the-art vessels have the capability to drastically increase laying capacities whilst reducing the number and duration of operations.
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Eco-friendly Cable Laying Ships Lead to Significant Changes in Market Landscape
Eco-friendly cable laying vessels are transforming the cable laying vessel market. Fincantieri Norwegian subsidiary Vard - one of the major global shipbuilders of specialized vessels, has entered an agreement for the design and construction of eco-friendly cable laying vessel with Dutch company Van Oord - a specialist in the offshore industry.
Rapidly growing offshore wind farm activities are driving the growth of the cable laying vessel market. Manufacturers are increasing their focus to develop specialized, high performance vessels in order to withstand demanding environmental conditions. Engineers are increasing R&D to develop vessels that lead to reduced carbon footprint during operations and port mooring.
Rapidly Growing Wind Power Segment in South Korea Creates Revenue Opportunities
The cable laying vessel market is projected to expand at a CAGR of 3% during the forecast period. Despite a slow growth, there is a demand for the laying of submarine cables with the help of specially modified vessels. LS Cable & System - a South Korea-based industrial corporation and one of the biggest cable manufacturers worldwide, has secured a contract for South Korea’s largest 8,000-ton submarine cable vessel named GL2030.
The ever-increasing offshore wind power market in South Korea is creating revenue opportunities for stakeholders in the cable laying vessel market.
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Taiwan is limiting permits to foreign crew designated to work in the offshore wind sector as part of its efforts to contain a recent resurgence in the number of coronavirus cases. Eco-friendly cable laying vessels run on biofuel and hold potential for future fuel-ready engines with built-in flexibility to be powered with e-fuels, high performance, and low emission synthetic fuels. There is a need to meet multiple cable-handling performance demands. Thus, to achieve this, manufacturers in the cable laying vessel market should conduct an early design review with all disciplines to address stability, strength, and safety issues. Vessel manufacturers and cable providers are bullish on expanding their participation in overseas underwater cable projects.
Cable Laying Vessel Market: Overview
- According to Transparency Market Research’s latest research report on the global cable laying vessel market for the historical period 2020 and the forecast period from 2021 to 2031, increase in demand for installation of subsea cables is expected to boost the global cable laying vessel market during the forecast period. Rise in investments in installation of subsea cables has increased shipbuilders’ focus on the development of cable laying vessels, as these vessels are used to lay subsea cables in shallow and deep-water locations.
- In terms of revenue, the global cable laying vessel market is expected to exceed US$ 3.31 Bn by 2031, expanding at a CAGR of 3% during the forecast period. The telecommunications sector has been expanding significantly across the globe. The need for underwater communication cables has increased significantly due to the expansion of communications across the globe, especially the Internet. Telecommunication companies are making significant investments in the installation of submarine cables, owing to the rise in demand for better and faster Internet and telephone capacity across the globe. As of early 2021, there were approximately 426 submarine cables in service around the world and over 1.3 million kilometers of submarine cables in service globally. Google accounted for 1.4% of submarine cables worldwide. This is expected to boost the global cable laying vessel market in the near future.
Rise in Demand for Cross-border Interconnected Grid: Key Driver of Cable Laying Vessel Market
- International power grid interconnections provide links between electricity transmission systems of two or more adjoining countries. Thus, interconnections allow those countries to share power generation resources.
- Demand for submarine power cables is rising for cross-border power grid connections in order to improve reliability. The longest subsea interconnector cable in the world runs for 590 kilometers between the Netherlands and Norway. The U.K. has four subsea cable interconnectors linking it with France, the Netherlands, Ireland, and Northern Ireland with several more proposed or under development. The presence of a permanent cable connection between European countries enables increased security of supply to the U.K. and provides opportunity for countries on both sides of the Interconnector to benefit from lower cost energy supply afforded by different energy markets at various times in the year.
- Currently, the average interconnection level among European countries is about 8% of the installed electricity generation capacity. Taking into account the importance of interconnectors for strengthening security of supply and the need to facilitate cross-border trade, the European Commission proposes to extend the current 10% interconnection target to 15% by 2030 considering the cost aspects and the potential of commercial exchanges in the relevant regions.
- Increase in demand for cross-border interconnected power grid is boosting the demand for submarine cables. Demand for submarine power cables can be linked with the demand for cable laying vessels, as these vessels are designed for installation, maintenance, and decommissioning of submarine cables. Thus, increase in installation of submarine cables and rise in demand for cross-border interconnected power grids are anticipated to propel the cable laying vessel market.
Increase in Investment in Offshore Oil & Gas Sector: Determining Driver of Cable Laying Vessel Market
- Investment in exploration and production of conventional and unconventional resources in offshore locations has been rising significantly due to the availability of oil and gas reserves in deep and ultra-deep waters. Furthermore, surge in demand for oil and gas as well as other petroleum products; and volatility in oil prices across the globe have compelled market players to invest significantly in new offshore reserves of oil and gas.
- According to Rystad Energy, approximately 600 new offshore oil & gas projects are expected to commence their operation by 2025. Investment in development of new offshore oil & gas projects is anticipated to surpass US$ 480 Bn by 2025. Rise in demand for crude oil and natural gas in developing countries and presence of aging onshore field are fueling investments in new offshore projects. This is anticipated to propel the global cable laying vessel market.
- Subsea cables are extensively employed in the offshore oil & gas sector, as these cables are used to connect oil and gas platforms to mainland power grids, thus providing high-quality and reliable shore-to-platform and internal platform fiber-optic communication. Submarine cables are laid by specialized vessels. Thus, growth in investment in the offshore sector is boosting the demand for subsea cables. This, in turn, is likely to propel the cable laying vessel market in the near future.
Cable Laying Vessel Market: Competition Landscape
- Detailed profiles of providers of cable laying vessels have been provided in the global cable laying vessel market report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global cable laying vessel market are
- Van Oord
- Prysmian Group
- NKT A/S
- Royal Boskalis Westminster N.V.
- Royal IHC
- Damen Shipyards Group
- ASEAN Cableship Pte Ltd.
- Seaway 7
- E-Marine PJSC
- Orange Marine
- Global Marine
- NTT WORLD ENGINEERING MARINE CORPORATION
Cable Laying Vessel Market: Key Developments
- Key providers of cable laying vessels, such as NKT A/S, Royal Boskalis Westminster N.V., and Damen Shipyards Group are focusing on increasing the production of value-efficient cable laying vessels to attract higher number of customers. Major developments in the global cable laying vessel market are highlighted below:
- In November 2020, NKT A/S entered into a Preferred Supplier Agreement (PSA), as the main contractor for delivery and installation of high-voltage DC on- and offshore export cable systems to the third phase of the world’s largest offshore wind farm, Dogger Bank C. NKT A/S had secured the contract award with project owners Equinor (50%) and SSE Renewables (50%). The order for NKT A/S comprises the manufacture and delivery of more than 2x250 km total system length of 320 kV DC offshore export power cables, accessories, as well as installation by NKT Victoria, the cable laying vessel. Manufacturing is expected to start from 2022, with planned commissioning in 2026.
- In 2020, Royal Boskalis Westminster N.V. acquired Rever Offshore’s subsea services business. The Aberdeen-based company with its two large diving support vessels would be combined with Royal Boskalis Westminster N.V.’s existing subsea activities. On the important North Sea subsea market, Royal Boskalis Westminster N.V. is one of the top players with upgraded vessel fleet.
- In June 2021, Damen Shipyards Group collaborated with Lenten Scheepvaart for the construction of the first ever inland waterway vessel to run on hydrogen. The vessel, to be named MV Antonie, will be 135 meters long, weigh 3,700 tons, and possess a revolutionary fuel cell propulsion. The vessel would be used to transport salt between Delfzijl in the north of the Netherlands to Botlek in the Port of Rotterdam for Nouryon, a leading global supplier of chemicals. Lenten Scheepvaart has received a subsidy for the construction of the vessel to the value of US$ 4 Mn. The subsidy, from the Netherlands Governmental Department of Infrastructure and Water Management, aims to promote the use of hydrogen as a fuel on the path toward zero emissions inland shipping.
- In the global cable laying vessel market report, we have discussed individual strategies, followed by company profiles of providers of cable laying vessel. The ‘Competition Landscape’ section has been included in the global cable laying vessel market report to provide readers with a dashboard view and company market share analysis of key players operating in the cable laying vessel market.
Cable Laying Vessel Market – Scope of Report
The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the cable laying vessel market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for growth of the cable laying vessel market in order to identify opportunities for stakeholders. The report also provides insightful information about how the cable laying vessel market would expand during the forecast period of 2021 to 2031.
The report offers intricate dynamics about different aspects of the cable laying vessel market that aid companies operating in the market in making strategic decisions. TMR’s study also elaborates on the significant changes that are anticipated to configure growth of the cable laying vessel market during the forecast period. It also includes key indicator assessment that highlights growth prospects for the cable laying vessel market and estimates statistics related to the market in terms of value (US$ Mn).
This study covers detailed segmentation of the cable laying vessel market, along with key information and a competition outlook. The report mentions company profiles of players that are currently dominating the cable laying vessel market, wherein various development, expansion, and winning strategies practiced by these players have been presented in detail.
Key Questions Answered in TMR’s Report on Cable Laying Vessel Market
The report provides detailed information about the cable laying vessel market on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth of the market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the global market and are looking for innovative methods to create a unique benchmark in the global market so as to help them design successful strategies and make target-driven decisions.
- Which segment of the cable laying vessel market would emerge as a major revenue generator during the forecast period?
- How are key market players successfully earning revenue in the cable laying vessel market?
- What would be the Y-o-Y growth trend of the cable laying vessel market between 2021 and 2031?
- What are the winning imperatives of leading players operating in the cable laying vessel market?
Research Methodology – Cable Laying Vessel Market
The research methodology adopted by analysts for compiling the report on the cable laying vessel market is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information obtained and legitimated by market-admissible sources, analysts have offered riveting observations and authentic forecasts of the cable laying vessel market.
During the primary research phase, analysts have interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine sources, analysts have emphasized the changing scenario of the cable laying vessel market.
For secondary research, analysts have scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the cable laying vessel market.
Cable Laying Vessel Market – Segmentation
TMR’s research study assesses the cable laying vessel market based on vessel type, capacity, water depth, and region. The report presents extensive market dynamics and progressive trends associated with different segments and how they are influencing growth prospects of the cable laying vessel market.