Offshore Cables Market: Introduction
- Offshore cables are basically marine cables that require quality and conformity to the highest maritime standards. They are used for installations in ships and offshore platforms for distribution of electricity to panels, lighting, control circuits, critical instrumentation signals, and telephones.
- Offshore cables include tinned marine cables and ship cables, including power cables, VFD cables, control cables, telecommunication cables, and switchboard wires
- Offshore cables are designed to achieve and maintain high performance in severe conditions such as heat, cold, humidity, oil, vibrations, and salt corrosion
Key Drivers of Global Offshore Cables Market
- Global demand for offshore cables is likely to increase during the forecast period, owing to rise in offshore exploration and production of oil and gas reserves worldwide. Offshore drilling activities are also increasing to fulfill the increasing demand for crude oil. According to the World Oil, around 27,000 wells were drilled in the U.S. in 2018, an increase over those drilled in 2017 i.e. around 24,000.
- Thus, growth in oil and gas exploration activities is anticipated to boost the global offshore cables market during the forecast period
Are you a start-up willing to make it big in the business? Grab an exclusive PDF sample of this report
- On November 19, 2019, NKT A/S signed an EPCI (Engineering, Procurement, Construction, and Installation) contract with Equinor and SSE Renewables. The company has signed a preferred supplier agreement (PSA) as the key contractor for delivery of high-voltage, DC, onshore and offshore export cable systems to Dogger Bank Wind Farms Creyke Beck A and Creyke Beck B sites and their installation.
North America to Hold a Major Share of Global Offshore Cables Market
- Based on region, the global offshore cables market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global offshore cables market in 2018 and the trend is projected to continue during the forecast period, with the increase in offshore discoveries of new oil and gas reserves in the region. Furthermore, rise in the production of unconventional resources, such as shale oil and oil sands, is anticipated to positively impact the offshore cables market in North America in the near future.
- Europe is anticipated to account for a considerable share of the global offshore cables market during the forecast period. Russia, Norway, the U.K., and countries in CIS are among major producers of offshore oil and gas in the region.
- The market in Asia Pacific is estimated to expand at a rapid pace during the forecast period, owing to increase in the demand for oil and gas in the region, which has led to rise in investments in offshore drilling and exploration activities in the region
- Middle East & Africa is likely to account for a moderate share of the global market between 2019 and 2027. The market in the region is expected to expand at a significant pace during the forecast period. Middle East & Africa is rich in onshore oil reserves and it is investing in the exploration of offshore sites, which is likely to boost the demand for offshore cables in the region from 2019 to 2027.
- Latin America is anticipated to hold a low share of the global offshore cables market during the forecast period. The market in the region is expected to expand at a moderate pace in the next few years
Expanding operations in future? To get the perfect launch ask for a custom report
Key Players Operating in Global Market
Leading companies operating in the global offshore cables market are:
- KEI Industries Limited
- Eland Cables
- Grupo General Cable Sistemas
- Changzhou Marine Cable Co., Ltd. (CMC)
- Grand Ocean Marine Co., Ltd.
- NKT A/S
- Hexatronic Cables & Interconnect Systems
- Century Rubber and Cables Industries
- Neolex Cable
Global Offshore Cables Market: Research Scope
Global Offshore Cables Market, by Voltage
- Low Voltage
- Medium Voltage
- High Voltage
Global Offshore Cables Market, by Core
Global Offshore Cables Market, by Application
Global Offshore Cables Market, by Sheath
Global Offshore Cables Market, by Insulation
- Cross-linked Polyethylene
- Ethylene Propylene Rubber
Global Offshore Cables Market, by Armor Type
- Tinned Copper Wire-braided
- Galvanized Steel Wire-braided
Global Offshore Cables Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note:Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.