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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

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Key Developments

  • 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

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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.
  • ZTT
  • 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

  • 1-Core
  • 2-Core
  • 3-Core
  • 4-Core
  • Others

Global Offshore Cables Market, by Application

  • Transmission
  • Communication
  • Instrumentation
  • Power
  • Control
  • Others

Global Offshore Cables Market, by Sheath

  • Halogen-free
  • Low-smoke
  • Flame-retardant

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
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Australia
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Venezuela
    • Rest of Latin America
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Qatar
    • Nigeria
    • Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players 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.

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Offshore Cables Market

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