Subsea Cables Installation Equipment Market: Introduction
- Subsea cable is a cable laid on the sea bed between land-based stations to carry telecommunication signals across stretches of ocean. These cables are majorly used in several applications such as offshore wind power and inter-country and island connection.
- The equipment used in the installation of subsea cable include submarine cable ship, joining and testing equipment, submarine optical cable burial machine, and underwater remotely operating vehicles
Key Drivers and Restraints of Subsea Cables Installation Equipment Market
- The subsea cables installation equipment market is primarily driven by factors such as rise in investments in offshore wind energy and favorable government initiatives and policies. Policy interventions by countries, such as Nationally Determined Contributions (NDCs) and Sustainable Development Goals (SDGs), are presently creating high demand for renewable energy worldwide. Stringent regulations to support conservation of the environment prompt the power industry to shift toward clean and eco-friendly energy resources.
- Cost of electricity generated by using offshore wind energy is expected to decline in the near future, owing to technological developments. This is expected to create substantial growth opportunity for offshore wind market. This, ultimately, boosts the subsea cables installation equipment market.
- Rise in demand for oil & gas due to industrialization, urbanization, and population growth drives the need for drilling. Offshore regions hold large oil & gas reserves at even deep water and ultra-deep water locations. Oil companies are shifting to offshore drilling as the amount of oil produced per day from offshore is significantly higher than from onshore. Besides the lifespan of offshore oilfields is longer than that of onshore fields. For instance, Santos Basin in Latin America accounts for around 35% of Brazil’s total oil. This, in turn, is boosting the subsea cables installation equipment Market.
- High cost associated with subsea cables installation is the major factor that may hamper the growth of the subsea cables installation equipment market
To clarify your doubts about the report on Subsea Cables Installation Equipment Market, Request a Brochure here
Offshore Oil Rigs and Offshore Wind Power Applications Segment to Offer Attractive Opportunities
- The global subsea cables installation equipment market can be segmented based on type, application, and region
- Based on type, the global subsea cables installation equipment market can be divided into submarine cable ship, joining and testing equipment, submarine optical cable burial machine, underwater remotely operating vehicles, and others. The underwater remotely operating vehicles segment is expected to grow at a highest CAGR during the forecast period.
- In terms of application, the global market can be divided into offshore wind power, inter-country and island connection, and offshore oil rigs. The offshore oil rigs segment dominated the global subsea cables installation equipment market in 2018. Increase in investment in offshore drilling along with increase in number of offshore discoveries fuels the growth of subsea cables installation equipment market. The offshore wind power segment is expected to grow at a highest CAGR during the forecast period.
North America Expected to hold Major Share of Global Subsea Cables Installation Equipment Market
- Based on region, the global subsea cables installation equipment market can be segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- North America dominated the global subsea cables installation equipment market in 2018. This trend is projected to continue during the forecast period due to the discovery of shale reserves and large number of offshore activities in Gulf of Mexico.
- The market in Asia Pacific region is expected to grow at a highest CAGR during the forecast period. China is planning to invest US$ 23.5 Bn (CNY 160 Bn) in an offshore wind power project that would have an installed capacity of more than 10 GW. This provides positive influence on the growth of the market.
- Europe is anticipated to contribute significantly to the growth of subsea cables installation equipment market. In 2018, Europe connected 409 new offshore wind turbines to the grid across 18 projects. This brought 2,649 MW of net additional capacity. Europe now has a total installed offshore wind capacity of 18,499 MW. This corresponds to 4,543 grid-connected wind turbines across 11 countries.
Looking for Regional Analysis or Competitive Landscape in Subsea Cables Installation Equipment Market, ask for a customized report
Key Players Operating in Market
The subsea cables installation equipment market is highly concentrated, with the top companies accounting for approximately 45% to 50% share of the global market. Key players operating in the subsea cables installation equipment market include:
- Ocean Specialists, Inc.
- Engineering Technology Applications Ltd.
- B. Submarine Systems Co., Ltd.
- kt submarine corp
- NTT WORLD ENGINEERING MARINE CORPORATION SAMPSISTEMI
Global Subsea Cables Installation Equipment Market: Research Scope
Global Subsea Cables Installation Equipment Market, by Type
- Submarine Cable Ship
- Jointing and Testing Equipment
- Submarine Optical Cable Burial Machine
- Underwater Remotely Operating Vehicles
Global Subsea Cables Installation Equipment Market, by Application
- Offshore Wind Power Generation
- Inter-country and Island Connection
- Offshore Oil Rigs
Global Subsea Cables Installation Equipment 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
- 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
- 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.