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
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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.
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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
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