India, Pune, Dec. 20, 2023 (GLOBE NEWSWIRE) -- The rapid growth of offshore wind farms worldwide has been a significant driver of the demand for Cable Laying Vessel Market. These vessels are crucial for installing power cables that connect the turbines to onshore power grids. The report covers major growth trajectories of the market, including drivers, restraints, challenges, and opportunities of the market. Besides this, the report covers interesting insights into the market, key industry developments, and the competitive landscape.
The demand for cable laying vessels is expected to continue growing, especially with the increasing focus on renewable energy sources and the expansion of offshore wind farms globally.
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Cable laying vessels are used for maintenance, installation, and withdrawing subsea cables. Optical Subsea fiber cables are capable of accommodating heavy traffic, unlike satellites and often get affected by natural calamities that are land-based. Natural calamities often end up harming the terrestrial infrastructure of communication.
Therefore, cable laying vessels are used for laying them in the depths of the ocean floors. The rising demand for broadband connectivity across the marine life is promoting the cable-laying vessel market growth. This information is provided in a recently published report by Fortune Business Insights™.
Introduction of Technology-induced Cables to Help Drive Cable Laying Vessel Market
Cable laying ships are used for catering to cable laying operations, as well as for monitoring and researching the ocean floors. These vessels consist of modern technology of dynamic tracking systems and dynamic positioning. The above factors indicate the advantages of these vessels, thus accelerating the cable-laying vessel market size during the forecast period. Additionally, analysts at Fortune Business Insights™ predict the rise in demand for high-speed broadband connectivity, coupled with the increasing demand for electricity to promotes the cable-laying vessel market growth.
On the flip side, the adverse impact of these cables on the marine life may stand as a major environmental issue, thus negatively affecting the overall cable-laying vessel market revenue. This, coupled with the high capital investment for installing and maintaining these vessels, may also cause hindrance to the overall cable-laying vessel market growth in the long run.
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Europe to Dominate Market with Presence of More Offshore Wind Farms
From a geographical perspective, the global cable-laying vessel market is widespread in Europe, North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Among these, Europe is holding the dominant cable-laying vessel market share on account of the highest revenue bagged both in cable layering and cable-laying vessel production services.
Additionally, there are many offshore wind farms present in between the Europe and African region that are used for producing electricity. Thus, HVDC subsea cables are utilized for transporting power to the mainland. On the other side, Private International Firms such as Amazon, Facebook, Microsoft, and Google are opting for Trans-Pacific and Trans-Atlantic Subsea cables.
Strengthening Company Bases – Major Concern of Players
Companies operating in the cable-laying vessel market are emphasizing on delivering the cable-laying ship to various companies for subsea operations and repair works. Apart from this, companies are also trying to strengthen offshore grid connections and connect more wind farms with the grid to compete for the top position in the market.
Major Industry Developments of Cable Laying Vessel Market Includes:
- Tenne T, the transmission system operator, was given a €140m contract for the 900mw Dolwin 5 offshore grid connection to Prysmian, in the German North Sea. The DolWin5 will be launched in 2024 connecting the Northern Energy OWP West to the Grid and the wind farms of Borkum Riffgrund West I and II to the grid.
- The submarine cable-laying ship KDDI Cable Infinity was delivered to Kokusai Cable Ship Co. KDDI Cable, Japan, by the Sri Lankan Colombo Dockyard PLC (CDPLC). The KDDI cable is designed for cable installation, repair works, and subsea operation of both power and optical cables.
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Significant Players of the Cable Laying Vessel Market Include:
- Lewek Connector
- Prysmian Group
- Kvaerner
- IHC Merwede
- Global Marine
- Seaway Offshore Cables
- Engineering Technology Applications Ltd
- Van Oord
- ASEAN Cable ship Pte Ltd
- Royal IHC
- Heinen & Hopman
- OSK-ShipTech A/S
- ABB
- Damen Shipyards Group
- Colombo Dockyard PLC
- Jan De Nul Group
- Boskalis
Global Cable Laying Vessel Market Segmentation:
By Cable Type
- Power Cable
- Communication Cable
By End-User Industry
- Oil and Gas
- Wind Farms
- Telecommunications
- Others
By Geography
- North America (USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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