In recent years, theglobal cable laying markethas witnessed remarkable growth, fueled by several key factors. These include the expanding telecommunications infrastructure, the widespread utilization of subsea cables in the offshore oil and gas industry to connect platforms with mainland power grids, and the increasing deployment of offshore wind energy projects, which have led to a substantial increase in the demand for cable laying vessels.
However, the global cable laying vessel market faces restraints like high capital investment, strict environmental regulations, economic uncertainty, competition, and substantial maintenance costs.
Amidst the pressing concern of climate change, countries worldwide are increasingly focusing on the offshore wind sector as a potential solution. Governments globally are setting ambitious climate goals, aiming to reduce greenhouse gas emissions, shift away from fossil fuels, and attain carbon neutrality. These commitments are frequently part of broader international agreements like the Paris Agreement.
Policymakers and energy planners are drawn to the offshore wind sector for its immense potential. Unlike onshore wind farms, which may encounter land availability and community opposition issues, offshore wind farms benefit from abundant and consistent wind resources in open waters. This strategic positioning provides various advantages, including stronger and more reliable winds, minimized visual impact, and the opportunity to construct larger and more powerful turbines.
Moreover, the UK Government has increased its offshore wind target by 10 GW, aiming for 50 GW by 2030. Beyond Europe, countries like Vietnam are actively pursuing significant offshore wind expansions as part of their Power Development Plan 8 (PDP8). These initiatives reflect a growing recognition of offshore wind as a key solution to enhance energy security and combat climate change on a global scale.
In 2022, global offshore wind capacity experienced a substantial increase of 9.4 GW, largely driven by China's impressive growth of 6.8 GW. Although the new capacity added in 2022 was slightly lower than in 2021, primarily due to the expiration of the Chinese feed-in tariff, it still exceeded the capacity added in 2020.
Governments are actively fostering the growth of the offshore wind sector by implementing supportive policies, providing incentives, and streamlining regulatory processes. Additionally, they are making investments in research and development to drive technological advancements, aiming to make offshore wind energy more cost-effective and efficient.
In January 2022, a noteworthy milestone was reached in the Brazilian power generation industry as the President of the Republic approved and published Decree No. 10,946/2022. This regulatory innovation marks the establishment of a framework for exploring offshore wind energy in Brazil. The decree is a crucial step towards unlocking the country's potential for harnessing wind resources from its offshore areas and signifies Brazil's commitment to embracing renewable energy sources to meet its power needs.
The growing demand for submarine cables is outpacing the availability of cable ships for deployment and maintenance, leading to longer project timelines and increased costs for cable owners. The capacity crunch is attributed to factors like the retirement of older cable ships, limited new build options, and the rising complexity of submarine cable projects. With only a few newer vessels available among the approximately 60 vessels worldwide, the average age of cable ships is 25 years. Building a new cable ship can cost between USD 200 million and USD 500 million, and typical cable projects take around two years to complete.
The capacity crunch is a significant challenge for the submarine cable industry, but potential solutions, like innovative technologies for more efficient cable laying, may help address the issue in the future.
The new market research report from Blackridge Research on the Global Cable Laying Vessel Market comprehensively analyzes the Global Cable Laying Vessel Market and provides deep insight into the current and future state of the industry.
The study examines the market dynamics, and regional trends influencing Global Cable Laying Vessel Market demand and growth.
The report also addresses present and future market opportunities, market trends developments, and the impact of COVID-19 on the cable laying vessel market, important commercial developments, trends, regions, and segments poised for fastest growth, the competitive landscape, and the market share of key players.
Further, the report will also provide Global Cable Laying Vessel Market size, demand forecast, and growth rates.
The study covers all the major underlying forces that help the market develop and grow and the factors that constrain growth.
The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data.
Each factor's respective impact in the near, medium, and long term will be covered using Harvey balls for visual communication of qualitative information and functions as a guide for you to analyze the degree of impact.
This report discusses an overview of the market, the latest updates, important commercial developments and structural trends, and government policies and regulations.
This section provides an assessment of COVID-19's impact on Global Cable Laying Vessel Market demand.
The report dissects the Global Cable Laying Vessel Market into various segments.
A detailed summary of the current scenario, recent developments, and market outlook will be provided for each segment.
Further, market size and demand forecasts will be presented, along with various drivers and barriers for individual market segments.
Effective market segmentation enables you to identify emerging trends and opportunities for long-term growth. Contact us for "bespoke" market segmentation to better align the research report with your requirements.
The report covers detailed profiles of major countries across the world. Each country's analysis covers the current market scenario, market drivers, government policies and regulations, and market outlook.
In addition, market size, demand forecasts, and growth rates will be provided for all regions.
Following are the notable countries covered under each region.
United States, Canada, Mexico, and the Rest of North America
Germany, France, the United Kingdom (UK), Russia, and the Rest of Europe
China, India, Japan, South Korea, Australia, and the Rest of APAC
Middle East, South America, South Africa, and other countries
This report presents detailed profiles of key companies in the cable laying vessel industry, such as Global Marine Group, Royal Boskalis Westminster NV, Deme Group, Jan De Nul Group, Van Oord, Seaway7 ASA., etc. In general, each company profile includes - overview of the company, relevant products and services, a financial overview, and recent developments.
The report provides a comprehensive list of notable companies in the market, including mergers and acquisitions (M&As), joint ventures (JVs), partnerships, collaborations, and other business agreements.
The study also discusses the strategies adopted by leading players in the industry.
Blackridge Research & Consulting is a premier market research and consulting organization covering the Global energy transformation. We provide objective, independent and holistic view of the markets and present critical insights that are essential not only to help you make better business decisions but also to develop transformational business growth strategies.
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