by The offshore wind energy sector has been witnessing significant growth over the past few years owing to various renewable energy targets set by the European Union and other countries to reduce carbon emissions. Offshore wind farms require heavy-duty cable laying vessels to lay power cables both within the wind farm and to connect it to the onshore electricity grid. Cable laying vessels play a crucial role in the development and operations of offshore wind farms as they facilitate the transportation and installation of subsea power cables. These specialized vessels are equipped with advanced cable Carousels, tensioners, and positioning systems to handle power cables and lay them at desired locations offshore with precision.
The global Cable Laying Vessel Market is estimated to be valued at US$ 5.16 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the cable laying vessel market is the growing adoption of specialized dynamic positioning systems. Dynamic positioning systems use propellers, thrusters, and pods to automatically maintain the position of the vessel during cable laying operations. They help counter external environmental factors such as waves, winds, and currents. Advanced dynamic positioning systems provide precise positioning capabilities crucial for cable laying. Cable laying vessel manufacturers are increasingly integrating dynamic positioning systems to improve efficiency and positioning accuracy. For instance, Nexans’ cable laying vessel LD Nicola offers dynamic positioning to a precision of less than 1 meter. This allows for sensitive and precise cable laying even in harsh offshore conditions. The increasing deployment of renewable energy projects globally is expected to drive the demand for cable laying vessels with advanced positioning technologies over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the Global Cable Laying Vessel market Size requires high capital investment for manufacturing vessels and maintaining fleet. Bargaining power of buyers: The bargaining power of buyers is high as cable laying projects are undertaken on contract basis and buyers can negotiate on price and demand advanced features. Bargaining power of suppliers: The bargaining power of suppliers is moderate as vessel components are available from multiple suppliers globally but vessel integration requires specialized expertise. Threat of new substitutes: The threat of new substitutes is low as cable laying can only be done through specialized vessels, though newer technologies like wireless networks pose a slow threat. Competitive rivalry: Competition is high among the key global players to win contracts for submarine cable laying projects.
Key Takeaways
The global Cable Laying Vessel market is expected to witness high growth. Regional analysis: The market is dominated by Asia Pacific due to increasing investments in offshore wind projects in countries like China, Taiwan and Japan. Europe and North America are also major markets driven by investments renewing aging telecom cables.
Key players: Key players operating in the Cable Laying Vessel market are Nexans, Prysmian Group, NKT, LS Cable & System, ZTT, TF Kable, Fujikura, JDR Cable Systems, Apar Industries, Tratos, Hengtong Group, Sumitomo Electric Industries, KEI Industries, Taihan Electric Wire, Universal Cables Ltd, Sterlite Technologies, RPG Cables, Hitachi Metals, Zhongtian Technology Submarine Cable, Orient Cable.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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