Pune, India, Feb. 21, 2022 (GLOBE NEWSWIRE) -- The global subsea trencher market size was estimated to be worth USD 259.1 million in 2020. The market value is predicted to rise from USD 271.4 million in 2021 to USD 392.6 million in 2028 at a CAGR of 5.4% during the forecast period. The market will garner momentum from the global increase in offshore oil & gas exploration & production activity. Continuous shift toward clean energy technologies and tightening emission regulations will support the market growth. Fortune Business Insights presents this information in its report titled “Subsea Trencher Market, 2021-2028."
Subsea pipeline burial is gathering pace worldwide due to the rise in oil & gas activity. Advancements in renewable energy, such as wind, are leading toward increased deployment of offshore projects, augmenting the demand for subsea trenching equipment. The expansion of the global telecom sector, especially with the growing pace of digitalization worldwide, will further boost market growth. Trenching equipment facilitates the burial of subsea cables, pipelines, and umbilicals. They also help prevent them from the anchorage of ships and activities such as fishing.
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Leading Global Players in the Subsea Trencher Market:
- Helix Energy Solutions Group (U.S.)
- Royal IHC (Netherlands)
- Miah Inc. (U.S.)
- Mastenbroek Limited (U.K.)
- DeepOcean (Norway)
- Osbit (U.K.)
- Seatools BV (Netherlands)
- Barth Hollanddrain (Netherlands)
- Delta Subsea LLC (U.S.)
- Soil Machine Dynamics Ltd. (U.K.)
- Allseas Engineering Technologies Applications Ltd. (Switzerland)
- Global Marine (U.K.)
- Seatrench (Norway)
- Global Offshore (U.K.)
- Company Service Swiss SA (Switzerland)
- Modus Ltd. (U.K.)
- Trident Group (Russia)
- IKM Subsea (Norway)
- Jan De Nul (Belgium)
- SEA S.R.L. (Italy)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 5.4% |
| 2028 Value Projection | USD 392.6 Million |
| Base Year | 2020 |
| Subsea Trencher Market Size in 2020 | USD 259.1 Million |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 184 |
| Segments covered | Type, Application and Geography |
| Subsea Trencher Market Growth Drivers | Slowdown of Offshore Oil & Gas Activity to Affect Market Growth |
| Need for Improved Offshore Oil & Gas Output to Boost Subsea Trencher Deamnd | |
| Europe will Lead Global Share led by Increasing Offshore Potential |
COVID-19 Impact:
Slowdown of Offshore Oil & Gas Activity to Affect Market Growth
The COVID-19 pandemic has impacted subsea trencher market growth significantly. The slowdown of the market can be attributed to disruptions in the offshore oil & gas industry. With strict regulatory restrictions such as lockdown measures in place, along with the shortage of workforce in many regions, oil and gas activity experienced a steep decline. Additionally, with tremendous strain on oil and gas supply chains, the demand for subsea trenchers declined considerably.
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Segments:
Based on type, the market share is bifurcated into jet and mechanical.
In terms of application, the market share is segregated into cable burial, pipeline burial, and umbilical burial.
Region-wise, the market share is split into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Report Coverage:
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into the regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
Need for Improved Offshore Oil & Gas Output to Boost Subsea Trencher Deamnd
Increasing urbanization worldwide has led to rapid development of residential, commercial, and industrial development. Consequently, the global energy demand has increased tenfold. The power generation sector is gradually transitioning towards renewable energy to meet the rising energy demand in a sustainable manner. As a result, there is a need for increased output from oil & gas exploration and production. In addition to these factors, the growing deployment of offshore wind projects will support subsea trencher market growth.
On the contrary, the high initial cost and maintenance costs could hamper the technology demand to some extent.
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Regional Insights:
Europe will Lead Global Share led by Increasing Offshore Potential
Europe is anticipated to dominate the global subsea trencher market share over 2021-2028. The regional power demand is influenced by the expansion of oil & gas, mining, steel, manufacturing, and other sectors. In 2020, Europe imported over 85 billion cubic meters (BCM) of LNG, the largest worldwide. Growing renewable energy deployment will also foster the regional outlook.
Asia Pacific being an emerging region, will experience substantial growth led by rapid urbanization and increasing energy demand. Ongoing digital transformation and widespread deployment of submarine telecom cables will create lucrative growth opportunities.
Meanwhile, the market in North America, led by the U.S., will expand led by the rising deployment of clean energy, driven by ambitious clean energy targets.
Notable Industry Development:
September 2021 – DeepOcean bagged a contract from Equinor to offer contingency equipment, including subsea trenchers, and additional services for handling high voltage subsea cables.
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Major Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Subsea Trencher Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Subsea Trencher Market Analysis (USD Million), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Jet
- Mechanical
- Market Analysis, Insights and Forecast – By Application
- Pipeline Burial
- Cable Burial
- Umbilical Burial
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Subsea Trencher Market Analysis (USD Million), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Jet
- Mechanical
- Market Analysis, Insights and Forecast – By Application
- Pipeline Burial
- Cable Burial
- Umbilical Burial
- Market Analysis, Insights and Forecast – By Country
- United States
- Canada
- Europe Subsea Trencher Market Analysis (USD Million), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Jet
- Mechanical
- Market Analysis, Insights and Forecast – By Application
- Pipeline Burial
- Cable Burial
- Umbilical Burial
- Market Analysis, Insights and Forecast – By Country
- United Kingdom
- Russia
- Germany
- France
- Spain
- Italy
- Norway
- Rest of Europe
- Asia Pacific Subsea Trencher Market Analysis (USD Million), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Jet
- Mechanical
- Market Analysis, Insights and Forecast – By Application
- Pipeline Burial
- Cable Burial
- Umbilical Burial
- Market Analysis, Insights and Forecast – By Country
- China
- India
- Japan
- Australia
- Southeast Asia
- Rest of Asia Pacific
- Latin America Subsea Trencher Market Analysis (USD Million), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Jet
- Mechanical
- Market Analysis, Insights and Forecast – By Application
- Pipeline Burial
- Cable Burial
- Umbilical Burial
- Market Analysis, Insights and Forecast – By Country
- Brazil
- Mexico
- Rest of Latin America
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