Farmington, May 12, 2023 (GLOBE NEWSWIRE) -- The Global Cable Ship Market Size Was Valued At USD 2.36 Billion In 2022 And Is Expected To Reach USD 3.35 Billion By 2030, Growing At A CAGR Of 5.3% During The Forecast Period Of 2023-2030.Because offshore wind energy, oil and gas, telecommunications, and other industries require more subsea cable installation and maintenance, the market is expanding. Increasing offshore wind energy investments and the expansion of the global communications network are likely to drive the demand for cable ships.
At least temporarily, the conflict between Russia and Ukraine made it more difficult for the global economy to recover from the COVID-19 pandemic. Due to the conflict between these two nations, a number of other nations have been subjected to economic sanctions, which have caused prices to rise and disrupted the supply chain. As a result, prices for products and services have increased, causing harm to numerous global markets. The market for shipboard conductors is anticipated to reach $3.76 billion by 2027, representing an annual growth rate of 10.4%.
Request Sample Copy of Report “Cable Ship Market Size, Share & Trends Estimation Report By Type Outlook (Vessel Length <100 m, Vessel Length >100 m), By Application Outlook (Power Cable, Communication Cable), By End-User Channel Outlook (Power Transmission and Distribution Companies Telecommunications Companies, Offshore Oil and Gas Companies, Others), Region and Forecasts, 2022- 2030”, published by Contrive Datum Insights.
Segmentation Overview:
Type Outlook:
Vessel Length <100 m
There are cable ships shorter than 100 meters in this section. These ships are typically smaller and designed for deploying and maintaining cables in shallow water, such as coastal and nearshore environments.
Vessel Length >100 m
There are cable ships longer than 100 meters in this region. These ships are typically larger and designed to install and repair cables in deep water, such as in offshore oil and gas fields, wind farms, and telecommunications networks.
Application Outlook:
Power Cable
In this section, you will find cable ships that are designed to install and maintain power cables that are utilized by systems to move and distribute electricity. These power cables can be utilized to transmit energy from power facilities to distribution networks or to deliver electricity to residences and businesses.
Communication Cable
This section discusses ships designed to install and repair communication lines used in telecommunication networks. Using these communication cables, you can transmit data, voice, and video over long distances.
End-User Outlook:
Electricity Transmission and Distribution Firms
This section discusses cable ships, which are utilized to install and repair transmission and reception power cables. The majority of the time, these companies operate in the power industry, which necessitates cable ships equipped with specialized equipment for laying and repairing these cables.
Companies in the Telecommunications Industry
This section discusses cable ships, which are utilized to install and repair communication cables that transmit voice, data, and video over vast distances. Typically, these companies operate in the telecommunications industry and require cable carriers equipped with specialized equipment for laying and repairing fiber optic cables.
Offshore Petroleum and Gas Firms
This section discusses cable ships, which are used to install and repair lines for offshore oil and gas platforms. Typically, these companies operate in the energy and gas industry. They require cable ships capable of handling heavy-duty cables and equipped with specialized equipment for installing and repairing these cables.
Others
This section discusses cable ships, which are also utilized for scientific research, submarine rescues, and military operations. These consumers have specific requirements, which may necessitate specialized equipment or modifications to the cable ship.
Regional Analysis:
During the period encompassed by the forecast, it is anticipated that North America will have the largest market share and lead the cable vessel industry. The growth of electricity infrastructure and the number of offshore wind power initiatives in countries such as the United States, Mexico, Canada, Brazil, and Argentina drive the North American cable vessel market.
It is projected that the Asia-Pacific area will develop the quickest because of the rising need for power cables and telecommunications cables in the region. The market for cable-laying ships in the Asia-Pacific region, which is growing as a result of the increased demand for technological goods in developing countries such as China, India, Japan, and South Korea.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 5.3% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 3.35 billion |
| By Type |
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| By Application |
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| By End-User |
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| By Companies |
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| Regions and Countries Covered |
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| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Dynamics:
Trends: Demand for renewable energy is increasing
In recent years, there has been a significant increase in the demand for renewable energy sources such as offshore wind power. This trend is likely to continue, which will increase the demand for cable ships used to install and maintain subsea cables for offshore wind farms.
The telecommunications sector is expanding.
The rapid expansion of the global telecommunications industry is driven by the demand for high-speed internet connections and the advent of 5G networks. This expansion is likely to increase the demand for subsea cables and cable carriers, which are required for laying and managing the cables.
Greater investment in research and development
The cable ship industry is highly competitive, and companies invest in R&D to create new technologies and tools that will help them operate their businesses more efficiently. More money will likely continue to be invested in research and development (R&D) to give businesses a competitive advantage.
Drivers: Demand for installing and maintaining cables under the sea is on the rise.
Installation and maintenance of subsea cables are growing in significance as the offshore wind energy industry expands, global communications networks expand, and more people seek to connect continents. This is a major reason for the growth of the cable ship market, as cable ships are required to install and repair cables underwater.
The offshore wind power industry is expanding.
The offshore wind energy industry is expanding rapidly due to the increasing demand for renewable energy sources. Subsea lines for offshore wind farms must be installed and maintained in excellent condition. This necessitates cable ships, and the expansion of the offshore wind industry is anticipated to increase demand for cable ships.
The telecommunications sector is expanding.
The rapid expansion of the global telecommunications industry is driven by the demand for high-speed internet connections and the advent of 5G networks. This expansion is likely to increase the demand for subsea cables and cable carriers, which are required for laying and managing the cables.
Innovations in technology
In the cable ship industry, the tools and machines used to install cables and maintain their condition are becoming increasingly intelligent. This includes creating new cable-laying machines, cable-storage tanks, and deck-specific equipment, as well as more advanced monitoring and communication systems. It is anticipated that these enhancements will make laying and maintaining cables simpler and safer.
Restraints: High Capital Investment
Cable ships are highly specialized vessels that are expensive to design, construct, and maintain. This high financial investment is a major issue for the market because it makes entry difficult for newcomers.
Dependence on a Few Major Clients
The cable ship market is highly dependent on a small number of large consumers, such as large telecommunications companies and those who construct offshore wind farms. This can result in fluctuating demand and prices, making it difficult for smaller entities to compete.
Opportunity: Demand for offshore wind energy is increasing.
The offshore wind energy industry is expanding rapidly due to the increasing demand for renewable energy sources. This is a tremendous opportunity for companies that operate cable ships, which are required for the installation and maintenance of subsea cables for offshore wind fields.
The telecommunications sector is expanding.
The rapid expansion of the global telecommunications industry is driven by the demand for high-speed internet connections and the advent of 5G networks. This expansion is beneficial for cable ship companies, as they are required to install and maintain cables for global communication networks.
Key Segments Covered:
Top Market Players:
- Fincantieri
- Fujian Mawei
- Ulstein Verft
- Kleven
- Colombo Dockyard
- Royal IHC
- Shunzheng Shipyard
- Kanrei Shipbuilding
- Damen Shipyards
- CSSC
- others
By Type
- Vessel Length <100 m
- Vessel Length >100 m
By Application
- Power Cable
- Communication Cable
By End-User
- Power Transmission and Distribution Companies
- Telecommunications Companies
- Offshore Oil and Gas Companies
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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