Subsea Cables Installation Equipment Market: Introduction

  • Subsea cable is a cable laid on the sea bed between land-based stations to carry telecommunication signals across stretches of ocean. These cables are majorly used in several applications such as offshore wind power and inter-country and island connection.
  • The equipment used in the installation of subsea cable include submarine cable ship, joining and testing equipment, submarine optical cable burial machine, and underwater remotely operating vehicles

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Key Drivers and Restraints of Subsea Cables Installation Equipment Market

  • The subsea cables installation equipment market is primarily driven by factors such as rise in investments in offshore wind energy and favorable government initiatives and policies. Policy interventions by countries, such as Nationally Determined Contributions (NDCs) and Sustainable Development Goals (SDGs), are presently creating high demand for renewable energy worldwide. Stringent regulations to support conservation of the environment prompt the power industry to shift toward clean and eco-friendly energy resources.
  • Cost of electricity generated by using offshore wind energy is expected to decline in the near future, owing to technological developments. This is expected to create substantial growth opportunity for offshore wind market. This, ultimately, boosts the subsea cables installation equipment market.

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  • Rise in demand for oil & gas due to industrialization, urbanization, and population growth drives the need for drilling. Offshore regions hold large oil & gas reserves at even deep water and ultra-deep water locations. Oil companies are shifting to offshore drilling as the amount of oil produced per day from offshore is significantly higher than from onshore. Besides the lifespan of offshore oilfields is longer than that of onshore fields. For instance, Santos Basin in Latin America accounts for around 35% of Brazil’s total oil. This, in turn, is boosting the subsea cables installation equipment Market.
  • High cost associated with subsea cables installation is the major factor that may hamper the growth of the subsea cables installation equipment market

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Offshore Oil Rigs and Offshore Wind Power Applications Segment to Offer Attractive Opportunities

  • The global subsea cables installation equipment market can be segmented based on type, application, and region
  • Based on type, the global subsea cables installation equipment market can be divided into submarine cable ship, joining and testing equipment, submarine optical cable burial machine, underwater remotely operating vehicles, and others. The underwater remotely operating vehicles segment is expected to grow at a highest CAGR during the forecast period.
  • In terms of application, the global market can be divided into offshore wind power, inter-country and island connection, and offshore oil rigs. The offshore oil rigs segment dominated the global subsea cables installation equipment market in 2018. Increase in investment in offshore drilling along with increase in number of offshore discoveries fuels the growth of subsea cables installation equipment market. The offshore wind power segment is expected to grow at a highest CAGR during the forecast period.

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