Global Cable Laying Vessel Market is expected to foresee significant growth. Europe to lead the growth

The Global Cable Laying Vessel Market is expected to grow at a significant CAGR of 9.9% during the forecast period . owing tothe growth of oil and gas industries and the telecommunication industry coupled with the installation of subsea cables is expected to boost the market

Moreover, the rising need for offshore wind energy in various regions is escalating the demand for submarine power cables for cross-border power grid connections to improve reliability. This cable is laid in the seabed by cable laying vessels. Thus, a rise in the investment in the production of renewable power, including offshore wind farms, is anticipated to create lucrative opportunities for the cable laying vessel market. For instance: As per the International Renewable Energy Agency (IRENA), 163 gigawatts (GW) of newly installed renewable power in 2021.

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Based on Capacity, the cable laying vessel market is segmented into below 1000 Tons, 1000 – 3000 Tons, 3001 – 5000 Tons, 5001 – 7000 Tons, and above 7000 Tons. Amongst Capacity, the 5001 – 7000 Tons segment caters to a considerable share in the cable laying vessel market. This segment is the most popular as most 5000-7000 tons capacity vessels can lay a large amount of cable at a good speed and with high efficiency and due to high capacity, they can carry good quality cables as well. For example, The Ndurance has a 5,000-ton capacity turntable for worldwide cable-laying activities.

Based on water depth, the cable laying vessels market is segmented into shallow water and deep water. Because these vessels are so bulky in their torso, a cable-laying ship cannot be used for operations in shoals or shallow waters where there is a chance of land merging with the waters because the shallowness of the water tends to curtail and hamper the movement of the cable laying ship. Therefore, most of the ships are operating in a deep-water environment.

Based on vessel type, the cable laying vessel market is segmented into cable laying, cable repairing, and not dedicated. Amongst vessel types, the Cable laying category all the share. Owing to increase laying activities in the offshore renewable industry, the demand for cable lying vessels is increasing. Further, companies are ordering vessels that can perform both laying and repairing work, as a result, the supply of the “not dedicated” category is likely to grow.

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For a better understanding of the market adoption of the cable laying vessel industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Europe is anticipated to grow at a substantial CAGR during the forecast period. The rising need to reduce carbon emissions and growing investment in renewable resources has positively influenced the market. Moreover, key market players are investing in technology and advanced cable laying vessels to improve transmission cable. For instance: The Leonardo da Vinci, the world’s largest cable-laying vessel will be dedicated to the execution of other projects such as the submarine power interconnection between the Spanish islands Lanzarote and Fuerteventura and the Saint-Nazaire offshore wind farm in France.

Some of the major players operating in the market include Hyundai Heavy Industries, Hanjin Heavy Industries & Construction, Damen Shipyards Group, Vard Group AS, K Shipbuilding, Samsung Heavy Industries, Ulstein Verft As, DEEP OCEAN, Royal IHC, Colombo Shipyard.

Global Cable Laying Vessel Market Segmentation

Market Insight, by Capacity

• Below 1000 Tons
• 1000 – 3000 Tons• 3001 – 5000 Tons• 5001 – 7000 Tons• Above 7000 Tons

Market Insight, by Water Depth

• Shallow Water
• Deep Water

Market Insight, by Vessel Type

• Cable Laying
• Cable Repairing• Not Dedicated

Market Insight, by End-User

• Offshore Oil & Gas
• Offshore Wind Farms
• Telecom

Market Insight, by Region

• North America
  • US
  • Canada
  • Rest of North America
• Europe
• Germany
• United Kingdom
• France
• Spain
• Italy
• Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia-Pacific
• Rest of the World

Top Company Profiles

• Hyundai Heavy Industries
• Hanjin Heavy Industries & Construction
• Damen Shipyards Group
• Vard Group AS
• K Shipbuilding
• Samsung Heavy Industries
• Ulstein Verft As
• DEEPOCEAN
• Royal IHC
• Colombo Shipyard