by The global Cable Laying Vessel Market is estimated to be valued at US$5.16 Billion in 2023 and is expected to exhibit a CAGR Of 7.5% over the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cable laying vessels are specially designed ships used for laying and repairing underwater cables. These vessels play a crucial role in the installation of submarine communication cables, power transmission cables, and offshore wind farm cables. The growing demand for bandwidth and the increasing investments in offshore wind farms are driving the demand for cable laying vessels. These vessels offer advantages such as safe and efficient cable laying operations, reduced installation time, and improved cable protection, increasing their adoption in various industries.
Market Key Trends:
One key trend in the cable laying vessel market is the increasing deployment of fiber optic submarine cables. In recent years, there has been a significant rise in the installation of fiber optic submarine cables to meet the growing demand for high-speed internet connectivity across the globe. These cables are capable of transmitting large volumes of data over long distances with minimal loss of signal strength. The demand for cable laying vessels is expected to grow substantially as more countries invest in expanding their submarine communication networks to provide faster and more reliable internet services.
Porter’s Analysis
Threat of new entrants: The cable laying vessel market is expected to face a low threat of new entrants due to high entry barriers. The specialized nature of the industry and the high cost of acquiring and maintaining cable laying vessels limit the chances of new players entering the market.
Bargaining power of buyers: Buyers in the cable laying vessel market have a moderate bargaining power. The industry is dominated by a few key players who have a strong market presence. However, buyers who require cable laying services have the option to negotiate prices and terms with these players.
Bargaining power of suppliers: Suppliers in the cable laying vessel market have a low bargaining power. The key players in the market have established relationships with suppliers and have the ability to switch suppliers if needed. Additionally, the availability of alternative suppliers reduces the bargaining power of individual suppliers.
Threat of new substitutes: The threat of new substitutes in the cable laying vessel market is low. Cable laying vessels are specifically designed and equipped for the purpose of laying undersea cables, and there are no direct substitutes available for this specialized task.
Competitive rivalry: The competitive rivalry in the cable laying vessel market is high. There are several key players operating in the market, each striving to gain a larger market share. Price competition and technological advancements are common strategies employed by these players to gain a competitive edge.
Key Takeaways
The Cable Laying Vessel Market is expected to witness high growth, exhibiting a CAGR of 7.5% over the forecast period (2022-2030). The increasing demand for high-speed internet connectivity and the growing investments in offshore wind energy projects are driving the growth of the market. For example, the expansion of offshore wind farms in countries like the United States, China, and the United Kingdom is creating a significant demand for cable laying vessels.
In terms of regional analysis, Europe is expected to be the fastest growing and dominating region in the cable laying vessel market. The region has a well-established offshore wind energy sector, with countries like the UK, Germany, and Denmark leading in terms of capacity. The growing investments in wind energy projects and the development of new offshore wind farms are driving the demand for cable laying vessels in the region.
Key players operating in the cable laying vessel market include 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, and Orient Cable. These key players have a strong market presence and are actively involved in strategic partnerships, investments in research and development, and expansion of their product portfolios to gain a competitive advantage in the market.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
