Global Cable Laying Vessel Market Size, Share, Growth Analysis, By Vessel Type, By Capacity, By Water Depth, By End User - Industry Forecast 2023-2030

Global Cable Laying Vessel Market size was valued at USD 1.17 billion in 2021 and is poised to grow from USD 1.29 billion in 2022 to USD 2.73 billion by 2030, at a CAGR of 9.88% during the forecast period (2023-2030).

The global cable laying vessel market is experiencing significant growth due to the increasing demand for offshore wind energy and subsea communication networks. These specialized vessels play a crucial role in the installation and maintenance of undersea cables. Factors such as technological advancements, rising investments in renewable energy projects, and the growing need for high-speed internet connectivity are driving the market's expansion. Additionally, ongoing developments in subsea exploration and production activities are further propelling the demand for cable laying vessels.

Top-down and bottom-up approaches were used to estimate and validate the size of Cable Laying Vessel and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report:

Global cable laying vessel market is segmented based on the Vessel Type, Capacity, Water Depth, End User and region. Based on the Vessel Type, the Global Cable laying vessel Market is segmented as cable laying and cable repairing. Based on Capacity, the Global Cable laying vessel Market is segmented as below 1000 tons, 1000 - 3000 tons, 3001 - 5000 tons, 5001 - 7000 tons, and above 7000 tons. Based on Water Depth, the Global Cable laying vessel Market is segmented as shallow water and deep water. Based on End User, the Global Cable laying vessel Market is segmented as offshore oil & gas, offshore wind farms, telecom and other. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Driver

There has been a substantial rise in the presence of oil and gas reservoirs in deep and ultra-deep waters, leading to increased investments in offshore exploration and production of both traditional and non-traditional resources. Moreover, market players have been compelled to make substantial financial commitments to develop fresh offshore oil and gas reserves due to the escalating global demand for these energy sources, along with petroleum products, and the unpredictable fluctuations in oil prices.

Restrain

The growing need for internet services necessitates the establishment of appropriate infrastructure. This involves the installation of additional subsea cables to enhance the existing global fiber optic network. However, the expansion efforts are being hindered by a supply and demand challenge. There is currently a significant shortage of fiber cables and ODN infrastructure, resulting in delays of 12 to 18 months for suppliers. Additionally, there is a scarcity of other electronic components such as semiconductors, flash memory, and capacitors.

Trend

XLCC has initiated the initial vessel design in partnership with Salt Ship Design, concurrently progressing towards the identification of a suitable shipyard. This approach mitigates risks and optimizes time by commencing activities prior to selecting the shipyard. To ensure precise definition of steel structures and interior layouts, the vessel design is being advanced from the basic design phase using 3D engineering software. Extensive research on operational aspects of cable handling has been conducted through close collaboration with MAATS Tech and Global Marine.