Europe Umbilical Tether Cable Market

Europe Umbilical Tether Cable Market for Remotely Operated Vehicle (ROV) Analysis by Product Type (Umbilical Cable, and Tether Cable); and by Application (Observation Vehicle, Work Class Vehicles, Prototype or Development Vehicles, Towed & Bottom Crawling Vehicle, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2033

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Report ID: 4598 | Published On: Jan 30, 2023

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Inflation and Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.


In The News

  • Nexans SA announced the acquisition of Reka Cables by signing a shared purchase agreement with Reka Industrial Plc. The acquisition is finalized at an equity price of USD 56 million. The completion of this agreement is to be achieved in the first half of 2023. With the help of Reka Industrial Plc, Nexam is to serve its customers with high-quality cables in Norway.

  •  Habia Cable announced to sell the company to HEW-KABEL Holding GmbH. The ownership transfer was completed by the thirs quarter of 2022.


Europe Umbilical Tether Cable Market for Remotely Operated Vehicle (ROV) Definition

ROV (remotely operated vehicle) are submarines that are used to explore the deep underwaters, they are highly controllable. It can be controlled by someone at the surface of the water. ROV let us explore the oceans without actually being in them. ROV is controlled by joysticks, the other equipment involved in a ROV system is a photograph camera, video camera, and lights. These are used to send images to the ship. ROV operations are easier and safer to carry out than any form of submarines or human diving operation.

There are many industries, such as offshore energy, oceanography and marine science, aquaculture, search and rescue, military, and others, which uses ROV for inspection and recording tasks.

They are certainly more effective than a human diver, as ROVs can stay longer in deep waters for a longer duration. They allow operators to explore locations that are inaccessible to humans. Moreover, a remotely operated vehicle (ROV) is connected to the machines mounted on ships, using umbilical tether cable.

The umbilical cable are enclosed cables that contain fiber optics and electric conductors. These cables are used to send electrical signals, images and powers back and forth between the ship and ROV. Furthermore, to control the amount of tether cable and maintain a tight umbilical, a TMS (Tether Management System) is combined with ROV cage. However, this method can put lot of stress on the cables. Therefore, sometimes the cables are supported by backup ROVs or several ROVs.


Europe Umbilical Tether Cable Market for Remotely Operated Vehicle (ROV): Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

4.41%

Base Year Market Volume (2022)

4,745.2 Tons

Forecast Year Market Volume (2033)

7,612.1 Tons

Regional Scope

Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)


Europe Umbilical Tether Cable Market for Remotely Operated Vehicle (ROV) Size, Forecast, and Trend Highlights Over 2023 - 2035

The Europe umbilical tether cable market for ROV is estimated to generate a volume of 7,612.1 Tons by the end of 2035 by growing at a CAGR of 4.41% over the forecast period, i.e., 2023 – 2035. Further, the market produced a volume of 4,745.2 Tons in the year 2022. The growth of the market can be attributed to the increasing number of oil reserves under the sea. ROV help in locating better oil reserves in the sub-sea and it even allows better utilization of these reservoirs. In addition to this, the use of remotely piloted submarines has substantially facilitated the recording of data in hostile environments.  Norway has eight of Europe's largest offshore oil and gas fields. Moreover, the Troll oil and gas field, which lies in Norway's portion of the North Sea, has an estimated 5.18 billion barrels of oil-equivalent capacity.

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In addition to these, factors that are believed to fuel the market growth of Europe umbilical tether cable market for ROV include rising expenditure on wind farms for boosting its capacity. An increase in the new capacity setup leads to higher demand for ROV, as they are highly used for inspecting and monitoring offshore wind farms. For instance, in 2021, Europe spent USD 45 billion on new wind farms to finance the new capacity worth 24.6 GW.


Europe-Umbilical-Tether-Cable-Market Graph
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Europe Umbilical Tether Cable Market for Remotely Operated Vehicle (ROV): Growth Drivers and Challenges

Growth Drivers

  • Higher Oil and Gas Production – ROV expanded the oil and gas resources in the deep sea. It simplifies the operation in deeper water, by allowing divers to reach extreme depths. Therefore, Italy had the greatest production of oil and petroleum in the European Union around 6 million metric tons. Additionally, Denmark backed the second position by producing nearly 4 million tonnes of oil and petrol.

  • Rise in the Number of Offshore Wind Farms – With the help of ROV, the installation of an inspection of offshore wind farms becomes easier. The United Kingdom runs 40 offshore wind farms with grid-connected turbines. 2,294 wind turbines make up the 40 wind farms.

  • Growing Aquaculture Industry – Turkey has topped the list of nations in the European Union for the past three years with an annual aquaculture production of 800,000 tonnes. Additionally, 239,000 tonnes of aquaculture goods were exported last year for almost $1.4 billion.

  • Technological Improvements in ROVs– QYSEA Technology have introduced an AI-based vision platform that enables its FIFISH Underwater Robots to reach precise underwater active visual locking capabilities.

  • Rising Investment in Oil and Gas Sector– In order to protect consumers from the escalating cost of energy, USD 750 billion has been budgeted and set aside across European nations since the energy crisis began in September 2021.

Challenges

  • Growing popularity of AUVs - European-made AUVs (autonomous underwater vehicles) are increasingly essential equipment in the global offshore industry. The market's expansion is impacted by the increasing use of AUVs throughout Europe. AUV performs the job very similarly to ROV. However, AUV does not require umbilical tether cables, therefore declining the demand for umbilical tether cables.
  • Occurrence of technical issues while deploying ROVs into the sea
  • Higher cost of ROV submarines


Market Segmentation

The Europe umbilical tether cable market for ROV is segmented and analyzed for demand and supply by cable type into umbilical cable, and tether cable. Out of the two types of cables, the umbilical cable segment is estimated to produce the largest volume by the end of 2033, by growing at a CAGR of 4.42% over the projected time frame. The growth of the segment can be attributed to the increased effort by the private sector to propel the production of umbilical tether cables. For instance, Nexans SA signed a 2-year deal to contribute to boosting the umbilical production in the Vigdis North Sea oil field. Through this deal, the entire umbilical system worth about USD 10 million will be designed, created, and tested at the Nexans Norway facility in Halden, Norway. The system was installed in the summer of 2020.

The Europe umbilical tether cable market for ROV is also segmented and analyzed for demand and supply by application into observation vehicle, work class vehicles, prototype or development vehicles, towed & bottom crawling vehicle, and others. Amongst all the segments, the observation vehicle segment is expected to hold the second largest market share and further attain a volume of 2,560.2 Tons by the end of 2033 by growing at a CAGR of 4.44% over the forecast period. Moreover, in 2022, the segment generated a volume of 1590.7 tons. The segment growth is attributed to rising investment in the development of rail infrastructure and the rising need to expand the rail network in Europe. The European Commission approved 135 transport infrastructures for the grants of around USD 57 billion provided by Brussels in the year 2022.  This fund is likely to develop the TEN-T network and other facilities. Furthermore, by 2040, additional high-speed rail connections for the Trans-European Transport Network (TEN-T) would be created, reducing travel times for routes like Budapest to Bucharest, Vigo to Porto, and Hamburg to Copenhagen.

Our in-depth analysis of the Europe umbilical tether cable market for ROV includes the following segments:

        By Cable Type

  • Umbilical Cable
    • Steel Tube Umbilical
    • Thermoplastic Hose Umbilical
    • Power and Communication System Umbilical
    • Hybrid Umbilical
  • Tether Cable
    • Neutrally Buoyant Tether Cable
    • Negative Tether Cable
    • Heavy Tether Cable

        By Application

  • Observation Vehicle
  • Work class Vehicles
  • Prototype or Development Vehicles
  • Towed & Bottom Crawling Vehicle
  • Others


Europe Umbilical Tether Cable Market for Remotely Operated Vehicle (ROV) Regional Synopsis

In the Europe umbilical tether cable market for ROV, the market in the United Kingdom amongst the market in all the other regions is projected to hold the largest market share of 2,182.4 tons by the end of 2033. Moreover, in 2022, the United Kingdom’s market share volume was 1,387 tons. The growth of the market can be attributed majorly to the higher production from offshore oil and gas reserves. For instance, in the United Kingdom, there could be another 20 billion barrels of oil offshore. Moreover, nearly 46 billion barrels of oil equivalent (boe) from the UK and UK Continental Shelf (UKCS) were recovered by the year 2020. Furthermore, market growth in the region is expected on the account of growing practices of aquaculture.  Aquaculture has developed over the past 40 years to become a significant part of the UK seafood industry, contributing more than USD 600 million to the country's GDP through output.

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Top Featured Companies Dominating the Europe Umbilical Tether Cable Market for Remotely Operated Vehicle (ROV)

    • TE Connectivity
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Nexans S.A
    • TechnipFMC plc
    • Oceaneering International, Inc.
    • Fibron
    • Novacavi srl
    • Habia Cable
    • Amokabel UK Ltd.
    • Elmeridge Cables Limited
    • Cable Solutions Worldwide Limited

     


Key Questions Answered in the Report

1) What are the major factors driving the growth of the europe umbilical tether cable market?

Ans: Increasing production of the oil and gas industry and aquaculture, higher investment in the energy sector, increasing offshore wind farms, and technological advancement of ROVs are the few factors that are likely to boost market growth.

2) What would be the CAGR of europe umbilical tether cable market over the forecast period?

Ans: The market is anticipated to attain a CAGR of 4.41% over the forecast period, i.e., 2023 – 2033.

3) What are the challenges affecting the europe umbilical tether cable market growth?

Ans: Rising use of AUVs, the expensive deployment cost of ROVs, and technical issues in ROVs are estimated to be the growth hindering factors for the market expansion.

4) Which region will provide more business opportunities for growth of europe umbilical tether cable market in future?

Ans: The market in the United Kingdom region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

5) Who are the major players dominating the europe umbilical tether cable market?

Ans: The major players in the market are Nexans S.A, TechnipFMC plc, Oceaneering International, Inc., Fibron, Novacavi srl, Habia Cable, Amokabel UK Ltd., Elmeridge Cables Limited, Cable Solutions, and TE Connectivity

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the Europe umbilical tether cable market for remotely operated vehicle (ROV)?

Ans: The market is segmented by cable type, application, and by region.

8) Which segment captures the largest market size in the cable type segment in the Europe umbilical tether cable market for remotely operated vehicle (ROV)?

Ans: The umbilical cable segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.

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