Global Subsea Cable Inspection Equipment Market Highlights Over 2022 - 2031
The global subsea cable inspection equipment market is estimated to garner a large revenue by growing at a notable CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing investments in offshore wind energy, and favorable government initiatives raising the demand for renewable energy around the world. Along with these, growing demand for oil & gas, as a result from industrialization and urbanization, is expected to drive the need for drilling, which in turn is projected to bolster market growth significantly in the near future.
Furthermore, rising internet usage, coupled with the surging demand for fast bandwidth speeds, are evaluated to drive the demand for subsea cables. According to the World Bank, about 56.727% of the total population in the world used internet in 2019, up from 49.907% in 2018 and 46.317% in 2017, respectively. This is evaluated to offer profitable opportunities to the market in the upcoming years.
The market is segmented by application into offshore wind power generation, inter-country and island connection, and offshore oil rigs, out of which, the offshore oil rigs segment is anticipated to hold the largest share in the global subsea cable inspection equipment market. This can be accounted to the growing investments in offshore drilling activities, and rise in the number of offshore discoveries. Additionally, on the basis of cable type, the armored cable segment is predicted to acquire the largest share during the forecast period owing to the high protection and durability provided by this cable. In addition, this type of cable is highly cost-effective as it eliminates the need for installing electrical conduit, elbows, costly offsets, and conduit couplings, which is also assessed to drive market growth in the future. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
In 2019, the world’s total energy supply was 606EJ, wherein the highest share in terms of source was captured by oil, accounting for 30.9%, followed by coal (26.8%), natural gas (23.2%), biofuels and waste (9.4%), nuclear (5.0%), hydro (2.5%), and other (2.2%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 1% due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
Global Subsea Cable Inspection Equipment Market Regional Synopsis
Regionally, the global subsea cable inspection equipment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the increasing direct investments by major IT companies in the field of communications in the region. In addition, growing internet usage is also expected to drive market growth in the region in the coming years. Moreover, the market in Europe is projected to occupy the largest share during the forecast period owing to the rising number of offshore wind projects, and escalating utilization of subsea power cables in the region. As per the Wind Europe organization, during 2020, Europe added 2.9 GW of offshore capacity, i.e., 356 new offshore wind turbines connected to the grid, across nine wind farms.
The global subsea cable inspection equipment market is further classified on the basis of region as follows:
Our in-depth analysis of the global subsea cable inspection equipment market includes the following segments:
By Cable Type
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing investments in offshore wind energy, and favorable government initiatives raising the demand for renewable energy worldwide.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022-2031.
The major players in the market are B. Submarine Systems Co., Ltd., Ocean Specialists, Inc., Engineering Technology Applications Ltd., DeepOcean, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by cable type, application, and by end user.
The armored segment is anticipated to hold largest market size and is estimated grow at a robust CAGR over the forecast period and display significant growth opportunities.
High cost of subsea cable inspection equipment is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the increasing direct investments by major IT companies in the field of communications in the region.
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