Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Subsea Cable Inspection Equipment Market size was over USD 62.52 million in 2024 and is poised to exceed USD 198.65 million by 2037, witnessing over 9.3% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of subsea cable inspection equipment is evaluated at USD 67.46 million.
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.
Subsea Cable Inspection Equipment Sector: Growth Drivers and Challenges
Growth Drivers
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Increasing Investments in Offshore Wind Energy
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Favorable Government Initiatives Raising the Demand for Renewable Energy Worldwide
Challenges
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High Cost of Subsea Cable Inspection Equipment
Subsea Cable Inspection Equipment Market: Key Insights
| Report Attribute | Details |
|---|---|
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
9.3% |
|
Base Year Market Size (2024) |
USD 62.52 million |
|
Forecast Year Market Size (2037) |
USD 198.65 million |
|
Regional Scope |
|
Subsea Cable Inspection Equipment Segmentation
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.
Our in-depth analysis of the global subsea cable inspection equipment market includes the following segments:
|
By Cable Type |
|
|
By Application |
|
Vishnu Nair
Head - Global Business DevelopmentCustomize this report to your requirements — connect with our consultant for personalized insights and options.
Subsea Cable Inspection Equipment Industry - Regional Synopsis
APAC Market Statistics
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. Asia Pacific industry is estimated to account for largest revenue share by 2037, on account of 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.
Companies Dominating the Subsea Cable Inspection Equipment Landscape
- B. Submarine Systems Co., Ltd.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Ocean Specialists, Inc.
- Engineering Technology Applications Ltd.
- DeepOcean
- KT Submarine Co., Ltd.
- Fujitsu Ltd
- NEC Corporation
- Ciena Corporation
- Cable & Wireless Communications PLC
- Alcatel-Lucent Enterprise
Recent Developments
-
October 2021- NEC Corporation, along with its subsidiaries OCC Corporation and Sumitomo Electric Industries, Ltd., announced that they have completed the first trial of their submarine cable with multicore fiber.
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February 2021- Ciena’s Spectrum Sharing submarine network infrastructure declared that it will enable Bulk Fiber Networks to provide tailored virtual fiber pairs to individual customers.
- Report ID: 3907
- Published Date: Dec 26, 2024
- Report Format: PDF, PPT
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