Europe Umbilical Tether Cable Market for ROV is estimated to generate a volume of 7,612.1 Tons by the end of 2033, by growing at a CAGR of 4.41% over the forecast period, i.e., 2023-2033. 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.
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.
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
|
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 |
|
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 global market includes the following segments:
|
By Cable Type |
|
|
By Application |
|
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.
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.
Author Credits: Abhishek Verma
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?