Global Market Size, Forecast, and Trend Highlights Over 2023-2033
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.
