Europe Umbilical Tether Cable Market Trends

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