Subsea Cable Inspection Equipment Market size was valued at USD 57.2 million in 2023 and is projected to exceed USD 181.74 million by 2036, registering over 9.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of subsea cable inspection equipment is evaluated at USD 61.46 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.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
9.3% |
|
Base Year Market Size (2023) |
USD 57.2 million |
|
Forecast Year Market Size (2036) |
USD 181.74 million |
|
Regional Scope |
|
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 |
|
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 predicted to dominate majority revenue share by 2036, 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.
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.
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.
Author Credits: Dhruv Bhatia
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?