The cable laying vessel market involves vessels that are equipped with necessary machinery to lay power and telecommunication cables on the seabed. These vessels help in installation of offshore windfarm power cables, interconnectors linking offshore windfarms to onshore grids, and telecom cables linking countries. Cable laying vessels have dynamic positioning systems and cable engine to position the vessel precisely and lay cables steadily. The growing demand for offshore renewable energy is driving the need for cable laying vessels.

The global cable laying vessel market is estimated to be valued at US$ 5.16 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

Growing Demand for Offshore Wind Power Projects

The key market opportunity for the Global Cable Laying Vessel market Size is the growing demand for offshore wind power projects. Investments in offshore wind farms are increasing significantly owing to various benefits such as larger footprint and availability of stronger winds offshore compared to onshore locations. As offshore windfarms are located far from shores, cable laying vessels play a vital role in installation of submarine power cables connecting these wind farms to onshore electric grids. According to the International Renewable Energy Agency (IRENA), global offshore wind power capacity is expected to increase over five times between 2020 and 2030. This substantial increase in offshore wind power projects will drive the need for cable laying vessels to lay transmission cables from these projects to onshore grids, thus creating significant market opportunity for cable laying vessels over the forecast period.

Porter's Analysis

Threat of new entrants: The cable laying vessel market requires high capital investment for cable laying vessels which act as a barrier for new entrants.
Bargaining power of buyers: The bargaining power of buyers is low due to specialized nature of cable laying vessels with limited number of suppliers.
Bargaining power of suppliers: The bargaining power of suppliers like cable manufacturers is high due to increasing demand for connectivity and limited production capacity.
Threat of new substitutes: There is no threat from substitutes as cable laying vessels are specialized equipment required for underwater cabling projects.
Competitive rivalry: The competitive rivalry in the cable laying vessel market is high due to presence of major players operating globally.

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