Offshore Cables Market: Introduction
- Offshore cables are basically marine cables that require quality and conformity to the highest maritime standards. They are used for installations in ships and offshore platforms for distribution of electricity to panels, lighting, control circuits, critical instrumentation signals, and telephones.
- Offshore cables include tinned marine cables and ship cables, including power cables, VFD cables, control cables, telecommunication cables, and switchboard wires
- Offshore cables are designed to achieve and maintain high performance in severe conditions such as heat, cold, humidity, oil, vibrations, and salt corrosion
Key Drivers of Global Offshore Cables Market
- Global demand for offshore cables is likely to increase during the forecast period, owing to rise in offshore exploration and production of oil and gas reserves worldwide. Offshore drilling activities are also increasing to fulfill the increasing demand for crude oil. According to the World Oil, around 27,000 wells were drilled in the U.S. in 2018, an increase over those drilled in 2017 i.e. around 24,000.
- Thus, growth in oil and gas exploration activities is anticipated to boost the global offshore cables market during the forecast period
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Key Developments
- On November 19, 2019, NKT A/S signed an EPCI (Engineering, Procurement, Construction, and Installation) contract with Equinor and SSE Renewables. The company has signed a preferred supplier agreement (PSA) as the key contractor for delivery of high-voltage, DC, onshore and offshore export cable systems to Dogger Bank Wind Farms Creyke Beck A and Creyke Beck B sites and their installation.
North America to Hold a Major Share of Global Offshore Cables Market
- Based on region, the global offshore cables market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global offshore cables market in 2018 and the trend is projected to continue during the forecast period, with the increase in offshore discoveries of new oil and gas reserves in the region. Furthermore, rise in the production of unconventional resources, such as shale oil and oil sands, is anticipated to positively impact the offshore cables market in North America in the near future.
- Europe is anticipated to account for a considerable share of the global offshore cables market during the forecast period. Russia, Norway, the U.K., and countries in CIS are among major producers of offshore oil and gas in the region.
- The market in Asia Pacific is estimated to expand at a rapid pace during the forecast period, owing to increase in the demand for oil and gas in the region, which has led to rise in investments in offshore drilling and exploration activities in the region
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Key Players Operating in Global Market
Leading companies operating in the global offshore cables market are:
- KEI Industries Limited
- Eland Cables
- Grupo General Cable Sistemas
- Changzhou Marine Cable Co., Ltd. (CMC)
- Grand Ocean Marine Co., Ltd.
- ZTT
- NKT A/S
- Hexatronic Cables & Interconnect Systems
- Century Rubber and Cables Industries
- Neolex Cable
Global Offshore Cables Market: Research Scope
Global Offshore Cables Market, by Voltage
- Low Voltage
- Medium Voltage
- High Voltage
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