Offshore Cables Market Share, Trends, Forecast 2027

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Offshore Cables Market Share, Trends, Forecast 2027

Global demand for offshore cables market is likely to increase during the forecast period, owing to rise in offshore exploration and production of oil and gas reserves worldwide

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

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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

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
Middle East & Africa is likely to account for a moderate share of the global market between 2019 and 2027. The market in the region is expected to expand at a significant pace during the forecast period. Middle East & Africa is rich in onshore oil reserves and it is investing in the exploration of offshore sites, which is likely to boost the demand for offshore cables in the region from 2019 to 2027.
Latin America is anticipated to hold a low share of the global offshore cables market during the forecast period. The market in the region is expected to expand at a moderate pace in the next few years

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Key Players Operating in Global Market

Leading companies operating in the global offshore cables market are: