Offshore Cable Protection System Market Size, Share, Growth, and Industry Analysis, By Type (Metal Cable Protection System, Composite Material Cable Protection System), By Application (Wind Power, Oil and Gas), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Offshore Cable Protection System Market Report Overview

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The global offshore cable protection system market size is USD 117.1 million in 2022 and is projected to touch USD 243.96 million by 2031, exhibiting a CAGR of 8.5% during the forecast period.

The offshore cable protection system is typically made of cast iron and polyurethane materials, and it covers the exterior of the offshore wind farm's submarine cable to offer physical protection for the cable buried between the seabed and the wind turbine base. The length is typically 10–20 metres, the width is 400 mm, and the weight is 1500 kg. It is put on the cable during the installation process and offers continuous cable protection for the subsea cable's full working life.

When approaching an offshore structure, a cable protection system safeguards subsea power cables from different variables that might limit the cable's lifetime. When a subsea power cable is installed, it may be subjected to greater dynamic pressures than the cable was designed to endure during its lifetime. By eliminating the requirement for extra armoring, cable protection technologies minimise the specification and hence cost of a subsea power cable. Cables can be manufactured at a lower cost while still giving the needed extended lifespan. Because of the dynamic locations where the cable leaves the bottom and enters the monopile-tube, offshore windfarm developers have commonly employed cable protection devices.

COVID-19 Impact: Halt in Supply Chain Hampered the Market Growth.

The global COVID-19 pandemic has been unprecedented and staggering, with offshore cable protection system experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

COVID-19 has had an influence on the power and energy sectors, mostly by reducing demand, causing financial hardship, and disrupting the power supply chain. The global economy suffered its worst setback in a decade as a result of COVID-19. The lockout caused the majority of the industry to shut down. The collapse of supply chains drove the market downhill. During the pandemic, the offshore cable protection system market fell as a result of the lockdown.

LATEST TRENDS

"Technological Advancement Lead to a Growth in the Market"

Technology innovation is propelling every sector to a higher degree of profitability. Technology advancements are also extremely beneficial in the offshore cable protection system market for running a profitable corporation. Purchasing raw supplies, manufacturing, and installation are all difficult tasks until fresh ideas benefit the sector. Every day, new technology is developed. As a consequence, manufacturing, installation, and maintenance are proceeding smoothly, resulting in market development.

Offshore Cable Protection System Market Segmentation

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• By Type

Based on Type; the market is divided into Metal Cable Protection System, Composite Material Cable Protection System.

Metal Cable Protection System is the leading part of the platform segment.

• By Application

Based on Application; the market is divided into Wind Power, Oil and Gas.

Wind Power is the leading part of the application segment.

DRIVING FACTORS

"Rising Need for Renewable Energy Leads to Market Expansion"

The expanding offshore renewable energy installations are one of the primary forces driving industry expansion. Because of their higher capacity output, which may be up to 40% larger than onshore generation, offshore plants are quickly developing. The market for renewable energy and an international power system is expanding at a rapid pace. This project concentrated on the installation and protection of offshore electricity cables. long-distance cables across the seas, for example, and shorter ones inside offshore wind farms.

"Excessive Usage of Power Lead to Market Expansion"

The bulk of today's industries rely on electricity to function. Individual life, like industry, is powered by electricity. People cannot imagine a day without power. If the power went out one day, the entire economy would come to a halt, resulting in a massive market loss. Because the government and organizations are experimenting with novel ways to create power, offshore cable protection system has become necessary. As a result, the market for offshore cable protection systems is quickly expanding.

 RESTRAINING FACTORS

"High Maintenance Cost Halt the Market Growth"

Markets for offshore cable safety systems have contributed to a high number of mishaps and claims for insurers and developers. Several high-profile developers have recently indicated to their respective marketplaces that there is a big problem. As a result, upkeep became critical. It can sometimes cost more than the cost of fabrication and installation. If the system fails, reinstallation is too costly. As a result, the high maintenance costs stifle the offshore cable protection system market growth.

Offshore Cable Protection System Market Regional Insights

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"North America to lead market owing to Urbanization"

North America has the majority of the world's offshore cable protection system market share. North America is well-known for its cutting-edge digitization technology. Because of urbanization, the demand for power is quite great. There are numerous companies in the region that utilise power; therefore, excessive demand leads to the use of renewable energy, resulting in the expansion of the offshore cable protection system market. Another motivation is the desire to become carbon neutral.

KEY INDUSTRY PLAYERS

"Key Participants to Accelerate Market Growth"

The market knowledge in this market was derived from a number of sources. Examples include trade periodicals, data from professional organizations, academic studies, and government publications. In addition to these primary sources, manufacturers, distributors, sellers, retailers, micro-experts, and other market players provide information in addition to these The research includes data on market players as well as their geographical activity. Companies are focusing their efforts on increasing their market share through tactics such as mergers and acquisitions, collaborations, and the creation of new products.

List of Market Players Profiled

• Tekmar Energy (U.K.)
• Balmoral (U.K.)
• Trelleborg (Sweden)
• FMGC (Switzerland)
• Lankhorst (Netherlands)
• VPI (Canada)
• First Subsea (U.K.)
• SUBSEA ENERGY SOLUTIONS LTD (U.K.)
• PartnerPlast (Norway)
• Supergrip Ltd (U.K.)

REPORT COVERAGE

This industry's data was compiled from a diverse range of sources. Examples include trade periodicals, data from professional organizations, academic studies, and government publications. In addition to these primary sources, manufacturers, distributors, sellers, retailers, micro-experts, and other market players provide information in addition to these The research includes data on market players as well as their geographical activity. Companies are focusing their efforts on increasing their market share through strategies such as mergers and acquisitions, collaborations, and the creation of new products.