HVDC HVAC Power Cable Laying Vessel Market

Growing demand for renewable energy integration

For instance, Myclin Express Offshore (MEO Group) and South Korea’s Taihan Cable & Solution have signed a memorandum of understanding (MoU) to collaborate on offshore wind projects. Together, MEO Group and Taihan plan to foster collaboration on offshore wind projects, especially in South Korea, with the deployment of the Group’s vessels and Taihan’s cable-laying vessels (CLVs).

The Asia Pacific region is home to numerous offshore wind projects, particularly in countries like China, Japan, and South Korea. These projects require the installation of long-distance submarine cables to connect offshore wind farms to the onshore grid. HVDC/HVAC Power Cable Laying Vessels are essential for these projects, as they can handle the complex tasks involved in cable laying, trenching, and burial.

By enabling the efficient transmission of HVDC power, HVDC/HVAC Power Cable Laying Vessels contribute to the overall stability and resilience of the power grid.

Since, HVDC/HVAC Power Cable Laying Vessels are equipped with advanced technologies and procedures to minimize their environmental impact and requires specialized vessels capable of laying these cables in deep-water environments, often in challenging conditions.. These vessels often incorporate measures such as dynamic positioning systems to maintain precise control over their location, reducing the risk of damage to marine ecosystems. Additionally, they employ specialized equipment to bury the cables beneath the seabed, mitigating potential impacts on marine life and reducing the risk of fishing gear entanglement.

As a result, the growing demand for renewable energy integration in the Asia Pacific region and globally, coupled with the increasing adoption of HVDC technology, presents a significant opportunity for the HVDC/HVAC Power Cable Laying Vessel market. As the region continues to invest in clean energy infrastructure, the demand for specialized vessels capable of installing and maintaining HVDC power cables is expected to grow.

Based on Region, the HVDC/HVAC Power Cable Laying Vessel market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. The Asia-Pacific HVDC/HVAC Power Cable Laying Vessel market held the maximum market share and is also expected to account for the significant revenue share during the forecast period. The Asia Pacific region is emerging as a significant player in the HVDC and HVAC power cable laying vessel market, fueled by rapid industrialization, urbanization, and growing energy demands.

Countries like China, Japan, and India are investing heavily in renewable energy projects, including offshore wind and solar installations, necessitating advanced cable laying solutions to support these developments. The region’s vast coastline and substantial offshore resources present unique opportunities for cable laying operations, driving the demand for specialized vessels. Additionally, government policies aimed at enhancing energy efficiency and reducing reliance on fossil fuels are propelling investments in infrastructure that includes HVDC systems. As these trends continue, the Asia Pacific region is expected to see substantial growth in cable laying vessel operations, aligning with its broader energy transition goals.

HVDC/HVAC Power Cable Laying Vessel Market is characterized by a high level of competition, with many players emerging for market share. The competitive landscape of HVDC/HVAC Power Cable Laying Vessel Market is dynamic, with companies constantly innovating and expanding their product offerings. Despite the challenges, there are several factors that are driving growth in the HVDC/HVAC Power Cable Laying Vessel Market. These include the growing demand for renewable energy and increasing investment in infrastructure. The HVDC/HVAC Power Cable Laying Vessel Market is expected to witness significant growth in the coming years, owing to urbanization and industrial growth.

The market is benefiting from the development of new technologies. The key players in the HVDC/HVAC Power Cable Laying Vessel Market include Prysmian Group, Nexans, NKT A/S, Seway7, Van Oord, Boskalis, Taihan Cable & Solution, Global Marine Group, DeepOcean, ASEAN Cableship, OMS Group Sdn Bhd., ZTT Group, LS Cable & System Ltd. and Orient Cable (NBO). These companies compete based on product quality, innovation, price, customer service, and market share. Companies also engage in various strategic initiatives, such as mergers and acquisitions, new product launches, partnerships, joint ventures, and expansions, to enhance their market position and expand their product portfolio.

Companies are also focusing on developing new and innovative products that meet the specific needs of their customers.

Companies will need to continue to innovate and expand their product offerings to remain competitive. For instance, on 06 June 2024, Dutch offshore services giant Boskalis has expanded its fleet with a new vessel, which is currently getting ready to be converted from a pipe-laying vessel to a cable-laying one to further enrich its subsea operations offering. This pipe-laying vessel, formerly named Apache II, is currently being prepared in Rotterdam for modification to a cable-laying vessel. With an overall length of 136.6 m and breadth of 27 m, the vessel can accommodate 118 people in 71 cabins.

The 2009-built BOKA Ocean is a sister vessel of the BOKA Northern Ocean and BOKA Southern Ocean, which Boskalis acquired in the past two years.

Prysmian Group: Prysmian Group is recognized as a global leader in the cable industry, playing a crucial role in the energy transition and digital transformation. The company operates from the depths of the ocean to the heights of the tallest buildings, delivering innovative energy and information solutions worldwide. The Group offers an extensive range of services and expertise within the industry. Each year, it manufactures thousands of miles of underground and submarine cables and systems for power transmission and distribution. Additionally, Prysmian produces medium and low voltage cables specifically designed for the construction and infrastructure sectors.

In the telecommunications sector, the company provides a comprehensive array of optical fibers, copper cables, and connectivity systems that facilitate voice, video, and data transmission.

Nexans: Nexans is a leading global provider of cable manufacturing and connectivity solutions, renowned for its innovative approach and commitment to sustainability. Founded in 2000 and headquartered in Paris, France, the company operates across various sectors, including energy, telecommunications, and infrastructure, delivering a diverse range of products designed to meet the evolving needs of its customers. Nexans specializes in high-performance cables and advanced connectivity solutions, serving industries such as renewable energy, automotive, and data centers.

The Group designs solutions and services along the entire value chain in threemain business areas: Building & Territories (including utilities and emobility), High Voltage & Projects (covering offshore wind farms, subsea interconnections, land high voltage), and Industry & Solutions (including renewables, transportation, oil and gas, automation, and others). Nexans has a presence in five key regions: North America, Europe, Asia Pacific, South America, and the Middle East & Africa.