Market Trends of Global Discount-Marine Trenchers Industry
This section covers the major market trends shaping the Discount-Marine Trenchers Market according to our research experts:
Vast Expansion of Network Infrastructure Driving the Growth of the Market
According to the Information technology & Innovation foundation (ITIF), about 99% of global data traffic passes through the submarine cable network, an infrastructure that spans about 1.2 million kilometre. In total, there are about 450 submarine cable systems in-service around the world, which form a critical part of the internet's infrastructure.
As demand for data continues to grow, driven by mobile device usage, cloud computing, and new wireless technologies like 5G, the amount of data traveling across this physical submarine cable infrastructure has increased rapidly in tandem. This has increased the need for the submarine cable network. Numerous countries are already focusing on building a strong telecommunication infrastructure.
China and the United States are the major players and competitors in the undersea cable market. Unlike the United States, however, China has only recently begun to invest significant resources in its network under the oceans. China is trying to expand the network of submarine cables in the oceans and in the Mediterranean Sea.
Chinese telecommunications SOEs have begun taking part in major international consortia to build submarine cables. The submarine internet cables are buried in trenches along the ocean floor, in order to protect them from damage. These trenches are dug with the help of marine trenchers. The growth in the worldwide network infrastructure during the forecast period will be an important factor driving the growth of the discount-marine trenchers market.
Growing Oil & Gas Demand Driving the Growth of the Market
Each day, the world produced 95.57 million barrels of oil in 2021, and in 2022, it's estimated that this will reach 99.89 million barrels per day. In 2020, the world's crude oil demand reached 91 million barrels per day. This was the lowest amount of demand since 2012, but it has quickly increased as COVID-19 pandemic lockdowns began to lift during 2021 and into 2022. In 2021, the world discovered the equivalent of 4.7 billion barrels of oil in crude oil and natural gas. The U.S. consumes 17.178 million barrels of oil per day. This makes the U.S. the leading country as far as oil consumption goes, followed by China, which consumes 14.225 million barrels per day, and India, which consumes 4.669 million barrels per day.
In 2021, the world consumed 97.39 million barrels of oil a day. In 2022, it's estimated that the world will consume 99.61 million barrels per day, and by 2023, it's estimated that consumption will reach 101.55 million barrels per day. To carry oil & gas over long distances submarine pipelines are used. These pipelines can stretch for thousands of kilometres underwater. A submarine pipeline (also known as marine, subsea or offshore pipeline) is a pipeline that is laid on the seabed or below it inside a trench. In order to dig these trenches marine trenchers are of vital importance. So, as the demand for oil & gas grows, consequently increasing the need to transport it over long distances, the discount-marine trenchers market will also see a growth.
